A.  Any person acting as a trustee or in any other fiduciary capacity under this Section may hire and compensate, as a delegate, an affiliate of such person if authorized by any of the following:

(1)  A trust or fiduciary instrument.

(2)  A court order.

(3)  A written document signed by each affected client.

B.  Fees paid to an affiliate shall be competitive with fees charged by non-affiliates that provide substantially similar services.

C.  An affiliate shall include any of the following:

(1)  A company that controls the trust company.

(2)  A company that is controlled by the company that controls the trust company.

(3)  A subsidiary of the trust company.

(4)  A company controlled by a common shareholder who beneficially or otherwise controls the trust company or any company that controls the trust company.

(5)  A company in which a majority of its directors are also a majority of the directors of the trust company or the company that controls the trust company.

(6)  A company that is sponsored or advised on a contractual basis by the trust company or any subsidiary or affiliate of the trust company.

(7)  An investment company in which the trust company or any affiliate of the trust company is an investment advisor.

D.  An affiliate shall be subject to examination and visitation by the commissioner in the same manner as provided for by La. Rev. Stat. 6:123.

Acts 2003, No. 573, §1, eff. June 27, 2003.