§ 13-5-507 — Approval or disapproval of application; criteria for approval; action upon application; interim charter; fee

Wyoming § 13-5-507

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 5: TRUST COMPANIES
• Art. 5: PUBLIC TRUST COMPANIES

Text

(a) Within ninety (90) days after receipt of the
transcript of the public meeting or hearing, the board shall in
its discretion approve, conditionally approve or disapprove the
application, but it shall not approve the application until it
has ascertained to its satisfaction:
(i) The proposed public trust company is only being
formed for legitimate objects contemplated by the laws of the
state;
(ii) The proposed capital and surplus are not less
than the required minimum established in W.S. 13-5-511 and are
adequate in light of current and prospective conditions;
(iii) The proposed officers and directors or managers
have sufficient experience, ability and professional reputation
to afford reasonable promise of successful operation;
(iv) The name of the proposed public trust company
does not resemble so closely as to cause confusion the name of
any other financial institution transacting business in the
state; and
(v) The applicants have complied with all applicable
provisions of law.
(b) The board shall take action upon the application by
stating its findings of fact and conclusions of law. If the
board approves the application, the commissioner shall endorse
upon the organizational instrument the approval and shall file
one (1) copy with the secretary of state, retain one (1) copy in
his files and return one (1) copy to the applicants within
twenty (20) days after the date of the decision of the board
approving the application. If the board conditionally approves
an application by requiring increased capital or surplus,
retention of additional qualified officers or directors or
change of name to avoid confusion, and upon compliance by the
applicant, the commissioner shall proceed as provided in the
preceding sentence. If the board disapproves the application,
the commissioner shall mail notice of the disapproval to the
applicants within twenty (20) days after the board's negative
action.
(c) The board may waive the public meeting or hearing
required under W.S. 13-5-502(b) if the application is for an
interim public trust company charter to be used as a vehicle for
merger with an existing public trust company that is currently
serving the public need and convenience of the community,
operating profitably, adequately capitalized, has officers and
directors or managers of proven ability and is to be chartered
solely for the purpose of facilitating the merger and the change
in ownership of the existing public trust company. The
application fee for an interim public trust company charter for
which a public meeting or hearing is waived shall be established
by rule and regulation of the commissioner. The fee shall be
deposited by the commissioner with the state treasurer and
credited to the financial institutions administration account.