New Hampshire Revised Statutes 383-D:7-702 – Grant of Exemptions
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(a) Subject to subsection (b), the commissioner may exempt a family trust company from any one or more requirements of RSA 383-A, RSA 383-C, and this chapter.
(b) The commissioner shall not have the power to exempt a family trust company from any of the following requirements:
(1) the qualifications of a family trust company under N.H. Rev. Stat. § 383-D:3-301;
(2) the requirements for organization under article 5 of this chapter;
(3) the requirement to maintain capital that equals or exceeds the minimum required capital under N.H. Rev. Stat. § 383-D:6-602;
(4) the requirement to maintain an errors and omissions liability insurance policy under N.H. Rev. Stat. § 383-A:4-406; and
(5) the prohibition against accepting deposits under N.H. Rev. Stat. § 383-C:3-302.
(c) In the application under N.H. Rev. Stat. § 383-D:5-502, a family trust company’s organizer may request one or more exemptions. After obtaining its certificate of authority to exercise trust powers, a family trust company may request one or more exemptions by filing with the commissioner an application for exemption.
(d) The commissioner may grant or deny, in whole or in part, any requested exemption, and the commissioner may impose one or more reasonable conditions or limitations on any exemption that the commissioner grants.
(b) The commissioner shall not have the power to exempt a family trust company from any of the following requirements:
Terms Used In New Hampshire Revised Statutes 383-D:7-702
- 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
(1) the qualifications of a family trust company under N.H. Rev. Stat. § 383-D:3-301;
(2) the requirements for organization under article 5 of this chapter;
(3) the requirement to maintain capital that equals or exceeds the minimum required capital under N.H. Rev. Stat. § 383-D:6-602;
(4) the requirement to maintain an errors and omissions liability insurance policy under N.H. Rev. Stat. § 383-A:4-406; and
(5) the prohibition against accepting deposits under N.H. Rev. Stat. § 383-C:3-302.
(c) In the application under N.H. Rev. Stat. § 383-D:5-502, a family trust company’s organizer may request one or more exemptions. After obtaining its certificate of authority to exercise trust powers, a family trust company may request one or more exemptions by filing with the commissioner an application for exemption.
(d) The commissioner may grant or deny, in whole or in part, any requested exemption, and the commissioner may impose one or more reasonable conditions or limitations on any exemption that the commissioner grants.