Section 362.1040

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 2017, 2 histories, see footnote   (history) 

  362.1040.  Organizational instruments, requirements. — 1.  One or more persons may subscribe to an organizational instrument in writing for the purpose of forming a family trust company, subject to the conditions prescribed by law.

  2.  The organizational instrument of a family trust company shall set forth all of the information required under chapter^* 347 or 351, as applicable, and the following:

  (1)  The name of the company, which shall distinguish the company from any other nonfamily trust company or family trust company formed or engaging in business in this state.  If the word "trust" is included in the name, it shall be immediately preceded by the word "family" so as to distinguish the entity from a nonfamily trust company operating under this chapter.  This subdivision shall not apply to a foreign family trust company using a fictitious name that is registered and maintained in this state pursuant to the requirements administered by the secretary and that distinguishes the foreign family trust company from a nonfamily trust company authorized to operate under this chapter;

  (2)  The purpose for which the company is formed, which shall clearly identify the restricted activities permissible to a family trust company under sections 362.1010 to 362.1117; and

  (3)  A statement affirming that the family trust company shall not engage in trust company business with the general public.

  3.  The term "trust company" in the name adopted by a family trust company shall not violate section 362.425.

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(L. 2017 H.B. 292)

*Word "chapters" appears in original rolls.