RSA 383-C:2-201 · Definitions

383-C:2-201 Definitions. –

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(a)

Each term defined under RSA 383-A shall have the same meaning for purposes of this chapter.

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(b)

For purposes of this chapter, the following definitions shall also apply:

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(1)

"Change of ownership of a trust company" means the acquisition through a single transaction or a series of related transactions of 10 percent or more of a trust company's equity. The acquirer or acquirers of trust company equity under a change of ownership of a trust company is or are referred to as a new owner or new owners.

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(2)

"Change of control of a trust company" means a single transaction or a series of related transactions that results in any of the following consequences: (i) a direct or indirect transfer of ownership of more than 50 percent of the issued and outstanding voting equity of a trust company; (ii) a combination to which any trust company is a party; (iii) the transfer by a trust company to any other person of all or substantially all of the assets held in trust or otherwise under management by the trust company; or (iv) conversion of a trust company to another entity form. The acquirer or acquirers of trust company equity or assets, the successor, or the survivor with respect to any change of control of a trust company is or are referred to as the acquirer or acquirers of control.

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(3)

"Foreign trust company" means an entity that is formed under the laws of a state or jurisdiction other than this state and is authorized to engage in trust business.

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(4)

"Qualified trust advisor" has the meaning specified in RSA 383-C:12-1201.

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(5)

"Required capital" means the total amount of capital that a trust company is required to maintain under RSA 383-C:5-502.

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(6)

"Trust business" shall include the business of doing any or all of the things specified in RSA 383-C:3-301(b) through RSA 383-C:3-301(q).

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(7)

"Trust office" means a place of business of a trust company at which trust business is conducted, but shall not include an office that provides only administrative services or support for its trust business. The commissioner may define by rule which administrative services or support for a trust business would qualify for exemption from this definition and the procedure for requesting such exemption. Source. 2015, 272:16, eff. Oct. 1, 2015. 2019, 169:11, eff. Sept. 8, 2019. ARTICLE 3 Trust Business

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