BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
FAMILY TRUST COMPANY ACT
383-D:12-1202 Revocation of Authority to Conduct Trust Business.
(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.
Source. 2015, 272:16, eff. Oct. 1, 2015.