(a) A family trust company may change its designated relative by filing with the commissioner notice in which the family trust company designates a new designated relative.
(b) Except with the commissioner’s prior approval, a family trust company cannot change its designated relative more than once every 10 years after the issuance of its certificate of authority.

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(c) Except with the commissioner’s prior approval, the change of a family trust company’s designated relative is effective on January 1 of the year after in which the family trust company files its notice with the commissioner.