New Hampshire Revised Statutes 384-F:15 – Fiduciary Activities
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I. No foreign bank which is licensed to establish and maintain a New Hampshire state branch or New Hampshire state agency shall engage in fiduciary activities at such office unless such foreign bank shall have first obtained a certificate of authority from the commissioner to engage in fiduciary activities at such office.
II. An application to obtain a certificate of authority to engage in fiduciary activities shall be in such form and contain such information as the commissioner requires by rules adopted pursuant to RSA 541-A, and shall be accompanied by an application fee of $1,500. The commissioner shall issue a certificate of authority to engage in fiduciary activities to a foreign bank making an application under this section if he or she finds that such foreign bank will exercise fiduciary powers in accordance with the laws and rules of this state.
III. A foreign bank which holds a certificate of authority issued under this section may engage at its New Hampshire state branch or New Hampshire state agency in fiduciary activities to the same extent and in the same manner as if such foreign bank were a New Hampshire state bank.
IV. A foreign bank which holds a certificate of authority issued under this section shall file all such reports, pay all fees in accordance with the requirements of N.H. Rev. Stat. § 384-F:30, and be subject to examination and supervision as the commissioner may determine by rules adopted pursuant to RSA 541-A.
V. The commissioner may suspend or revoke a certificate to engage in fiduciary activities issued under this section if he or she finds:
(a) That conditions exist which would authorize the commissioner under this chapter to revoke or suspend such foreign bank’s license to establish and maintain a New Hampshire state branch or New Hampshire state agency; or
(b) Any fact or condition exists which, if it had existed at the time of the foreign bank’s original application to obtain a certificate of authority to engage in fiduciary activities, would have resulted in the commissioner refusing to issue such certificate of authority to the foreign bank.
II. An application to obtain a certificate of authority to engage in fiduciary activities shall be in such form and contain such information as the commissioner requires by rules adopted pursuant to RSA 541-A, and shall be accompanied by an application fee of $1,500. The commissioner shall issue a certificate of authority to engage in fiduciary activities to a foreign bank making an application under this section if he or she finds that such foreign bank will exercise fiduciary powers in accordance with the laws and rules of this state.
Terms Used In New Hampshire Revised Statutes 384-F:15
- Agency: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(1) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- bank: as used in this chapter shall not in any event include a foreign bank or a branch or agency of a foreign bank. See New Hampshire Revised Statutes 384-F:2
- Branch: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(3) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- Commissioner: means the New Hampshire bank commissioner. See New Hampshire Revised Statutes 384-F:2
- Fiduciary: A trustee, executor, or administrator.
- Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See New Hampshire Revised Statutes 384-F:2
- New Hampshire state agency: when used in reference to an office of a foreign bank, shall mean an agency of a foreign bank that is located in this state and licensed pursuant to the provisions of this chapter. See New Hampshire Revised Statutes 384-F:2
- New Hampshire state bank: means a bank organized under the laws of New Hampshire. See New Hampshire Revised Statutes 384-F:2
- New Hampshire state branch: when used in reference to an office of a foreign bank, shall mean a branch of a foreign bank that is located in this state and licensed pursuant to the provisions of this chapter. See New Hampshire Revised Statutes 384-F:2
- State: has the same meaning as is set forth in section 3(a)(3) of the Federal Deposit Insurance Act (12 U. See New Hampshire Revised Statutes 384-F:2
III. A foreign bank which holds a certificate of authority issued under this section may engage at its New Hampshire state branch or New Hampshire state agency in fiduciary activities to the same extent and in the same manner as if such foreign bank were a New Hampshire state bank.
IV. A foreign bank which holds a certificate of authority issued under this section shall file all such reports, pay all fees in accordance with the requirements of N.H. Rev. Stat. § 384-F:30, and be subject to examination and supervision as the commissioner may determine by rules adopted pursuant to RSA 541-A.
V. The commissioner may suspend or revoke a certificate to engage in fiduciary activities issued under this section if he or she finds:
(a) That conditions exist which would authorize the commissioner under this chapter to revoke or suspend such foreign bank’s license to establish and maintain a New Hampshire state branch or New Hampshire state agency; or
(b) Any fact or condition exists which, if it had existed at the time of the foreign bank’s original application to obtain a certificate of authority to engage in fiduciary activities, would have resulted in the commissioner refusing to issue such certificate of authority to the foreign bank.