Effective 28 Aug 2017
362.1035. Capital account, minimum required — company's duty to maintain, requirements. — 1. No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars. The full amount of the initial capital account of a family trust company shall consist of one or more asset groups described under subsection 1 of section 362.1070, exclusive of all organization expenses.
2. A family trust company shall maintain:
(1) A physical office in this state where original or true copies, including electronic copies, of all material business records and accounts of the family trust company may be accessed and are readily available for examination by the secretary. A family trust company may also maintain one or more branch offices within or outside of this state;
(2) A registered agent who maintains an office in this state;
(3) All applicable state and local business licenses, charters, and permits; and
(4) A deposit account with a state-chartered or national financial institution that has a principal or branch office in this state.
3. In addition to the requirements of subsection 2 of this section, a foreign family trust company shall also:
(1) Be in good standing in the jurisdiction in which it is incorporated or organized; and
(2) Stay in compliance with the family trust company laws and regulations of such jurisdiction.
--------
(L. 2017 H.B. 292)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.