§ 383-D:13-1301 — Authority to Exercise Trust Powers

New Hampshire § 383-D:13-1301

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-D: FAMILY TRUST COMPANY ACT
• Subdivision: ARTICLE 13Foreign Family Trust Companies

Text

(a) A foreign family trust company may engage in trust business in this state. A foreign family trust company that exercises trust powers in this state is subject to this chapter and, except as otherwise provided in this chapter, RSA 383-A and RSA 383-C. RSA 383-C:11-1101 shall not apply to foreign family trust companies.
(b) For purposes of this chapter, "foreign family trust company" means a foreign trust company that (i) is organized in a state or jurisdiction other than New Hampshire and (ii) is authorized under the laws of that state or jurisdiction to provide trust, investment, and other services principally to members of one or two families and entities in which one or more of those family members have substantial interests. Under those laws, a trust company meeting those qualifications commonly is called a family trust company or a private trust company.
(c) A foreign trust company is not a foreign family trust company if the commissioner determines that the foreign trust company was organized or is operated for the primary purpose of evading the limitations of this chapter.

Legislative History

2015, 272:16, eff. Oct. 1, 2015.