9-1601. Application for trust authority; exercise upon approval; action as trustee or custodian without special permit, when; corporate name.
9-1601
9-1601. Application for trust authority; exercise
upon approval;
action as trustee or custodian without
special permit, when; corporate name.
(a) Any bank, upon the affirmative vote of at least 2/3 of the
voting stock, may apply to the commissioner for approval to
conduct trust business. If approval is granted by
the commissioner, a special permit shall be issued and the bank shall be
authorized
and 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 and
bonds, conservator, assignee, receiver, custodian, transfer agent,
corporate trustee, corporate agent or in any other fiduciary capacity in
the same manner in which trust companies incorporated under the laws of
this state are permitted to act, including but not limited to the right of
succession to individuals, corporations, associations, national bank
associations or others, with or without reappointment, in any such office
or capacities.
(b) (1) If the governing instrument limits investment of funds to deposit
in time or
savings deposits in the bank, any bank may act as trustee or custodian
for any of the following without being issued a special
permit:
(A) Individual retirement accounts established pursuant to
section 408 of the federal internal revenue code of 1986, and amendments
thereto;
(B) trusts established pursuant to section 401 of the federal internal
revenue code of
1986, and amendments thereto; and
(C) medical savings accounts established pursuant to
section
220 of the
federal internal revenue code of 1986, and amendments thereto.
(2) If the governing instrument limits investment of
funds to deposit in time, savings or demand deposits in the bank, any bank may
act as a trustee or custodian for any health savings accounts established
pursuant to section
223 of the
federal
internal revenue code of 1986, and amendments thereto, without being issued
a special permit.
(c) Any state bank having been granted trust authority by the
bank commissioner of the state of Kansas may add "and trust company" to its
corporate 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.