New Hampshire Revised Statutes 383-D:12-1202 – Revocation of Authority to Conduct Trust Business
Current as of: 2023 | Check for updates
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(a) If the commissioner determines that a family trust company is or has engaged in any activity that jeopardizes its safety or soundness, then the commissioner may revoke the family trust company’s authority to conduct trust business.
(b) The commissioner shall issue a notice to the family trust company following the revocation of its authority granting it an opportunity for a hearing in accordance with RSA 541-A. The family trust company may appeal the commissioner’s decision under RSA 541.
(c) The revocation of a family trust company’s authority to conduct trust business removes the family trust company as a trustee, trust advisor, or trust protector of each trust of which it is serving as a trustee, trust advisor, or trust protector.
(d) Within a reasonable time after the revocation of its authority to conduct trust business, a family trust company shall dissolve in accordance with its organizational documents.
(b) The commissioner shall issue a notice to the family trust company following the revocation of its authority granting it an opportunity for a hearing in accordance with RSA 541-A. The family trust company may appeal the commissioner’s decision under RSA 541.
Terms Used In New Hampshire Revised Statutes 383-D:12-1202
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Trustee: A person or institution holding and administering property in trust.
(c) The revocation of a family trust company’s authority to conduct trust business removes the family trust company as a trustee, trust advisor, or trust protector of each trust of which it is serving as a trustee, trust advisor, or trust protector.
(d) Within a reasonable time after the revocation of its authority to conduct trust business, a family trust company shall dissolve in accordance with its organizational documents.