§ 102-a. Limited liability trust companies.
1.Trust companies which\n(a) do not receive deposits from the general public and (b) have been\nexempted by the superintendent of financial services from the\nrequirements of section thirty-two of this chapter, may be formed and\noperated as limited liability trust companies. Such limited liability\ntrust companies shall be formed in accordance with, shall operate in\ncompliance with, and shall meet all of the requirements of the limited\nliability company law and this chapter, except that to the extent any\nprovision of the limited liability company law shall be inconsistent\nwith the provisions of this chapter, the provisions of this chapter\nshall govern; provided, however, that limited liability trust companies\nshall not have perpetual ex
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§ 102-a. Limited liability trust companies. 1. Trust companies which\n(a) do not receive deposits from the general public and (b) have been\nexempted by the superintendent of financial services from the\nrequirements of section thirty-two of this chapter, may be formed and\noperated as limited liability trust companies. Such limited liability\ntrust companies shall be formed in accordance with, shall operate in\ncompliance with, and shall meet all of the requirements of the limited\nliability company law and this chapter, except that to the extent any\nprovision of the limited liability company law shall be inconsistent\nwith the provisions of this chapter, the provisions of this chapter\nshall govern; provided, however, that limited liability trust companies\nshall not have perpetual existence.\n 2. Notwithstanding any other provision of this chapter, a limited\nliability trust company shall dissolve and its affairs shall be wound up\nupon the occurrence of any event specified in section seven hundred one\nof the limited liability company law. Upon such a dissolution, the\nprovisions of this chapter shall govern the winding up of the affairs of\nthe limited liability trust company and the distribution of its assets.\nFurther, upon such a dissolution, if the members of a limited liability\ntrust company wish to continue the existence of the company and meet the\nrequirements of section seven hundred one of the limited liability\ncompany law, they shall apply for and may receive the approval of the\nsuperintendent for new articles of organization and a new authorization\ncertificate.\n 3. Trust companies which have been formed and are operating pursuant\nto this article and article fifteen of this chapter on the effective\ndate of this section, and which meet the requirements of subdivision one\nof this section, may, with the approval of the superintendent of\nfinancial services, convert into limited liability trust companies,\nprovided that they meet all of the other requirements of this chapter as\nif they were newly formed companies.\n 4. The superintendent is hereby authorized and empowered to make such\ngeneral rules and regulations as may be necessary and proper to\neffectuate the provisions of this chapter relating to the formation and\noperation of limited liability trust companies.\n