6-856

6-856. Minimum capital; dividends; other
requirements

A. In order to obtain a certificate, a trust company shall have not less than five
hundred thousand dollars of liquid capital. The trust company shall have additional
capital in the following amounts:

1. For each seven hundred fifty million dollars of nondiscretionary assets, an
additional two hundred fifty thousand dollars of capital.

2. For each two hundred fifty million dollars of discretionary assets, an
additional two hundred fifty thousand dollars of capital.

3. For a trust company whose most recent composite rating from the superintendent
was four as defined in the revised uniform interagency trust rating system as published
in the federal register volume 63, number 197, October 13, 1998, pages 54704 through
54711, an additional two hundred fifty thousand dollars of capital.

4. For a trust company whose most recent composite rating from the superintendent
was five as defined in the revised uniform interagency trust rating system as published
in the federal register volume 63, number 197, October 13, 1998, pages 54704 through
54711, an additional five hundred thousand dollars of capital.

B. A minimum of one-half of the additional capital required under subsection A,
paragraphs 1 and 2 of this section shall consist of liquid capital. All of the
additional capital required under subsection A, paragraph 3 or 4 of this section shall
consist of liquid capital.

C. The trust company shall notify the superintendent of the form in which and
location where the liquid capital is held and its date of maturity.

D. A trust company that has a certificate issued before June 30, 2001 has until
December 31, 2002 to comply with the additional capital requirements prescribed in
subsection A of this section.

E. The superintendent may reduce the amount of the additional capital requirement
prescribed in subsection A of this section if the superintendent determines that the
trust company is a subsidiary of a financial institution or financial holding company
that is capable of providing sufficient support.

F. A trust company that has been issued a certificate by the superintendent shall
maintain capital in the amount required under subsection A of this section.

G. A trust company may declare a dividend to be paid from net profits. A dividend
shall not be declared, credited or paid if there is an impairment of the liquid
capital. A trust company that proposes dividends in a calendar year that are more than
the net profit for the same calendar year shall obtain the superintendent's approval
before declaring the dividends.

H. Notwithstanding subsection A of this section, a trust company that accepts
monies to be held in a savings account or time deposit prescribed in section 6-882 shall
comply with all of the rules and requirements necessary to obtain and maintain insurance
issued by the federal deposit insurance corporation or its successor.