New Hampshire Revised Statutes 383-C:8-802 – Application for Change of Ownership of Trust Company
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(a) Before consummation of any proposed change of ownership of a trust company, the new owner or new owners of trust company equity shall file an application with the commissioner describing the proposed change of ownership of the trust company as required under N.H. Rev. Stat. § 383-A:6-602 and this section. The application for a proposed change of ownership of a trust company shall be in the form prescribed by the commissioner and shall include the following information:
(1) The identity, personal history, business background, and experience of the proposed new owner or new owners, including (i) each new owner’s material business activities and affiliations during the past 5 years, (ii) a description of any material pending legal or administrative proceedings in which the new owner is a party and (iii) a description of any criminal indictment or conviction of the new owner by a state or federal court. To fulfill the requirements of (iii), the commissioner may require the proposed owner or owners to submit to a criminal history records check by following the procedure prescribed under N.H. Rev. Stat. § 383-A:3-305(e)(3)-(4);
(2) A statement of the assets and liabilities of each new owner as of the end of the fiscal year for each of the 3 fiscal years immediately preceding the date of the notice and an interim statement of the assets and liabilities of the new owner as of a date not more than 90 days before the date of the notice;
(3) The material terms and conditions of the proposed change of ownership of the trust company and the manner in which the transaction is to be consummated.
(b) Except as provided in subsection (c), a change of ownership of a trust company shall not be effective until the commissioner, acting under N.H. Rev. Stat. § 383-A:6-604, approves the proposed change of ownership.
(c) If a change of ownership of a trust company occurs by reason of an involuntary change of ownership outside the reasonable control of the owner of trust company equity, then the trust company, either alone or with the new owner or new owners, shall file with the commissioner the application described in subsection (a) as promptly as reasonably practicable after the occurrence of that involuntary change of ownership. Any new owner or new owners holding trust company equity as a result of an involuntary change of ownership shall hold the trust company equity subject to determination of the commissioner under N.H. Rev. Stat. § 383-C:8-804.
(1) The identity, personal history, business background, and experience of the proposed new owner or new owners, including (i) each new owner’s material business activities and affiliations during the past 5 years, (ii) a description of any material pending legal or administrative proceedings in which the new owner is a party and (iii) a description of any criminal indictment or conviction of the new owner by a state or federal court. To fulfill the requirements of (iii), the commissioner may require the proposed owner or owners to submit to a criminal history records check by following the procedure prescribed under N.H. Rev. Stat. § 383-A:3-305(e)(3)-(4);
Terms Used In New Hampshire Revised Statutes 383-C:8-802
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Conviction: A judgement of guilt against a criminal defendant.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
(2) A statement of the assets and liabilities of each new owner as of the end of the fiscal year for each of the 3 fiscal years immediately preceding the date of the notice and an interim statement of the assets and liabilities of the new owner as of a date not more than 90 days before the date of the notice;
(3) The material terms and conditions of the proposed change of ownership of the trust company and the manner in which the transaction is to be consummated.
(b) Except as provided in subsection (c), a change of ownership of a trust company shall not be effective until the commissioner, acting under N.H. Rev. Stat. § 383-A:6-604, approves the proposed change of ownership.
(c) If a change of ownership of a trust company occurs by reason of an involuntary change of ownership outside the reasonable control of the owner of trust company equity, then the trust company, either alone or with the new owner or new owners, shall file with the commissioner the application described in subsection (a) as promptly as reasonably practicable after the occurrence of that involuntary change of ownership. Any new owner or new owners holding trust company equity as a result of an involuntary change of ownership shall hold the trust company equity subject to determination of the commissioner under N.H. Rev. Stat. § 383-C:8-804.