§ 13-5-518 — Authority to manage public trust companies; qualifications

The affairs of a public trust company shall be managed by not
less than five (5) directors or managers. Shareholders or the
board of directors or members or the managers, if provided by
the organizational instrument, may adopt and amend bylaws for
the management of the public trust company. Each director and
manager shall take an oath that he will faithfully and
diligently perform the duties of his office and will not violate
or knowingly permit the violation of any of the laws of this
state relating to trust company business. Within thirty (30)
days after being elected or appointed each director and manager
of a public trust company shall sign the oath required by this
section on a form prescribed by the commissioner and it shall be
part of the record of any meeting and included in the public
trust company's minutes. Within thirty (30) days after initially
being elected or appointed each director and manager of a public
trust company shall file with the commissioner a sworn financial
statement on a form prescribed by the commissioner.