Except as provided in this paragraph, 3 persons may subscribe to an organizational instrument in writing for the purpose of forming a trust company and may, upon compliance with the provisions of this chapter, become a trust company with all the powers and privileges and subject to all the duties, restrictions, and liabilities of a trust company, as set forth in the general laws now or hereafter in force relating to such trust companies. If a trust company is being organized by a bank holding company or a financial holding company as defined by the federal Bank Holding Company Act of 1956, as amended, or by a savings and loan holding company as defined by the federal Savings and Loan Holding Company Act, as amended, or by any other type of company that will directly or indirectly hold all of the shares or interests of the trust company, or in connection with a reorganization of a trust company into a holding company structure, then only the holding company or, if applicable, the subsidiary of the holding company that will hold all of the shares or interests of the trust company, is required to subscribe to the organizational instrument.
Except as provided in this paragraph, 3 persons may subscribe to an organizational instrument in writing for the purpose of forming a trust company and may, upon compliance with the provisions of this chapter, become a trust company with all the powers and privileges and subject to all the duties, restrictions, and liabilities of a trust company, as set forth in the general laws now or hereafter in force relating to such trust companies. If a trust company is being organized by a bank holding company or a financial holding company as defined by the federal Bank Holding Company Act of 1956, as amended, or by a savings and loan holding company as defined by the federal Savings and Loan Holding Company Act, as amended, or by any other type of company that will directly or indirectly hold all of the shares or interests of the trust company, or in connection with a reorganization of a trust company into a holding company structure, then only the holding company or, if applicable, the subsidiary of the holding company that will hold all of the shares or interests of the trust company, is required to subscribe to the organizational instrument.
Except as provided in this paragraph, 3 persons may subscribe to an organizational instrument in writing for the purpose of forming a trust company and may, upon compliance with the provisions of this chapter, become a trust company with all the powers and privileges and subject to all the duties, restrictions, and liabilities of a trust company, as set forth in the general laws now or hereafter in force relating to such trust companies. If a trust company is being organized by a bank holding company or a financial holding company as defined by the federal Bank Holding Company Act of 1956, as amended, or by a savings and loan holding company as defined by the federal Savings and Loan Holding Company Act, as amended, or by any other type of company that will directly or indirectly hold all of the shares or interests of the trust company, or in connection with a reorganization of a trust company into a holding company structure, then only the holding company or, if applicable, the subsidiary of the holding company that will hold all of the shares or interests of the trust company, is required to subscribe to the organizational instrument.
