6-857

6-857. Issuance of certificate; hearing

A. Upon the filing of an application for a certificate the superintendent shall
make or cause to be made an investigation and examination of the facts concerning the
truth of the statements and the background of the management, controlling shareholder or
shareholders, directors and executive officers and shall issue a certificate if the
superintendent finds:

1. The applicant is a corporation having powers and purposes to engage in the trust
business organized under the laws of this state or authorized to do business in this
state as a foreign corporation.

2. The applicant has complied with all of the applicable provisions of this
article.

3. The general character, reputation, financial standing, business qualifications,
ability and integrity of the persons involved in the management of the applicant's
business are such as to demonstrate that the trust company will be operated in a safe,
sound and lawful manner.

4. The proposed capital meets the requirements of section 6-856.

5. The applicant has submitted a business plan demonstrating a knowledge of
potential markets and the ability to generate business.

6. The applicant has procured a fidelity bond as prescribed in section 6-868.

7. The applicant has procured insurance as prescribed in section 6-859, subsections
E and F.

B. The superintendent may conditionally accept the application upon specific
requirements being met, but a certificate shall not be issued until such conditions have
been met.

C. The certificate may be granted or denied without a hearing, but the
superintendent may, and shall at the request of the applicant, fix a date for a hearing
on the application. At the hearing any person may be heard with reference to the facts
to be investigated.