State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter5

CHAPTER 5 - TRUST COMPANIES

 

13-5-101. Authority to organize; powers; limitations; prohibitions;exemptions.

 

(a) Trust companies may be organized under this act to exercisethe powers permitted by subsection (b) of this section and powers and rightsgranted to other corporations under general law except as provided by this act.

 

(b) Each trust company may:

 

(i) Act or be appointed by any court to act in like manner asan individual, as executor, administrator, guardian or conservator of estates,assignee, receiver, depositary, trustee, custodian or in any other fiduciary orrepresentative capacity for any purpose permitted by law;

 

(ii) Act as transfer agent or registrar of corporate stocks andbonds;

 

(iii) Purchase, invest in and sell stocks, bonds, mutual funds,mortgages and other securities for the account of trusts;

 

(iv) Accept and execute any trust business permitted by any lawof this or any other state or of the United States to be taken, accepted orexecuted by an individual;

 

(v) Take oaths and execute affidavits by the oath or affidavitof its president, vice-president, secretary, assistant secretary, manager,trust officer or assistant trust officer;

 

(vi) Make any lawful fiduciary investment as permitted by W.S.2-3-301;

 

(vii) Do and perform all acts necessary to exercise the powersenumerated in this section.

 

(c) A trust company organized under this act shall not engagein any banking business by accepting general deposits or issuing demand instruments.

 

(d) A trust company may invest its capital and surplus instocks, bonds, mortgages, mutual funds and other securities. A trust companymay invest in, purchase, hold, convey and lease real estate in accordance withW.S. 13-3-201(a)(i).

 

(e) Trust companies shall not issue or sell capital notes ordebentures except with the written authority of the state banking commissionerin the manner prescribed for banks.

 

(f) Except as provided in this section no person shall act as atrust company or engage in the trust business without first obtaining a charterfrom the commissioner under this chapter.

 

(g) A bank or savings and loan authorized under the laws ofthe United States or this state to engage in the trust business in this state,may engage in such business as a bank without obtaining a charter under thischapter, but shall be subject to the provisions of this chapter relating to theadministration of its trust accounts.

 

(h) Insurance companies licensed to write life insurancepolicies and annuity or endowment contracts in this state and subject toregulation and control of the state insurance commissioner shall not be subjectto the provisions of this chapter.

 

(j) For the purposes of this act, a person does not engage inthe trust business by:

 

(i) Rendering services as an attorney-at-law in the performanceof his duties;

 

(ii) Acting as trustee under a deed of trust made only assecurity for the payment of money or for the performance of another act;

 

(iii) Acting as a trustee in bankruptcy or as a receiver;

 

(iv) Holding trusts of real estate for the primary purpose ofsubdivision, development or sale, or to facilitate any business transactionwith respect to such real estate, provided the person is not regularly engagedin the business of acting as a trustee for such trusts;

 

(v) Holding assets as trustee of trusts created for charitablepurposes;

 

(vi) Receiving rents and proceeds of sale as a licensed realestate broker on behalf of a principal;

 

(vii) Engaging in securities transactions as a dealer or salesmanregistered under W.S. 17-4-101 through 17-4-130;

 

(viii) Acting as a guardian, conservator, special conservator,trustee or personal representative pursuant to a court order or other statutoryauthority.

 

13-5-102. Formation.

 

(a) Any number of persons may form a trust company inaccordance with the provisions of this act.

 

(b) The person forming a trust company shall execute articlesof incorporation as provided by W.S. 13-2-202.

 

13-5-103. Application for charter; fee.

 

(a) The incorporator shall apply to the state bankingcommissioner for a charter. The application shall be on forms prescribed by thestate banking board and shall contain such information as required by rule andregulation of the state banking board. The commissioner shall act upon theapplication in accordance with W.S. 13-2-207.

 

(b) Each application for charter shall be accompanied by anapplication fee as provided by W.S. 13-2-208.

 

13-5-104. Procedure for granting charter; failure to open forbusiness.

 

(a) Upon receiving the articles of incorporation, theapplication for charter and other information required, the state bankingcommissioner shall investigate and examine the proposed trust company inaccordance with W.S. 13-2-211(a).

 

(i) Repealed by Laws 1993, ch. 51, 3.

 

(ii) Repealed by Laws 1993, ch. 51, 3.

 

(iii) Repealed by Laws 1993, ch. 51, 3.

 

(iv) Repealed by Laws 1993, ch. 51, 3.

 

(v) Repealed by Laws 1993, ch. 51, 3.

 

(b) Repealed by Laws 1979, ch. 71, 2.

 

(c) The state banking board shall hold hearings and approve ordisapprove the granting of a charter to the applicant as provided by W.S.13-2-207 through 13-2-214 if it determines that the requirements of W.S.13-2-207 through 13-2-214 have been met.

 

(d) If the proposed trust company fails to open for businesswithin six (6) months after the date of granting the charter, the privilege oftransacting business shall terminate. The state banking board, for good causeand upon written application filed prior to the expiration of the six (6) monthperiod, may extend the time within which the trust company may open forbusiness.

 

13-5-105. Capital stock required; statement.

 

Notrust company shall be incorporated for any of the purposes enumerated in thisact or possess the rights and franchises provided under this act unless itshall have paid in capital stock of not less than five hundred thousand dollars($500,000.00). Before proceeding to transact business under this act a swornstatement signed and sworn to by the president and secretary of the companyshall be filed with the state banking commissioner to the effect that thecapital has been paid up in cash and all the provisions of this act compliedwith.

 

13-5-106. Discontinuing trust business.

 

Wheneverany corporation desires to discontinue doing a trust business it shall furnishto the state banking commissioner satisfactory evidence of its release anddischarge from all the obligations and trusts which it has assumed or whichhave been imposed upon it by law. Thereupon the state banking commissionershall revoke the corporation's charter and thereafter the corporation may notuse the word "trust" in its corporate name or in connection with itsbusiness.

 

13-5-107. Repealed by Laws 1993, ch. 51, 3.

 

13-5-108. Laws applicable; matters of contract.

 

(a) In the exercise by a trust company of its powers asguardian, executor, administrator or conservator, or of any office or dutyimposed by any court, the company shall be subject to the sameresponsibilities, liabilities and penalties as an individual acting in likecapacity, and the company shall have the same powers and shall receive the samecompensation as fixed by law for individuals acting in like capacity.

 

(b) The exercise of the other powers and the performance of theother duties by the company may be as contracted for by the parties interested.

 

(c) In performing its duties under a trust, a trust companyshall be subject to the provisions of the Uniform Trustees' Powers Act, W.S.4-10-801 et seq.

 

13-5-109. Financial transactions.

 

(a) Every trust company shall keep all trust funds andinvestments separate and apart from the assets of the company and allinvestments made by the company as a fiduciary shall be designated so that thetrust or estate to which such investments belong may be clearly identified.

 

(b) Every trust company holding trust funds awaiting investmentor distribution may deposit or leave on deposit such funds with a state ornational bank. The funds shall not be deposited or left with the samecorporation depositing or leaving on deposit such funds, nor with a corporationor association holding or owning a majority of the capital stock of the trustcompany making or leaving the deposit, unless the corporation or associationshall first pledge, as security for the deposit, securities eligible forinvestment by state banks that have a market value equal to that of thedeposited funds. No security shall be required with respect to any portion ofsuch deposits which are insured under the provisions of any law of the UnitedStates.

 

(c) Every trust company acting in any capacity under a trust,unless the instrument creating the trust provides otherwise, may cause anysecurities or other property held by it in its representative capacity to beregistered in the name of a nominee or nominees of the company.

 

(d) Every trust company when acting as depositary or custodianfor the personal representative of a trust, unless the instrument creating thetrust provides otherwise, may with the consent of the personal representativeof the trust, cause any securities or other property held by it to beregistered in the name of a nominee or nominees of the company.

 

(e) Every trust company shall be liable for any loss occasionedby the acts of any of its nominees with respect to securities or other propertyregistered under subsections (c) and (d) of this section.

 

(f) No corporation or the registrar or transfer agent thereofshall be liable for registering or causing to be registered on the books of thecorporation any securities in the name of any nominee of a trust company or fortransferring or causing to be transferred on the books of the corporation anysecurities theretofore registered by the corporation in the name of any nomineeof a trust company, as provided in this section, when the transfer is made onthe authorization of the nominee.

 

13-5-110. Powers of state banking commissioner.

 

(a) In addition to other powers conferred by this act, thestate banking commissioner shall:

 

(i) Supervise and examine all trust companies organized underthe provisions of this act and all such trust companies shall be subject to thelaws of this state governing banks and other financial institutions in allcases where the laws do not conflict with the provisions of this act. All trustcompanies shall file with the commissioner the Federal Financial InstitutionsExamination Council Annual Report of trust assets for the company and an annualreport of the financial condition of the company;

 

(ii) Repealed By Laws 1999, ch. 42, 3.

 

(iii) In the exercise of the power to make orders and regulationsto implement the provisions of this act, the commissioner shall act in theinterests of promoting and maintaining a sound trust company system, thesecurity of assets and trust accounts, and the protection of other customers;

 

(iv) Repealed By Laws 1999, ch. 42, 3.

 

(v) Repealed By Laws 1999, ch. 42, 3.

 

(vi) Collect from each trust company subject to this section anamount equal to the total cost of the examination conducted. The fees andexpenses collected shall be remitted to the state treasurer and deposited asprovided in W.S. 13-2-210(b) and may be expended as provided in thatsubsection.

 

13-5-111. Suspension or revocation of charter.

 

(a) The commissioner may suspend or revoke the charter of atrust company if, after notice and opportunity for a hearing, the commissionerdetermines that:

 

(i) The trust company has failed or refused to comply with anyorder issued pursuant to W.S. 13-10-201 through 13-10-209;

 

(ii) The application for charter contained a falserepresentation or omission of a material fact; or

 

(iii) Any officer or agent of the trust company, in connectionwith an application for a charter knowingly made a false representation of amaterial fact or failed to disclose a material fact to the state banking board,the commissioner or the duly authorized agent of the board or commissioner.

 

13-5-112. Continuing jurisdiction.

 

Ifthe certificate of a trust company is surrendered, suspended or revoked, thecompany shall continue to be subject to the provisions of this chapter for solong as it acts as a fiduciary with respect to any trust business previouslyundertaken.

 

13-5-113. Unsafe condition; receivership.

 

If the commissioner finds a deficiency incapital or other unsafe or unsound condition of a trust company has not beenremedied within the time prescribed under an order of the commissioner issuedpursuant to W.S. 13-10-201 through 13-10-209 the commissioner may apply to thedistrict court, in the county in which the principal office of the company islocated, to be appointed receiver for the liquidation or rehabilitation of thecompany. The expense of the receivership shall be paid out of the assets of thetrust company.

 

State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter5

CHAPTER 5 - TRUST COMPANIES

 

13-5-101. Authority to organize; powers; limitations; prohibitions;exemptions.

 

(a) Trust companies may be organized under this act to exercisethe powers permitted by subsection (b) of this section and powers and rightsgranted to other corporations under general law except as provided by this act.

 

(b) Each trust company may:

 

(i) Act or be appointed by any court to act in like manner asan individual, as executor, administrator, guardian or conservator of estates,assignee, receiver, depositary, trustee, custodian or in any other fiduciary orrepresentative capacity for any purpose permitted by law;

 

(ii) Act as transfer agent or registrar of corporate stocks andbonds;

 

(iii) Purchase, invest in and sell stocks, bonds, mutual funds,mortgages and other securities for the account of trusts;

 

(iv) Accept and execute any trust business permitted by any lawof this or any other state or of the United States to be taken, accepted orexecuted by an individual;

 

(v) Take oaths and execute affidavits by the oath or affidavitof its president, vice-president, secretary, assistant secretary, manager,trust officer or assistant trust officer;

 

(vi) Make any lawful fiduciary investment as permitted by W.S.2-3-301;

 

(vii) Do and perform all acts necessary to exercise the powersenumerated in this section.

 

(c) A trust company organized under this act shall not engagein any banking business by accepting general deposits or issuing demand instruments.

 

(d) A trust company may invest its capital and surplus instocks, bonds, mortgages, mutual funds and other securities. A trust companymay invest in, purchase, hold, convey and lease real estate in accordance withW.S. 13-3-201(a)(i).

 

(e) Trust companies shall not issue or sell capital notes ordebentures except with the written authority of the state banking commissionerin the manner prescribed for banks.

 

(f) Except as provided in this section no person shall act as atrust company or engage in the trust business without first obtaining a charterfrom the commissioner under this chapter.

 

(g) A bank or savings and loan authorized under the laws ofthe United States or this state to engage in the trust business in this state,may engage in such business as a bank without obtaining a charter under thischapter, but shall be subject to the provisions of this chapter relating to theadministration of its trust accounts.

 

(h) Insurance companies licensed to write life insurancepolicies and annuity or endowment contracts in this state and subject toregulation and control of the state insurance commissioner shall not be subjectto the provisions of this chapter.

 

(j) For the purposes of this act, a person does not engage inthe trust business by:

 

(i) Rendering services as an attorney-at-law in the performanceof his duties;

 

(ii) Acting as trustee under a deed of trust made only assecurity for the payment of money or for the performance of another act;

 

(iii) Acting as a trustee in bankruptcy or as a receiver;

 

(iv) Holding trusts of real estate for the primary purpose ofsubdivision, development or sale, or to facilitate any business transactionwith respect to such real estate, provided the person is not regularly engagedin the business of acting as a trustee for such trusts;

 

(v) Holding assets as trustee of trusts created for charitablepurposes;

 

(vi) Receiving rents and proceeds of sale as a licensed realestate broker on behalf of a principal;

 

(vii) Engaging in securities transactions as a dealer or salesmanregistered under W.S. 17-4-101 through 17-4-130;

 

(viii) Acting as a guardian, conservator, special conservator,trustee or personal representative pursuant to a court order or other statutoryauthority.

 

13-5-102. Formation.

 

(a) Any number of persons may form a trust company inaccordance with the provisions of this act.

 

(b) The person forming a trust company shall execute articlesof incorporation as provided by W.S. 13-2-202.

 

13-5-103. Application for charter; fee.

 

(a) The incorporator shall apply to the state bankingcommissioner for a charter. The application shall be on forms prescribed by thestate banking board and shall contain such information as required by rule andregulation of the state banking board. The commissioner shall act upon theapplication in accordance with W.S. 13-2-207.

 

(b) Each application for charter shall be accompanied by anapplication fee as provided by W.S. 13-2-208.

 

13-5-104. Procedure for granting charter; failure to open forbusiness.

 

(a) Upon receiving the articles of incorporation, theapplication for charter and other information required, the state bankingcommissioner shall investigate and examine the proposed trust company inaccordance with W.S. 13-2-211(a).

 

(i) Repealed by Laws 1993, ch. 51, 3.

 

(ii) Repealed by Laws 1993, ch. 51, 3.

 

(iii) Repealed by Laws 1993, ch. 51, 3.

 

(iv) Repealed by Laws 1993, ch. 51, 3.

 

(v) Repealed by Laws 1993, ch. 51, 3.

 

(b) Repealed by Laws 1979, ch. 71, 2.

 

(c) The state banking board shall hold hearings and approve ordisapprove the granting of a charter to the applicant as provided by W.S.13-2-207 through 13-2-214 if it determines that the requirements of W.S.13-2-207 through 13-2-214 have been met.

 

(d) If the proposed trust company fails to open for businesswithin six (6) months after the date of granting the charter, the privilege oftransacting business shall terminate. The state banking board, for good causeand upon written application filed prior to the expiration of the six (6) monthperiod, may extend the time within which the trust company may open forbusiness.

 

13-5-105. Capital stock required; statement.

 

Notrust company shall be incorporated for any of the purposes enumerated in thisact or possess the rights and franchises provided under this act unless itshall have paid in capital stock of not less than five hundred thousand dollars($500,000.00). Before proceeding to transact business under this act a swornstatement signed and sworn to by the president and secretary of the companyshall be filed with the state banking commissioner to the effect that thecapital has been paid up in cash and all the provisions of this act compliedwith.

 

13-5-106. Discontinuing trust business.

 

Wheneverany corporation desires to discontinue doing a trust business it shall furnishto the state banking commissioner satisfactory evidence of its release anddischarge from all the obligations and trusts which it has assumed or whichhave been imposed upon it by law. Thereupon the state banking commissionershall revoke the corporation's charter and thereafter the corporation may notuse the word "trust" in its corporate name or in connection with itsbusiness.

 

13-5-107. Repealed by Laws 1993, ch. 51, 3.

 

13-5-108. Laws applicable; matters of contract.

 

(a) In the exercise by a trust company of its powers asguardian, executor, administrator or conservator, or of any office or dutyimposed by any court, the company shall be subject to the sameresponsibilities, liabilities and penalties as an individual acting in likecapacity, and the company shall have the same powers and shall receive the samecompensation as fixed by law for individuals acting in like capacity.

 

(b) The exercise of the other powers and the performance of theother duties by the company may be as contracted for by the parties interested.

 

(c) In performing its duties under a trust, a trust companyshall be subject to the provisions of the Uniform Trustees' Powers Act, W.S.4-10-801 et seq.

 

13-5-109. Financial transactions.

 

(a) Every trust company shall keep all trust funds andinvestments separate and apart from the assets of the company and allinvestments made by the company as a fiduciary shall be designated so that thetrust or estate to which such investments belong may be clearly identified.

 

(b) Every trust company holding trust funds awaiting investmentor distribution may deposit or leave on deposit such funds with a state ornational bank. The funds shall not be deposited or left with the samecorporation depositing or leaving on deposit such funds, nor with a corporationor association holding or owning a majority of the capital stock of the trustcompany making or leaving the deposit, unless the corporation or associationshall first pledge, as security for the deposit, securities eligible forinvestment by state banks that have a market value equal to that of thedeposited funds. No security shall be required with respect to any portion ofsuch deposits which are insured under the provisions of any law of the UnitedStates.

 

(c) Every trust company acting in any capacity under a trust,unless the instrument creating the trust provides otherwise, may cause anysecurities or other property held by it in its representative capacity to beregistered in the name of a nominee or nominees of the company.

 

(d) Every trust company when acting as depositary or custodianfor the personal representative of a trust, unless the instrument creating thetrust provides otherwise, may with the consent of the personal representativeof the trust, cause any securities or other property held by it to beregistered in the name of a nominee or nominees of the company.

 

(e) Every trust company shall be liable for any loss occasionedby the acts of any of its nominees with respect to securities or other propertyregistered under subsections (c) and (d) of this section.

 

(f) No corporation or the registrar or transfer agent thereofshall be liable for registering or causing to be registered on the books of thecorporation any securities in the name of any nominee of a trust company or fortransferring or causing to be transferred on the books of the corporation anysecurities theretofore registered by the corporation in the name of any nomineeof a trust company, as provided in this section, when the transfer is made onthe authorization of the nominee.

 

13-5-110. Powers of state banking commissioner.

 

(a) In addition to other powers conferred by this act, thestate banking commissioner shall:

 

(i) Supervise and examine all trust companies organized underthe provisions of this act and all such trust companies shall be subject to thelaws of this state governing banks and other financial institutions in allcases where the laws do not conflict with the provisions of this act. All trustcompanies shall file with the commissioner the Federal Financial InstitutionsExamination Council Annual Report of trust assets for the company and an annualreport of the financial condition of the company;

 

(ii) Repealed By Laws 1999, ch. 42, 3.

 

(iii) In the exercise of the power to make orders and regulationsto implement the provisions of this act, the commissioner shall act in theinterests of promoting and maintaining a sound trust company system, thesecurity of assets and trust accounts, and the protection of other customers;

 

(iv) Repealed By Laws 1999, ch. 42, 3.

 

(v) Repealed By Laws 1999, ch. 42, 3.

 

(vi) Collect from each trust company subject to this section anamount equal to the total cost of the examination conducted. The fees andexpenses collected shall be remitted to the state treasurer and deposited asprovided in W.S. 13-2-210(b) and may be expended as provided in thatsubsection.

 

13-5-111. Suspension or revocation of charter.

 

(a) The commissioner may suspend or revoke the charter of atrust company if, after notice and opportunity for a hearing, the commissionerdetermines that:

 

(i) The trust company has failed or refused to comply with anyorder issued pursuant to W.S. 13-10-201 through 13-10-209;

 

(ii) The application for charter contained a falserepresentation or omission of a material fact; or

 

(iii) Any officer or agent of the trust company, in connectionwith an application for a charter knowingly made a false representation of amaterial fact or failed to disclose a material fact to the state banking board,the commissioner or the duly authorized agent of the board or commissioner.

 

13-5-112. Continuing jurisdiction.

 

Ifthe certificate of a trust company is surrendered, suspended or revoked, thecompany shall continue to be subject to the provisions of this chapter for solong as it acts as a fiduciary with respect to any trust business previouslyundertaken.

 

13-5-113. Unsafe condition; receivership.

 

If the commissioner finds a deficiency incapital or other unsafe or unsound condition of a trust company has not beenremedied within the time prescribed under an order of the commissioner issuedpursuant to W.S. 13-10-201 through 13-10-209 the commissioner may apply to thedistrict court, in the county in which the principal office of the company islocated, to be appointed receiver for the liquidation or rehabilitation of thecompany. The expense of the receivership shall be paid out of the assets of thetrust company.

 


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter5

CHAPTER 5 - TRUST COMPANIES

 

13-5-101. Authority to organize; powers; limitations; prohibitions;exemptions.

 

(a) Trust companies may be organized under this act to exercisethe powers permitted by subsection (b) of this section and powers and rightsgranted to other corporations under general law except as provided by this act.

 

(b) Each trust company may:

 

(i) Act or be appointed by any court to act in like manner asan individual, as executor, administrator, guardian or conservator of estates,assignee, receiver, depositary, trustee, custodian or in any other fiduciary orrepresentative capacity for any purpose permitted by law;

 

(ii) Act as transfer agent or registrar of corporate stocks andbonds;

 

(iii) Purchase, invest in and sell stocks, bonds, mutual funds,mortgages and other securities for the account of trusts;

 

(iv) Accept and execute any trust business permitted by any lawof this or any other state or of the United States to be taken, accepted orexecuted by an individual;

 

(v) Take oaths and execute affidavits by the oath or affidavitof its president, vice-president, secretary, assistant secretary, manager,trust officer or assistant trust officer;

 

(vi) Make any lawful fiduciary investment as permitted by W.S.2-3-301;

 

(vii) Do and perform all acts necessary to exercise the powersenumerated in this section.

 

(c) A trust company organized under this act shall not engagein any banking business by accepting general deposits or issuing demand instruments.

 

(d) A trust company may invest its capital and surplus instocks, bonds, mortgages, mutual funds and other securities. A trust companymay invest in, purchase, hold, convey and lease real estate in accordance withW.S. 13-3-201(a)(i).

 

(e) Trust companies shall not issue or sell capital notes ordebentures except with the written authority of the state banking commissionerin the manner prescribed for banks.

 

(f) Except as provided in this section no person shall act as atrust company or engage in the trust business without first obtaining a charterfrom the commissioner under this chapter.

 

(g) A bank or savings and loan authorized under the laws ofthe United States or this state to engage in the trust business in this state,may engage in such business as a bank without obtaining a charter under thischapter, but shall be subject to the provisions of this chapter relating to theadministration of its trust accounts.

 

(h) Insurance companies licensed to write life insurancepolicies and annuity or endowment contracts in this state and subject toregulation and control of the state insurance commissioner shall not be subjectto the provisions of this chapter.

 

(j) For the purposes of this act, a person does not engage inthe trust business by:

 

(i) Rendering services as an attorney-at-law in the performanceof his duties;

 

(ii) Acting as trustee under a deed of trust made only assecurity for the payment of money or for the performance of another act;

 

(iii) Acting as a trustee in bankruptcy or as a receiver;

 

(iv) Holding trusts of real estate for the primary purpose ofsubdivision, development or sale, or to facilitate any business transactionwith respect to such real estate, provided the person is not regularly engagedin the business of acting as a trustee for such trusts;

 

(v) Holding assets as trustee of trusts created for charitablepurposes;

 

(vi) Receiving rents and proceeds of sale as a licensed realestate broker on behalf of a principal;

 

(vii) Engaging in securities transactions as a dealer or salesmanregistered under W.S. 17-4-101 through 17-4-130;

 

(viii) Acting as a guardian, conservator, special conservator,trustee or personal representative pursuant to a court order or other statutoryauthority.

 

13-5-102. Formation.

 

(a) Any number of persons may form a trust company inaccordance with the provisions of this act.

 

(b) The person forming a trust company shall execute articlesof incorporation as provided by W.S. 13-2-202.

 

13-5-103. Application for charter; fee.

 

(a) The incorporator shall apply to the state bankingcommissioner for a charter. The application shall be on forms prescribed by thestate banking board and shall contain such information as required by rule andregulation of the state banking board. The commissioner shall act upon theapplication in accordance with W.S. 13-2-207.

 

(b) Each application for charter shall be accompanied by anapplication fee as provided by W.S. 13-2-208.

 

13-5-104. Procedure for granting charter; failure to open forbusiness.

 

(a) Upon receiving the articles of incorporation, theapplication for charter and other information required, the state bankingcommissioner shall investigate and examine the proposed trust company inaccordance with W.S. 13-2-211(a).

 

(i) Repealed by Laws 1993, ch. 51, 3.

 

(ii) Repealed by Laws 1993, ch. 51, 3.

 

(iii) Repealed by Laws 1993, ch. 51, 3.

 

(iv) Repealed by Laws 1993, ch. 51, 3.

 

(v) Repealed by Laws 1993, ch. 51, 3.

 

(b) Repealed by Laws 1979, ch. 71, 2.

 

(c) The state banking board shall hold hearings and approve ordisapprove the granting of a charter to the applicant as provided by W.S.13-2-207 through 13-2-214 if it determines that the requirements of W.S.13-2-207 through 13-2-214 have been met.

 

(d) If the proposed trust company fails to open for businesswithin six (6) months after the date of granting the charter, the privilege oftransacting business shall terminate. The state banking board, for good causeand upon written application filed prior to the expiration of the six (6) monthperiod, may extend the time within which the trust company may open forbusiness.

 

13-5-105. Capital stock required; statement.

 

Notrust company shall be incorporated for any of the purposes enumerated in thisact or possess the rights and franchises provided under this act unless itshall have paid in capital stock of not less than five hundred thousand dollars($500,000.00). Before proceeding to transact business under this act a swornstatement signed and sworn to by the president and secretary of the companyshall be filed with the state banking commissioner to the effect that thecapital has been paid up in cash and all the provisions of this act compliedwith.

 

13-5-106. Discontinuing trust business.

 

Wheneverany corporation desires to discontinue doing a trust business it shall furnishto the state banking commissioner satisfactory evidence of its release anddischarge from all the obligations and trusts which it has assumed or whichhave been imposed upon it by law. Thereupon the state banking commissionershall revoke the corporation's charter and thereafter the corporation may notuse the word "trust" in its corporate name or in connection with itsbusiness.

 

13-5-107. Repealed by Laws 1993, ch. 51, 3.

 

13-5-108. Laws applicable; matters of contract.

 

(a) In the exercise by a trust company of its powers asguardian, executor, administrator or conservator, or of any office or dutyimposed by any court, the company shall be subject to the sameresponsibilities, liabilities and penalties as an individual acting in likecapacity, and the company shall have the same powers and shall receive the samecompensation as fixed by law for individuals acting in like capacity.

 

(b) The exercise of the other powers and the performance of theother duties by the company may be as contracted for by the parties interested.

 

(c) In performing its duties under a trust, a trust companyshall be subject to the provisions of the Uniform Trustees' Powers Act, W.S.4-10-801 et seq.

 

13-5-109. Financial transactions.

 

(a) Every trust company shall keep all trust funds andinvestments separate and apart from the assets of the company and allinvestments made by the company as a fiduciary shall be designated so that thetrust or estate to which such investments belong may be clearly identified.

 

(b) Every trust company holding trust funds awaiting investmentor distribution may deposit or leave on deposit such funds with a state ornational bank. The funds shall not be deposited or left with the samecorporation depositing or leaving on deposit such funds, nor with a corporationor association holding or owning a majority of the capital stock of the trustcompany making or leaving the deposit, unless the corporation or associationshall first pledge, as security for the deposit, securities eligible forinvestment by state banks that have a market value equal to that of thedeposited funds. No security shall be required with respect to any portion ofsuch deposits which are insured under the provisions of any law of the UnitedStates.

 

(c) Every trust company acting in any capacity under a trust,unless the instrument creating the trust provides otherwise, may cause anysecurities or other property held by it in its representative capacity to beregistered in the name of a nominee or nominees of the company.

 

(d) Every trust company when acting as depositary or custodianfor the personal representative of a trust, unless the instrument creating thetrust provides otherwise, may with the consent of the personal representativeof the trust, cause any securities or other property held by it to beregistered in the name of a nominee or nominees of the company.

 

(e) Every trust company shall be liable for any loss occasionedby the acts of any of its nominees with respect to securities or other propertyregistered under subsections (c) and (d) of this section.

 

(f) No corporation or the registrar or transfer agent thereofshall be liable for registering or causing to be registered on the books of thecorporation any securities in the name of any nominee of a trust company or fortransferring or causing to be transferred on the books of the corporation anysecurities theretofore registered by the corporation in the name of any nomineeof a trust company, as provided in this section, when the transfer is made onthe authorization of the nominee.

 

13-5-110. Powers of state banking commissioner.

 

(a) In addition to other powers conferred by this act, thestate banking commissioner shall:

 

(i) Supervise and examine all trust companies organized underthe provisions of this act and all such trust companies shall be subject to thelaws of this state governing banks and other financial institutions in allcases where the laws do not conflict with the provisions of this act. All trustcompanies shall file with the commissioner the Federal Financial InstitutionsExamination Council Annual Report of trust assets for the company and an annualreport of the financial condition of the company;

 

(ii) Repealed By Laws 1999, ch. 42, 3.

 

(iii) In the exercise of the power to make orders and regulationsto implement the provisions of this act, the commissioner shall act in theinterests of promoting and maintaining a sound trust company system, thesecurity of assets and trust accounts, and the protection of other customers;

 

(iv) Repealed By Laws 1999, ch. 42, 3.

 

(v) Repealed By Laws 1999, ch. 42, 3.

 

(vi) Collect from each trust company subject to this section anamount equal to the total cost of the examination conducted. The fees andexpenses collected shall be remitted to the state treasurer and deposited asprovided in W.S. 13-2-210(b) and may be expended as provided in thatsubsection.

 

13-5-111. Suspension or revocation of charter.

 

(a) The commissioner may suspend or revoke the charter of atrust company if, after notice and opportunity for a hearing, the commissionerdetermines that:

 

(i) The trust company has failed or refused to comply with anyorder issued pursuant to W.S. 13-10-201 through 13-10-209;

 

(ii) The application for charter contained a falserepresentation or omission of a material fact; or

 

(iii) Any officer or agent of the trust company, in connectionwith an application for a charter knowingly made a false representation of amaterial fact or failed to disclose a material fact to the state banking board,the commissioner or the duly authorized agent of the board or commissioner.

 

13-5-112. Continuing jurisdiction.

 

Ifthe certificate of a trust company is surrendered, suspended or revoked, thecompany shall continue to be subject to the provisions of this chapter for solong as it acts as a fiduciary with respect to any trust business previouslyundertaken.

 

13-5-113. Unsafe condition; receivership.

 

If the commissioner finds a deficiency incapital or other unsafe or unsound condition of a trust company has not beenremedied within the time prescribed under an order of the commissioner issuedpursuant to W.S. 13-10-201 through 13-10-209 the commissioner may apply to thedistrict court, in the county in which the principal office of the company islocated, to be appointed receiver for the liquidation or rehabilitation of thecompany. The expense of the receivership shall be paid out of the assets of thetrust company.

 

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