Purposes and Powers of Corporations

Section 293-A:3.05

    293-A:3.05 Trust Powers. –
(a) A corporation shall have trust powers to the extent that it:
(1) Does not transact business with the general public; or
(2) Is a bank as defined in RSA 383-A:2-201(a)(3) and is authorized to engage in trust business in this state under RSA 383-A, RSA 383-B, RSA 383-C, or RSA 383-D.
(b) Trust powers include the power to act as a trustee or other fiduciary, a trust advisor as defined in RSA 564-B:1-103(27), or a trust protector as defined in RSA 564-B:1-103(28).
(c) For purposes of subsection (a)(1), a corporation does not transact business with the general public to the extent that the corporation:
(1) Qualifies as a family office under 15 U.S.C. section 80b-2(a)(11)(G); or
(2) Offers and provides its services only to persons who would qualify as family clients as defined in RSA 383-D:2-201(b)(5) if the corporation was chartered as a family trust company under RSA 383-D.
(d) For purposes of subsection (c)(2), a corporation may use any reasonable method for:
(1) Identifying a designated relative as defined in RSA 383-D:2-201(b)(2); and
(2) Selecting a method for determining family members as described in RSA 383-D:4-402(b)(2) or (c).
(e) A corporation described in subsection (a)(1) shall be exempt from RSA Title 35 and shall not be subject to the jurisdiction of the New Hampshire bank commissioner.
(f) To the extent that a corporation other than a corporation described in subsection (a)(2) transacts business with the general public, the following shall apply:
(1) Any action by the corporation shall not be void or voidable solely by reason of the corporation transacting business with the general public.
(2) Each of the corporation's directors and officers shall be personally, jointly, and severally liable for all liabilities created by the corporation transacting business with the general public, including any breach of a fiduciary duty to a member of the general public.
(3) A director's or officer's liability under subsection (f)(2) is in addition to any civil or criminal penalties imposed by applicable law.
(g) This section does not restrict the rights and remedies of any person affected by a corporation's exercise of trust powers, including the right to commence a judicial proceeding seeking:
(1) A remedy for a breach of trust under RSA 564-B:10-1001;
(2) Damages for a breach of trust under RSA 564-B:10-1002; or
(3) Damages under RSA 564-B:10-1003.

Source. 2017, 257:32, eff. July 18, 2017.