§ 13-5-606 — Procedures upon filing of organizational instruments, application and other information; application fee; approval or disapproval of application; criteria for approval; action upon application

Wyoming § 13-5-606

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 5: TRUST COMPANIES
• Art. 6: FAMILY TRUST COMPANIES

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(a) An applicant for a chartered family trust company
charter must file an application with the commissioner on forms
prescribed by the commissioner. The application must contain or
be accompanied by such information as required pursuant to rules
and regulations of the commissioner.
(b) The application filed with the commissioner shall be
accompanied by a fee established by rule and regulation of the
commissioner to cover the expense of the investigation by the
commissioner. If an application to become a chartered family
trust company is withdrawn by the applicant at any time prior to
the granting of the charter, the statutory application filing
fee, less the amount of any expense authorized above and
actually incurred, shall be refunded to the applicant.
(c) The failure of the applicant to furnish required
information, data, other material or the required fee within
thirty (30) days after a written request from the commissioner
may be considered a withdrawal of the application.
(d) Within sixty (60) days after receipt of a completed
application, the commissioner shall, in his discretion, approve,
conditionally approve or disapprove the application. Prior to
taking action on an application, the commissioner shall
determine that:
(i) The chartered family trust company is being
formed for no other purpose than contemplated by the laws of
this state;
(ii) The proposed capital and surplus are not less
than the required minimum amount in W.S. 13-5-605 and are
adequate in light of current and prospective conditions as
determined by the commissioner;
(iii) The applicants, proposed officers and directors
or managers have sufficient character, reputation, experience,
ability and financial standing to afford reasonable promise of
successful operation;
(iv) The name of the proposed chartered family trust
company does not resemble the name of any other chartered family
trust company or financial institution transacting business in
the state so closely as to cause confusion;
(v) The applicants have complied with all applicable
provisions of law and such other facts and circumstances bearing
on the proposed family trust company as the commissioner may
reasonably deem relevant.
(e) The commissioner shall take action upon the
application by stating findings of fact and conclusions of law.
(f) Upon approval of an application, the commissioner
shall endorse upon the organizational instrument his approval
and shall file one (1) copy of the application with the
secretary of state, retain one (1) copy in his files and return
one (1) copy to the applicant within twenty (20) days after the
date of the decision of the commissioner approving the
application. If the commissioner conditionally approves an
application and the applicant complies with the conditions
imposed by the commissioner, the commissioner shall approve the
application and proceed in accordance with this section.
(g) Notice of the entry of an order refusing a charter or
imposing conditions upon approval of the charter to a family
trust company must be given in writing, served personally or
sent by certified mail, return receipt requested, to the
applicant. If the commissioner disapproves or imposes
conditions upon the application, the commissioner shall mail
notice of the action to the applicants within twenty (20) days
after the commissioner's negative action. The company, upon
appeal, is entitled to a hearing before the board pursuant to
the Wyoming Administrative Procedure Act. If no such appeal is
made within thirty (30) days after the entry of an order
refusing a charter or imposing conditions upon the charter to
any applicant, the commissioner shall enter a final order.