BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
TRUST COMPANY ACT
Directors and Officers
(a) In the case of a trust company organized as a corporation, the trust company shall have a president, a treasurer, and a secretary and may appoint one or more other officers.
(b) In the case of a trust company organized as a limited liability company, the trust company shall have one or more officers, whose titles, duties, and powers are set forth in the trust company's governing documents. The trust company shall designate each officer whose duties and powers are functionally equivalent to the duties and powers customarily held by the president, treasurer, or secretary of a corporation.
(c) The board of directors shall appoint each officer in accordance with the trust company's governing documents. The board of the directors shall have the power to remove each officer. Except as otherwise provided in the governing documents, an officer shall serve for a term that that does not exceed 3 years.
(d) RSA 383-A:5-504 shall not apply to trust companies.
Source. 2015, 272:16, eff. Oct. 1, 2015.