§ 11-109-201 — Powers of trust companies

Colorado § 11-109-201

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Trust Companies

Text

(1) A trust company shall be
incorporated under and subject to the general corporation laws of this state not
inconsistent with this article. The business activities of a trust company in this state
shall be limited to the exercise of the power to:

(a) Act or be appointed by a court to act in like manner as an individual, an
executor, a personal representative, a trustee, an administrator, a guardian, a
conservator, an assignee, a custodian, a receiver, or a depository or in any other
fiduciary capacity for any purposes permitted by law;

(b) Act as a transfer agent, a registrar, an escrow agent, or an attorney-in-fact and to receive, manage, and apply sinking funds;

(c) Maintain and rent safe deposit and safekeeping facilities;

(d) Receive and maintain savings deposits, time deposits, and certificates of
deposit, and to pay interest thereon at the rates permitted state banks under
section 11-105-102 (3), subject to the restrictions of section 11-109-204;

(e) Exercise the same investment powers as an individual fiduciary under like
circumstances;

(f) Accept and execute any fiduciary business permitted by the laws of this
state or any other state and the United States and to establish common trust funds
as provided by article 24 of this title;

(g) Take oaths and execute affidavits by the oath or affidavit of the
president, vice-presidents, secretary, assistant secretary, manager, trust officer, or
assistant trust officer;

(h) Act as an investment adviser under any applicable law;

(i) Do and perform any other acts necessary or proper to exercise the powers
enumerated in this section.

(2) Except for those powers specifically authorized in subsection (1) of this
section and section 11-109-907, a trust company shall not have the power to
conduct a banking business, receive and maintain transaction deposit accounts, nor
use the word bank in its name.

(3) As authorized pursuant to section 10-2-601 (2), C.R.S., a trust company
may, pursuant to federal law or under such rules as may be adopted by the banking
board or the commissioner of insurance pursuant to section 10-2-601, C.R.S., act as
the agent for any insurance company authorized to do business in this state by
soliciting and selling insurance and collecting premiums on policies issued by such
company. For such services, a trust company may receive such fees or commissions
as may be agreed between the trust company and the insurance company.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1180, � 3, effective July 1.