Foreign Trust Companies

Section 383-C:11-1105

    383-C:11-1105 Domestication. –
(a) With the commissioner's prior approval, a foreign trust company organized as a corporation or a limited liability company may become a trust company through domestication in accordance with the applicable Organization Act and this section.
(b) A foreign trust company that proposes to domesticate shall file with the commissioner an application for a charter under RSA 383-A:3-305 and this section. The application shall include all documents required to be submitted under RSA 383-A:3-305, except that, instead of submitting organizational documents, the foreign trust company shall submit domestication documents, in accordance with the applicable Organizations Act and a plan of domestication.
(c) After receipt of a complete application for state charter under RSA 383-C:11-1105(b), and consistent with RSA 383-A:3-305(b), the commissioner may conduct an investigation under RSA 383-A:3-306 and may conduct a hearing under RSA 383-A:3-307. The commissioner shall take action on the application under RSA 383-A:3-308, subject to any conditions that he or she may impose with respect to the domestication, including establishing a date by which the domestication must be completed. In all domestication proceedings under this article, the foreign trust company shall act as organizer of the trust company subject to domestication for purposes of article 3 of RSA 383-A. Upon the foreign trust company's request, the commissioner subsequently may extend the domestication completion date.
(d) If the commissioner approves a foreign trust company's application for a state charter under RSA 383-A:3-308(a), then the foreign trust company shall file with the secretary of state the charter bearing the commissioner's endorsement. The secretary of state, upon payment of a fee equal to the fee charged by the secretary of state to entities domesticating under the applicable Organizations Act, shall cause the charter to be recorded.
(e) Upon the secretary of state accepting the domestication filing, the secretary of state shall issue a certificate to the domesticated trust company as provided in RSA 383-A:3-310.
(f) A foreign trust company becomes a trust company authorized to transact trust business when the domestication is effective under the applicable Organizations Act and this chapter, consistent with any determination by the commissioner.
(g) A trust company chartered in this state may domesticate as a foreign trust company and transact trust business in another jurisdiction in accordance with the applicable laws of the other jurisdiction.

Source. 2015, 272:16, eff. Oct. 1, 2015.