9-1601.   Application for trust authority; exerciseupon approval;action as trustee or custodian withoutspecial permit, when; corporate name.(a) Any bank, upon the affirmative vote of at least 2/3 of thevoting stock, may apply to the commissioner for approval toconduct trust business. If approval is granted bythe commissioner, a special permit shall be issued and the bank shall beauthorizedand empowered, subject to such conditions as the commissioner may require,to act in one or more fiduciary capacities as agent, trustee, executor,administrator,registrar of stocks andbonds, conservator, assignee, receiver, custodian, transfer agent,corporate trustee, corporate agent or in any other fiduciary capacity inthe same manner in which trust companies incorporated under the laws ofthis state are permitted to act, including but not limited to the right ofsuccession to individuals, corporations, associations, national bankassociations or others, with or without reappointment, in any such officeor capacities.

      (b) (1)   If the governing instrument limits investment of funds to depositin time orsavings deposits in the bank, any bank may act as trustee or custodianfor any of the following without being issued a specialpermit:

      (A)   Individual retirement accounts established pursuant tosection 408 of the federal internal revenue code of 1986, and amendmentsthereto;

      (B)   trusts established pursuant to section 401 of the federal internalrevenue code of1986, and amendments thereto; and

      (C)   medical savings accounts established pursuant tosection220 of thefederal internal revenue code of 1986, and amendments thereto.

      (2)   If the governing instrument limits investment offunds to deposit in time, savings or demand deposits in the bank, any bank mayact as a trustee or custodian for any health savings accounts establishedpursuant to section223 of thefederalinternal revenue code of 1986, and amendments thereto, without being issueda special permit.

      (c)   Any state bank having been granted trust authority by thebank commissioner of the state of Kansas may add "and trust company" to itscorporate name.

      History:   L. 1947, ch. 102, § 77; L. 1965, ch. 77, §1; L. 1967, ch. 72, § 2; L. 1975, ch. 44, § 28;L. 2005, ch. 20, § 1; L. 2005, ch. 133, § 2; Apr. 21.