§ 13-5-508 — Certificate of authority to commence business required; application; approval or denial; failure to commence business

If the application is approved and a charter granted by the
board, the public trust company shall not commence business
before receiving a certificate of authority to operate from the
commissioner. An application for a certificate of authority
shall be made to the commissioner and shall certify that all
required capital and surplus have been paid in. The application
shall list the address at which the public trust company will
operate and shall attach the organizational instrument or all
adopted bylaws. The application shall state who the officers,
directors and stockholders or the members and managers are at
that time. The commissioner shall approve or deny an application
for a certificate of authority within thirty (30) days after the
application has been filed, but the authority of the
commissioner to disapprove any application is restricted solely
to noncompliance with this section. If the commissioner approves
the application, he shall issue a certificate of authority to
the organizers within twenty (20) days. If the commissioner
denies the application, he shall mail a notice of denial to the
organizers within twenty (20) days, stating the reasons for
denying the application, and grant to the organizers a maximum
period of ninety (90) days to resubmit the application with the
necessary corrections. If the applicant fails to comply with
requirements of the notice of denial within ninety (90) days
from the receipt of the notice, the approval of the application
and charter previously issued to the applying public trust
company shall be revoked by the commissioner. The failure of the
commissioner to act upon an application for a certificate of
authority within thirty (30) days shall be deemed an approval.
If the approved public trust company fails to commence business
in good faith within one (1) year after the issuance of a
certificate of authority by the commissioner or any required
federal approval, whichever is later, the charter and
certificate of authority shall expire.