Section 105-B. Trust offices  


Latest version.
  • 1. A trust company may establish or acquire
      and maintain one or more trust offices anywhere in this  state,  or,  if
      and  to  the  extent  authorized by another state, in a state other than
      this state.
        2. A trust company seeking to establish  or  acquire  and  maintain  a
      trust  office  shall  submit  a  written  notice  to  the superintendent
      describing the proposed activities and such  other  information  as  the
      superintendent  shall  request.  The  notice  shall be accompanied by an
      investigation fee as prescribed pursuant to section eighteen-a  of  this
      chapter.
        3.  The  trust  office  may  commence  operation thirty days after the
      superintendent receives such notice, unless the superintendent  notifies
      the trust company in writing within such time period that the office may
      not  commence  operation  or  that  additional  information  or  time is
      required for the superintendent to consider such notice.
        4. The superintendent may deny approval of the  trust  office  if  the
      superintendent  finds  that  the maintenance of such office would not be
      consistent with the  goals  set  forth  in  the  declaration  of  policy
      contained in section ten of this chapter.