TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 383-D FAMILY TRUST COMPANY ACT
ARTICLE 4 Family Clients
Section 383-D:4-404
383-D:4-404 Former Key Employee. –
(a) After an individual becomes a former key employee, that individual does not qualify as a former key employee with respect to any new trust, investment, or other service, except as otherwise provided in subsection (b).
(b) An individual is a former key employee only to the extent of (i) trust, investment, or other services that the family trust company was providing to that individual (or an eligible trust of which the individual or the individual's spouse was a settlor) immediately before the individual became a former key employee and (ii) any trust, investment, or other service in connection with any additional investments that, with respect to an investment that the family trust company advises or manages, the individual (or an eligible trust of which the individual or the individual's spouse was a settlor) was contractually obligated to make before the individual became a former key employee.