I. Notwithstanding anything to the contrary contained in this subdivision, an out-of-state bank, which is permitted by the federal or state regulatory authority that issued its charter to exercise trust powers either through a trust department or as a limited purpose institution organized for the sole purpose of conducting trust activities, may exercise trust powers in New Hampshire in the same manner as is authorized for a New Hampshire bank under RSA 390:13, and may establish one or more places of business in this state for the conduct of trust activities, provided that: (a) The out-of-state bank is a direct or indirect subsidiary of a bank holding company that has a direct or indirect bank subsidiary that has an office in this state at which deposits are accepted; or (b) The law of the state in which the main office of the out-of-state bank is located would allow a New Hampshire bank to establish one or more places of business in such state for the conduct of trust activities. II. As a condition precedent to the right of an out-of-state bank to act in the capacities specified in paragraph I, the out-of-state bank shall file a stipulation with the department of revenue administration, in which it shall agree that any funds, securities, or property held by it under any appointment under this section shall be taxed in the same manner and to the same extent as funds of the same character held by a New Hampshire bank. III. An out-of-state bank seeking to act in the capacities specified in paragraph I shall apply to the bank commissioner for approval to establish a place of business in this state pursuant to this section. The out-of-state bank shall pay the same application fee to establish a place or places of business in this state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the out-of-state bank. If the bank commissioner finds that the out-of-state bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in this state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the trust activities of the out-of-state bank any time the bank commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of this state. The out-of-state bank shall make its books and records pertaining to its trust activities in this state available to the bank commissioner for such examination and shall pay the same cost for such examination as is assessed to New Hampshire banks for similar examinations. IV. A New Hampshire bank is authorized to conduct trust activities in any other state and to establish a place or places of business in any other state for the purpose of conducting trust activities, in accordance with the laws of such other state. A New Hampshire bank shall apply to the bank commissioner for approval to establish a place or places of business in any other state pursuant to this section. The New Hampshire bank shall pay the same application fee to establish a place or places of business in such other state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the New Hampshire bank. If the bank commissioner finds that the New Hampshire bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in such other state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the out-of-state trust activities of the New Hampshire bank at any time the commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of such other state or states. The New Hampshire bank shall make its books and records pertaining to its trust activities in any other state available to the bank commissioner for such examination and shall pay for the cost of such examination. V. The bank commissioner may adopt rules, pursuant to RSA 541-A, to carry out the provisions of this section.
I. Notwithstanding anything to the contrary contained in this subdivision, an out-of-state bank, which is permitted by the federal or state regulatory authority that issued its charter to exercise trust powers either through a trust department or as a limited purpose institution organized for the sole purpose of conducting trust activities, may exercise trust powers in New Hampshire in the same manner as is authorized for a New Hampshire bank under RSA 390:13, and may establish one or more places of business in this state for the conduct of trust activities, provided that: (a) The out-of-state bank is a direct or indirect subsidiary of a bank holding company that has a direct or indirect bank subsidiary that has an office in this state at which deposits are accepted; or (b) The law of the state in which the main office of the out-of-state bank is located would allow a New Hampshire bank to establish one or more places of business in such state for the conduct of trust activities. II. As a condition precedent to the right of an out-of-state bank to act in the capacities specified in paragraph I, the out-of-state bank shall file a stipulation with the department of revenue administration, in which it shall agree that any funds, securities, or property held by it under any appointment under this section shall be taxed in the same manner and to the same extent as funds of the same character held by a New Hampshire bank. III. An out-of-state bank seeking to act in the capacities specified in paragraph I shall apply to the bank commissioner for approval to establish a place of business in this state pursuant to this section. The out-of-state bank shall pay the same application fee to establish a place or places of business in this state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the out-of-state bank. If the bank commissioner finds that the out-of-state bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in this state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the trust activities of the out-of-state bank any time the bank commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of this state. The out-of-state bank shall make its books and records pertaining to its trust activities in this state available to the bank commissioner for such examination and shall pay the same cost for such examination as is assessed to New Hampshire banks for similar examinations. IV. A New Hampshire bank is authorized to conduct trust activities in any other state and to establish a place or places of business in any other state for the purpose of conducting trust activities, in accordance with the laws of such other state. A New Hampshire bank shall apply to the bank commissioner for approval to establish a place or places of business in any other state pursuant to this section. The New Hampshire bank shall pay the same application fee to establish a place or places of business in such other state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the New Hampshire bank. If the bank commissioner finds that the New Hampshire bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in such other state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the out-of-state trust activities of the New Hampshire bank at any time the commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of such other state or states. The New Hampshire bank shall make its books and records pertaining to its trust activities in any other state available to the bank commissioner for such examination and shall pay for the cost of such examination. V. The bank commissioner may adopt rules, pursuant to RSA 541-A, to carry out the provisions of this section.
I. Notwithstanding anything to the contrary contained in this subdivision, an out-of-state bank, which is permitted by the federal or state regulatory authority that issued its charter to exercise trust powers either through a trust department or as a limited purpose institution organized for the sole purpose of conducting trust activities, may exercise trust powers in New Hampshire in the same manner as is authorized for a New Hampshire bank under RSA 390:13, and may establish one or more places of business in this state for the conduct of trust activities, provided that: (a) The out-of-state bank is a direct or indirect subsidiary of a bank holding company that has a direct or indirect bank subsidiary that has an office in this state at which deposits are accepted; or (b) The law of the state in which the main office of the out-of-state bank is located would allow a New Hampshire bank to establish one or more places of business in such state for the conduct of trust activities. II. As a condition precedent to the right of an out-of-state bank to act in the capacities specified in paragraph I, the out-of-state bank shall file a stipulation with the department of revenue administration, in which it shall agree that any funds, securities, or property held by it under any appointment under this section shall be taxed in the same manner and to the same extent as funds of the same character held by a New Hampshire bank. III. An out-of-state bank seeking to act in the capacities specified in paragraph I shall apply to the bank commissioner for approval to establish a place of business in this state pursuant to this section. The out-of-state bank shall pay the same application fee to establish a place or places of business in this state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the out-of-state bank. If the bank commissioner finds that the out-of-state bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in this state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the trust activities of the out-of-state bank any time the bank commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of this state. The out-of-state bank shall make its books and records pertaining to its trust activities in this state available to the bank commissioner for such examination and shall pay the same cost for such examination as is assessed to New Hampshire banks for similar examinations. IV. A New Hampshire bank is authorized to conduct trust activities in any other state and to establish a place or places of business in any other state for the purpose of conducting trust activities, in accordance with the laws of such other state. A New Hampshire bank shall apply to the bank commissioner for approval to establish a place or places of business in any other state pursuant to this section. The New Hampshire bank shall pay the same application fee to establish a place or places of business in such other state as a New Hampshire bank would pay under RSA 384-B:2 to establish a branch or branches in this state. The bank commissioner may conduct a public hearing on the application of the New Hampshire bank. If the bank commissioner finds that the New Hampshire bank is adequately staffed, equipped, and able to furnish trust services in accordance with applicable laws regulating the activities of fiduciaries in such other state, the bank commissioner shall approve the application in writing with such conditions as the bank commissioner deems appropriate. The bank commissioner may examine the out-of-state trust activities of the New Hampshire bank at any time the commissioner deems necessary to ensure its continued safety and soundness, ability to furnish trust services, and compliance with the laws of such other state or states. The New Hampshire bank shall make its books and records pertaining to its trust activities in any other state available to the bank commissioner for such examination and shall pay for the cost of such examination. V. The bank commissioner may adopt rules, pursuant to RSA 541-A, to carry out the provisions of this section.
