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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

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  362.1110.  Principal place of business — retention of records — in camera inspection, when. — 1.  A family trust company shall keep at its principal place of business or principal place of operations:

  (1)  Full and complete records of the names and residences of all its shareholders or members;

  (2)  The number of shares or membership units held by each, as applicable; and

  (3)  The ownership percentage of each shareholder or member.

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The records are subject to inspection by all shareholders or members of the family trust company and the secretary or the secretary's authorized representative during the normal business hours of the family trust company.  A current list of shareholders or members shall be made available to the secretary or the secretary's authorized representative for their inspection and, upon the request of the secretary, shall be submitted to the secretary.

  2.  The secretary shall retain for at least ten years:

  (1)  Examination reports;

  (2)  Investigatory records;

  (3)  The organizational instrument of a family trust company; and

  (4)  The annual registration reports filed by a family trust company.

  3.  A copy of any document on file with the secretary that is certified by the secretary as a true copy may be introduced in evidence as if it were the original.  The secretary shall establish a schedule of fees for preparing true copies of documents.

  4.  Orders issued by courts or administrative law judges for the production of confidential records or information shall provide for inspection in camera by the court or the administrative law judge.  If the court or administrative law judge determines that the documents requested are relevant or would likely lead to the discovery of admissible evidence, the documents shall be subject to further orders by the court or the administrative law judge to protect the confidentiality thereof.  An order directing the release of information shall be immediately reviewable, and a petition by the secretary for review of the order shall automatically stay any further proceedings in a trial court or administrative hearing until the disposition of the petition by the reviewing court.  If any other party files a petition for review, such filing shall stay proceedings only upon an order of the reviewing court.

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(L. 2017 H.B. 292)


---- end of effective   28 Aug 2017 ----

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