Section 392:40-c Conversion to Nondepository Public Trust Company Transacting Business With the General Public. - New Hampshire Statutes

   I. Before transacting business with the general public, a family fiduciary services company shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the family fiduciary services company and an acknowledgment that any exemption granted or otherwise applicable to the family fiduciary services company pursuant to RSA 392:40-a shall cease to apply once the commissioner terminates family fiduciary services company status. The family fiduciary services company shall furnish a copy of the resolution adopted by its board of directors authorizing the family fiduciary services company to commence transacting business with the general public, and shall pay the filing fee, if any, prescribed by rule of the commissioner.
   II. The family fiduciary services company may commence transacting business with the general public on the 31st day after the date the commissioner receives the notice, unless the commissioner:
      (a) Establishes an earlier or later date;
      (b) Notifies the family fiduciary services company that the notice raises issues that require additional information or additional time for analysis; or
      (c) Disapproves the termination of family fiduciary services company status.
   III. If the commissioner gives a notification described in subparagraph II(b), the family fiduciary services company status may be terminated only on approval by the commissioner.
   IV. The commissioner may deny approval of the proposed termination of family fiduciary services company status if the commissioner finds that the family fiduciary services company lacks sufficient resources to undertake the proposed conversion without adversely affecting its safety or soundness or if the commissioner determines that the family fiduciary services company could not within a reasonable period be in compliance with any provision of this chapter from which it previously had been exempted pursuant to RSA 392:40-a. Such determination shall be based on the factors set forth in RSA 392:5, II to the extent applicable.

Source. 2006, 320:45, eff. Aug. 19, 2006.