CHAPTER 665b
FIDUCIARY POWERS

Table of Contents

Sec. 36a-380. (Formerly Sec. 36-314). License.

PART III
EXERCISE OF FIDUCIARY POWERS BY CORPORATIONS
OTHER THAN BANKING INSTITUTIONS

      Sec. 36a-380. (Formerly Sec. 36-314). License. (a) Except as provided in this section, no corporation, other than a bank or out-of-state bank that maintains in this state a branch as defined in section 36a-410, shall have or exercise in this state the power to receive, by grant, assignment, transfer, devise, bequest or otherwise, any money, securities or other personal property, or any interest in real estate from any person or corporation in trust, to hold, manage or dispose of the same for the benefit of any third person or corporation, or to accept or execute any such trust, unless such corporation is specifically empowered so to act by a general statute of this state or by a special act of the General Assembly. Any corporation so empowered to act as trustee, other than such bank or out-of-state bank, shall, before so acting, obtain a license from the commissioner as provided in subsection (b) of this section.

      (b) Application for such license shall be in writing upon forms to be furnished by the commissioner and shall contain the full name and address of the applicant corporation and of each of its officers and a statement of the assets and liabilities of such corporation in such form as the commissioner requires. If, upon examination of such application and upon any further investigation that the commissioner deems necessary, the commissioner is satisfied that such corporation is solvent and conducting its business according to law, the commissioner may issue to such corporation a license to receive property in trust and to execute and administer trusts to the extent and in the manner authorized by the charter of such corporation or by any general or special law of this state, but not otherwise. If it appears to the commissioner that any such applicant corporation is insolvent, or that its business is being conducted contrary to law or to the provisions of its charter, the commissioner shall refuse to issue such license.

      (1949 Rev., S. 6018; P.A. 85-188, S. 7; 85-379, S. 40; P.A. 86-403, S. 77, 132; P.A. 92-12, S. 76; P.A. 94-122, S. 174, 340; P.A. 95-155, S. 24, 29; P.A. 05-288, S. 205.)

      History: P.A. 85-188 and P.A. 85-379 applied provisions of section to state or federally chartered savings banks and savings and loan associations; P.A. 86-403 made technical change in Subsec. (1); P.A. 92-12 redesignated Subsecs. and Subdivs. and made technical changes; P.A. 94-122 made technical changes, effective January 1, 1995; Sec. 36-314 transferred to Sec. 36a-380 in 1995; P.A. 95-155 added reference to out-of-state banks in Subsec. (a), effective June 27, 1995; P.A. 05-288 made a technical change in Subsec. (a), effective July 13, 2005.

(Return to
Chapter Table of Contents)
(Return to
List of Chapters)
(Return to
List of Titles)