Section 362.1035

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 2024, 2 histories   

  362.1035.  Capital account, minimum required — company's duty to maintain, requirements. — 1.  No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars.  The full amount of the initial capital account of a family trust company shall consist of one or more asset groups described under subsection 1 of section 362.1070, exclusive of all organization expenses.

  2.  A family trust company shall maintain:

  (1)  A physical office in this state where original or true copies, including electronic copies, of all material business records and accounts of the family trust company may be accessed and are readily available for examination by the director.  A family trust company may also maintain one or more branch offices within or outside of this state;

  (2)  A registered agent who maintains an office in this state;

  (3)  All applicable state and local business licenses, charters, and permits; and

  (4)  A deposit account with a state-chartered or national financial institution that has a principal or branch office in this state.

  3.  In addition to the requirements of subsection 2 of this section, a foreign family trust company shall also:

  (1)  Be in good standing in the jurisdiction in which it is incorporated or organized; and

  (2)  Stay in compliance with the family trust company laws and regulations of such jurisdiction.

­­--------

(L. 2017 H.B. 292, A.L. 2024 S.B. 1359)