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Marshall Islands Consolidated Legislation |
50 MIRC Ch 2
MARSHALL ISLANDS REVISED CODE 2004
TITLE 50. TRUSTS
CHAPTER 2.
TRUST COMPANIES
ARRANGEMENT OF SECTIONS
Section
PART I –
PRELIMINARY
§201. Short title.
§202.
Interpretation.
§203. Use of the words 'trust, 'trustee', 'trust
company', 'fiduciary', 'treuhand.
§204.
Commissioner.
PART II-TRUST COMPANY
LICENSES
§205. Requirement of a
license.
§206. Application for license.
§207.
Grant or refusal of license.
§208. Trust company
license.
§209. License fee.
§210. Approval of the
Commissioner for any change.
§211. Suspension, revocation or
variation of license.
§212. Power to give
directions.
§213. Cessation of business.
§214.
Transacting trust business without a license.
§215.
Penalty.
§216. Exemption from trustee licensing
requirement.
§217. Existing businesses.
PART III -
CAPITAL REQUIREMENTS AND TRANSFERABILITY OF SHARES
§218.
Capital requirements.
§219. Transferability of
shares.
PART IV - FINANCIAL STATEMENTS, AUDIT, INFORMATION AND
INSPECTION
§220. Financial
statements.
§221. Auditors.
§222. Forwarding of
financial statement to the Commissioner.
§223. Extension of
time.
§224. Information and inspection.
PART V -
DIRECTORS AND OFFICERS
§225.
Directors.
§226. Change of directors and
officers.
§227. Officers.
PART VI -
GENERAL
§228. Insurance.
§229. Changes in
corporate structure.
§230. Secrecy.
§231.
Immunity.
§232. Regulations.
§233. Liability of
directors.
§234. Failure to comply with the provisions of this
Chapter.
§235. Willfully making false
entries.
§236. Declaration by the
Commissioner.
§237. Trust company disclosure of
fees.
PART VII- PENALTIES AND EXCEPTIONS
§238.
Offenses relating to this Chapter.
§239. Exceptions.
------------------------------------
An Act to govern the establishment, operation and licensing of trust
companies in the Republic of the Marshall Islands.
Commencement: 10 October 1994
Source: P.L. 1994-110
PART I – PRELIMINARY
§201. Short title.
This Chapter may be cited as the
'Trust Companies Act 1994'. [P.L 1994-110, §
1.]
§202. Interpretation.
In this
Chapter:
(a) 'Commissioner' means the Commissioner of Trust Companies appointed under the provisions of this Chapter;
(b) 'corporation' means a corporation incorporated or registered under the provisions of the Associations Law of 1990, and regulations made thereunder;
(c) 'foreign trust company' means a trust company established or incorporated outside the Republic;
(d) 'license' means a license issued to conduct trust business in the Republic;
(e) 'licensed trust company' means a trust company licensed under the provisions of this Chapter;
(f) 'nonresident' means an individual, corporation, or other juridical person;
(g) 'person' means an individual, company, corporation, partnership or any body incorporate or unincorporate and includes every director, manager, agent or secretary of such person;
(h) 'place of business' means any branch or office of a licensed trust company in the Republic including a mobile office;
(i) 'qualified auditor' means a Certified Public Accountant, or firm of Accountants being a member of an institute approved or recognized by law possessing a certificate to practice as an Accountant issued by the council of such institute;
(j) 'resident' means:
(i) a citizen of the Republic residing in the Marshall Islands, or an individual domiciled therein;
(ii) a corporation incorporated in the Republic, a body corporate established under any written law of the Republic, or any firm, partnership or other organization formed in the Republic;
(iii) a branch, subsidiary, affiliate, extension, office, or any other unit of a corporation or other juridical person established under the laws of any foreign country, operating in the Republic;
(k) 'trust company' means a trust company established or incorporated in the Republic;
(l) 'trust business' means the business of acting for the benefit of another in a fiduciary capacity whether as trustee, executor, administrator or any similar capacity. [P.L. 1994-110, §2.][paragraphs numbered to conform to the format of the Code (Rev.2003)]
§203. Use of the
words 'trust', 'trustee', 'trust company', 'fiduciary',
'treuhand'.
(1) No corporation other than a licensed trust company
shall use as part of its name or its description any of the words 'trust',
'trustee', 'trust company', 'fiduciary', 'treuhand', or any of the
derivatives or their equivalent in another language, and no licensed trust
company shall carry on the business of trusts
in the Republic unless it uses as
part of its name at least one of such words.
(2) No person, firm,
individual or group of individuals shall for the purpose of carrying on any
business, use as part of its or
his name or description any of the words
'trust', 'trustee', 'trust company', 'fiduciary', 'treuhand', or any of
the derivatives or their equivalent in another language.[P.L. 1994-110,
§3.]
§204. Commissioner.
(1) The
Commissioner of Banking, appointed by the President with the concurrence of the
Cabinet, shall also serve as Commissioner
of Trust Companies and be in charge of
the administration, the enforcement of the provisions of this Chapter and the
regulations
made thereunder.
(2) The registrar of non-resident domestic
corporations shall also administer the registrar of trust companies. [P.L.
1994-110, §4.]
PART II - TRUST COMPANY LICENSES
§205. Requirement of a license.
No trust business
shall be transacted in the Republic except by a corporation which is in
possession of a valid license issued by
the Commissioner of Trust Companies,
with the approval of the Cabinet, authorizing the transaction of trust business
in or from within
the Republic. [P.L. 1994-110,
§5]
§206. Application for license.
An
application for the grant of a license shall be made in writing to the
Commissioner and shall in addition to the information that
may be required under
the regulations, contain the following particulars:
(1) domestic trust company. In the case of an application for a license by a domestic trust company:
(a) the name and the address of the registered office of the corporation and the principal office of business in the Republic;
(b) two certified copies of the articles of incorporation and the by-laws of the corporation;
(c) the amounts of authorized capital and paid-up capital, and the number and class of shares held by the shareholders or subscribers;
(d) the full names, addresses, nationalities and occupations of the shareholders or subscribers holding more than ten percent (10%) of the issued capital;
(e) details (as are required by the Commissioner) of shareholders holding more than ten percent (10%) of the issued stock, directors and the principal officer;
(f) the full name, address, nationality, occupation and financial standing of each director, and including any trust administration experience;
(g) a balance sheet audited by an independent qualified auditor showing that the capital has been provided pursuant to Parts III and IV of this Chapter as applicable;
(h) the name, address and the professional qualification of the auditor;
(i) the date the financial year ends;
(j) the full names, addresses, nationalities and trust administration experience of the principal officer and his deputy;
(k) the name of each subsidiary corporation of the applicant, address of its registered office and principal place of business, and the type of business engaged in;
(l) the specific type of trust business to be conducted by the trust company, and the place in which the trust company intends to do business;
(m) a letter or document from an approved body under Section 2281 of this Chapter, indicating the current insurance covering assets held;
(n) an initial non-refundable application fee of $_______2
(o) such other particulars or information as may be required under this Chapter or regulations made thereunder:
1 &
2 [Ed: Footnotes not included in Code but see Footnotes 3, 4
and 5]
(2) foreign trust company. In the case of an application for a license by a foreign trust company:
(a) particulars required in Paragraphs (a), (b), (c), (q), (j), (l), (m), (o) and (p) of Subsection (1) of this Section;
(b) the full names, addresses, occupations and nationalities of shareholders each owning more than thirty percent (30%) of the issued stock of the trust company, certified by the trust company’s secretary;
(c) a list of the names of directors and chief executive officer certified by the secretary;
(d) the full names and trust company experience of the manager of the branch in the Republic, and his deputy;
(e) the latest annual report and audited financial statements of the trust company, which financial statements shall provide two (2) year’s figures and show that the trust company’s capital complies with the requirements of either Section 218 or 221 of this Chapter as applicable;
(f) a copy of the certificate of corporate registration in the Republic;
(g) evidence of insurance by an approved body under Section 228 of this Chapter, relating to assets held in the Republic; however, the Commissioner may, with the approval of the Cabinet, waive the requirement of such insurance, in the case of any trust company of international repute, if there is no such requirement under the law of the country where such trust company is incorporated. [P.L 1994-110, §6.][paragraphs under subsection (1) re-numbered to conform to sequence (Rev.2003)]
§207. Grant or refusal
of license.
On receipt of the application, the Commissioner, with the
approval of the Cabinet, shall grant, or without assigning any reason therefor,
refuse to grant a license. [P.L 1994-110, §7.]
§208.
Trust company license.
(1) In granting a license to a trust company
(which license shall be in writing) the Commissioner, with the approval of the
cabinet
may specify any terms and conditions which shall be complied with by the
trust company.
(2) No person may be granted a license in a name which,
in the opinion of the Commissioner, is likely to mislead or confuse the persons
for which it is intended to provide any or all of its services
(3) No
license shall be issued or renewed except upon the payment of the license fee
referred to in Section 209 of this Chapter.
(4) A licensed trust
company shall not engage in any trust business other than the business specified
in the license.
(5) The initial license granted shall be valid from the
date of issue to the end of December of the same year and the license shall
thereafter be issued for a period of twelve (12) months beginning the first day
of January of each succeeding year.
(6) The application for renewal
shall be made prior to the expiration of the current license along with the
license fee and providing
such information as may be required by the
Commissioner under this Chapter or the regulations made thereunder.
(7)
A copy of the license granted to the trust company under this Chapter shall be
kept displayed conspicuously in all places of business
of the trust company in
the Republic. [P.L. 1994-110, §8.]
§209. License
fee.
Every trust company shall pay to the Registrar of Trusts an
annual license fee in the amount of US$_____3 [P.L.
1994-110, §9.]
3 [Amount not stated in original
Act]
§210. Approval of the Commissioner for any
change.
The prior approval in writing of the Commissioner shall be
required:
(a) for a change of location of any existing place of business within the Republic;
(b) for a licensed domestic trust company to open a branch, agency, or office in any place outside of the Republic;
(c) for trust company to open a representative office or such type of office of business in the Republic;
(d) for a licensed domestic trust company to acquire the business of another trust company or of any branch of another trust company;
(e) for a person, group of persons, partnership, company or corporation to acquire a substantial interest in a licensed trust company incorporated in the Republic by or under any written law. [P.L. 1994-110, § 10.]
§211. Suspension, revocation or variation of
license.
(1) In the case of a licensed trust company:
(a) which has failed to commence operations within six (6) months following the granting of the license;
(b) where the Commissioner is satisfied that the licensed trust company has failed to comply with any of the terms and conditions of its license issued under Section 208 of this Chapter;
(c) where the trust company has failed to pay its debts generally as they become due;
(d) where any custodian or receiver has been appointed under any bankruptcy or similar laws for the relief of or relating to deposits;
(e) where a licensed trust company has ceased to do trust business;
(f) which violates any of the provisions of this Chapter or the regulations made thereunder;
(g) which fails to comply with any direction issued by the Commissioner as specified under this Chapter or the regulations made thereunder;
(h) which fails to pay the license fee when due;
(i) that knowingly gives any information to the Commissioner which is untrue or misleading;
(j) which fails to comply with the corporate law of the Republic;
(k) which is, in the opinion of the Commissioner, carrying on business in or from within the Republic in a manner detrimental to the public interest or to the interest of the settlers, beneficiaries, protectors, trustees, and other clients of the trust company; or
(l) which is a branch of a financial or trust institution incorporated outside the Republic whose license to carry on business in that country has been suspended or withdrawn by the appropriate authority outside the Republic, the Commissioner may, with the approval of the Cabinet, by notice given in writing, suspend the license and require the trust company to show cause why the license fee should not be revoked or varied.
(2) A licensed trust
company may, within sixty (60) days after receipt of notice of suspension of the
license under Subsection (1)
above, submit to the Commissioner reasons why the
license should not be revoked or varied.
(3) The Commissioner shall,
with the approval of the Cabinet, within thirty (30) days from the receipt of
the reasons referred to
in Subsection (2) above:
(a) either revoke or vary the license; or
(b) withdraw the suspension unconditionally. [P.L. 1994-110, §11.]
§212. Power to give
directions.
(1) Where the Commissioner has given notice of
suspension under Section 211 of this Chapter, he may give directions to the
trust
company:
(a) prohibiting it from dealing with or disposing of its assets in any manner specified in the direction;
(b) prohibiting it from entering into any transaction or class of transaction so specified;
(c) prohibiting it from soliciting the administration of trusts; or
(d) requiring it to take certain steps or pursue a particular course of action.
(2) Where a licensed trust company has failed to
comply with the directions issued under Subsection (1) of this Section, the
Commissioner
may make an application in court directing such trust company to
forthwith cease business in or within the Republic and may upon
such order take
charge, or authorize an officer in writing to take charge on his behalf, of all
its books, records and all other
material.
(3) In the case where the
Commissioner withdraws the suspensions unconditionally, under Section 211 of
this Chapter, he shall deliver
or direct the officer authorized to deliver to
such trust company forthwith, the books, records, and all other material taken
into
his custody.
(4) Notwithstanding anything contrary to any other
law, no action or proceeding may be instituted in any court against the
Commissioner,
an authorized officer, or the Government of the Marshall Islands,
with respect to any loss or damage incurred, likely to be incurred,
or alleged
to be incurred by reason of any action done in good faith under Section 211 and
2 12(1), (2) or (3) of this Chapter. [P.L. 1994-110,
§12]
§213. Cessation of business.
(1) Where
a license has been revoked under Section 21l(3)(a) of this Chapter, the
Commissioner shall direct the trust company forthwith
to cease business in and
from within the Republic, and he or an officer authorized by him in writing, may
take charge of all of its
books, records and other material and take such
measures as may be necessary to prevent the continuance of the business of such
trust
company under the supervision of the Commissioner or an authorized officer
within a period of three (3) months.
(2) Where revocation has been made
with respect to a foreign trust company the Commissioner shall forthwith inform
the parent office
of the trust company to honor the obligations and liabilities
incurred in the conduct of the business of the branch office in the
Republic.
[P.L. 1994-110, §13.]
§214. Transacting trust
business without a license.
If the Commissioner has reasonable ground
to believe that any person is transacting trust business without a license he
may examine,
or authorize an officer in writing to examine, the books, accounts
and records of such person for the purpose of ascertaining whether
such person
has contravened or is contravening any of the provisions of this Chapter. Any
refusal by such person to submit such books,
accounts or records to the
Commissioner or authorized officer shall be prima facie evidence that such
person is transacting trust
business without a license.[P.L. 1994-110, §
14.]
§215. Penalty.
(1) If any person referred to
in Section 214 of this Chapter is transacting trust business without a license
he shall be guilty of
an offense and shall upon conviction be liable to a fine
not exceeding $____4
4 [No amount
inserted in original Act]
(2) Any applicant who knowingly or
recklessly furnishes any information which is false or misleading in a material
particular in
connection with an application under this Chapter, shall be guilty
of an offense and shall upon conviction be liable to a fine not
exceeding $___
5 or to a term of imprisonment not exceeding six (6) months,
or both. [P.L. 1994-110, §15.]
5 [No amount inserted in
original Act]
§216. Exemption from trustee licensing
requirement.
A person who is licensed under this Chapter is not
required to be licensed under the Regulation of Professions and Occupations Act
(as Amended) to conduct trust business. [P.L 1994-110,
§16.]
§217. Existing businesses.
A person who
at the commencement of this Chapter is carrying on trust business has a period
of 3 months to comply with the provisions
of this Chapter. [P.L. 1994-110,
§17.]
PART III - CAPITAL REQUIREMENTS
AND
TRANSFERABILITY OF SHARES
§218. Capital requirements.
(1) Every trust company
licensed to do local trust business shall at all times maintain unimpaired
issued capital stock in an amount
not less than ____dollars
($____)6, originally paid up in cash; provided, however, that
the Commissioner shall, with the approval of the Cabinet, set forth the required
minimum amount of capital from time to time.
(2) A licensed trust
company shall not reduce its paid-up capital without the prior written approval
of the Commissioner.
(3) Where the capital of a licensed trust company
has become deficient in terms of the provisions of the preceding Subsections,
the
Commissioner may grant a reasonable period of time for making good such
deficiency. [P.L. 1994-110, §18.]
6 [No
amount inserted in original Act]
§219. Transferability of
shares.
No shares or other interests, whether legal or equitable, in
a trust company shall be issued, transferred or otherwise disposed of
without
the prior written approval of the Commissioner, except that the Commissioner may
exempt any trust company from the provisions
of this section, subject to the
terms and conditions as the Commissioner considers necessary. [P.L. 1994-110,
§19.]
PART IV - FINANCIAL STATEMENTS, AUDIT, INFORMATION AND INSPECTION
§220. Financial statements.
At the expiration of each
financial year every licensed trust company incorporated in the Republic, with
respect to all business transacted
by it, shall prepare, with reference to that
year, a balance sheet as of the last working day of each financial year and a
profit
and loss account with respect to that year. [P.L. 1994-110,
§20.]
§221. Auditors.
(1) Every licensed
trust company shall appoint annually an independent financial auditor, whose
duties shall be to audit financial
statements of the trust company.
(2)
The audit of the financial statements shall be completed within three (3) months
of the end of the financial year, and the auditor
shall state that his
examination was made in accordance with generally accepted auditing standards
and in his opinion the financial
statements present fairly the financial
position of the trust company at the date of the audit in conformity with the
generally accepted
accounting principles.
(3) If a licensed trust
company fails to appoint an auditor as required, the Commissioner shall have the
power to appoint the auditor.
(4) The remuneration of the auditor,
whether appointed by the licensed trust company or by the Commissioner, shall be
paid by the
licensed trust company and, in the case of an auditor appointed by
the Commissioner in terms of Subsection (3) of this Section, it
shall be
determined by the Commissioner.
(5) No person who is a director,
officer, employee or agent of such licensed trust company shall be eligible for
appointment as auditor
for the trust company. Any person appointed as auditor
who may, after such appointment, become a director, officer, employee, or
agent
of such licensed trust company, shall forthwith cease to be such auditor.
[P.L. 1994-110, §21.]
§222. Forwarding of financial
statement to the Commissioner.
Every licensed trust company shall
transmit to the Commissioner within four months after the close of the financial
year its audited
financial statements. The Commissioner shall be provided with
information he may reasonably require concerning a trust company’s
financial statements. [P.L. 1994-110, § 22.]
§223.
Extension of time.
Where a licensed trust company has, in
circumstances beyond its control, failed to comply with the provisions of
Section 220 and 221
of this Chapter the Commissioner may, on an application made
by such licensed trust company, in his sole discretion, grant a reasonable
period of time for compliance with the provisions of the Sections herein
mentioned. [P.L. 1994-110, §23.]
§224. Information
and inspection.
(1) The commissioner may, from time to time, cause
an examination to be made by any of his duly authorized officers, of each
licensed
trust company or any of its affiliates in the Republic, where in his
judgment such examination is reasonably necessary or expedient
in order to
determine that such licensed trust company is in a sound financial condition and
that the requirements of law have been
complied with in the conduct of its
business.
(2) Each licensed trust company referred to in Subsection (1)
of this Section shall provide for the inspection by an officer appointed
by the
Commissioner, at such time as the officer specifies, all books, minutes,
accounts, cash, securities, documents and vouchers
relating to its business and
shall supply all information concerning its business as requested by such
officer.
(3) If any books, minutes. accounts, cash. securities,
documents, and vouchers are not produced or information is not supplied, or
if
any item produced is false in any material particular, the defaulting trust
company or affiliate or both, shall be guilty of an
offense and shall upon
conviction be liable to a fine not exceeding $ ____7 [P.L.
1994-110. §24.]
7 [Amount not in original
Act]
PART V - DIRECTORS AND OFFICERS
§225. Directors.
(1) No person shall be appointed or
elected as a director of a licensed domestic trust company if:
(a) he is a member of the Nitijela;
(b) he has been bankrupt, has suspended payment, or has compounded with his creditors; or
(c) he has been convicted of any offense involving dishonesty or fraud.
(2) A director of a licensed trust company shall
cease to be a director if:
(a) he becomes subject to any disqualifications mentioned in Subsection (1) of this Section;
(b) he becomes permanently incapable of performing his duties, or
(c) he has been convicted of any act or thing which is of a fraudulent or illegal character, or which is manifestly opposed to the objectives and interests of the licensed trust company. [P.L. 1994-110. §25.]
§226. Change of directors and
officers.
Except with the prior approval of the Commissioner no
domestic trust company shall change its directors or principal officers. An
application for such change shall be made in writing along with the information
required in Section 206(1)(e) and (k) of this Chapter.
[P.L. 1994-110,
§26].
§ 227. Officers.
(1) Notwithstanding
anything contained in any other written law, a person shall be disqualified for
employment or appointment as
the manager or other official in a licensed trust
company, and such manager or other official shall cease to be so employed
if:
(a) he becomes bankrupt, suspends payment, or compounds with his creditors; or
(b) if he is convicted of any offense involving dishonesty or fraud.
(2) No person who has been a director or a chief
executive officer of a trust company which has been wound up by the Court shall,
without the express authority of the Commissioner, act or continue to act as a
director or the chief executive officer of a licensed
domestic trust company.
[P.L. 1994-110, §27.]
PART VI- GENERAL
§228. Insurance.
(1) The Commissioner may require a
licensee to effect a policy of insurance with a reputable insurance company
against:
(a) losses arising out of claims of negligence or breach of duty by the licensee or any employee;
(b) the dishonesty of employees or of the licensee;
(c) loss of documents;
(d) such other risk as the Commissioner may from time to time stipulate;
in such amount and of such a nature as the
Commissioner may determine to be fit and proper, having due regard to the nature
and the
type of business carried on by the licensee.
(2) In the event
that the insurance is withdrawn, canceled or not renewed, the licensee shall
immediately notify the Commissioner
and shall cease to carry on its business
until the insurance has been reinstated or replaced. [P.L. 1994-110,
§28.]
§229. Changes in corporate
structure.
(1) Within two (2) months of a trust company making
changes in its articles of incorporation or by-laws, such changes shall be
furnished
to the Commissioner in the form of a copy of the resolution
authorizing the change, certified by a director and secretary of the
trust
company.
(2) In the case where any licensed domestic trust company
intends to change its name or the authorized capital, such trust company
shall
obtain the prior approval of the Commissioner for such change. [P.L.
1994-110, §29.]
§230. Secrecy.
(1) Except
in the performance of his duties under this Chapter, every officer and employee
of every licensed trust company shall
preserve and aid in preserving secrecy
with regard to all matters relating to the affairs of the trust company and of
any clients
of such trust company that may come to his knowledge in the
performance of his duties, and he shall, before entering upon his duties,
sign a
declaration pledging himself to observe strict secrecy with respect to such
matters and not to reveal such matters except
when required to do so:
(a) by a settlor, beneficiary, protector or other trustee to whom such matters relate or by his personal representative;
(b) by a Court of law in the Republic;
(c) in circumstances where in the interest of such trust company it is necessary to reveal such matters; or
(d) in order to comply with the provisions of this Chapter and the provisions of any other written law.
(2) Except in the performance of
his duties under this Chapter the Commissioner, and every officer or employee
working under the
Commissioner, shall preserve and aid in preserving secrecy
with regard to all matters relating to the affairs of any licensed trust
company, or of any of its clients that may come to his knowledge in the course
of his business.
(3) Every person who contravenes the provisions of
Subsection (1) or (2) above shall be guilty of an offense and shall upon
conviction
be liable to a fine not exceeding $_____8. [P.L.
1994-110, §30.]
8[No amounts inserted in
original Act]
§ 231. Immunity.
Neither the Cabinet
nor the Commissioner nor any of the officers or employees working under the
Commissioner shall be subject to any
action, claim or demand by or liability to
any person with respect to anything done or omitted to be done in good faith in
pursuance
of, conferred upon the Cabinet or the Commissioner, or an officer or
employee under the Commissioner by this Chapter. [P.L. 1994-110,
§31.]
§232. Regulations.
Notwithstanding the
provisions of the Administrative Procedure Act 1979, the Commissioner may, with
the approval of the Cabinet, make
regulations with respect to any matter
affecting, or connect with, or incidental to, the proper carrying out of the
provisions of
this Chapter; provided, however, the Commissioner shall, before
the regulations are made, give adequate opportunity to the licensed
trust
companies to make representations on the intended regulations. [P.L.
1994-110. §32]
§233. Liability of
directors.
Where the person convicted of an offense under this
Chapter is a body corporate, every person who at the time of the commission of
the offense was a director or an officer of the body corporate shall be deemed
to be guilty of that offense unless he proves that
the offense was committed
without his knowledge, or that he exercised all due diligence to avoid the
commission of such offense.
[P.L. 1994-110,
§33.]
§234. Failure to comply with the provisions of
this Chapter.
Any person who, being a director or manager of a
licensed trust company who:
(a) fails to take reasonable steps to secure compliance by the trust company with the requirements of this Chapter; or
(b) fails to take all reasonable steps to ensure the correctness of any statement submitted under the provisions of this Chapter, shall be guilty of an offense. [P.L. 1994-110, §34.]
§235.
Willfully making false entries.
Any director, manager, trustee,
auditor, employee or agent of any licensed trust company who:
(a) willfully makes or causes to be made a false entry in any book or record or in any report, slip, document, or statement of the business, affairs, transactions, conditions, assets or liabilities or accounts of such trust company;
(b) willfully omits to make an entry in any book or record or in any report, slip. document or statement of the business, affairs, transactions, condition, assets or liabilities or accounts of such trust company or willfully causes any such entry to be omitted; or
(c) willfully alters, abstracts, conceals or destroys an entry in any book or record or in any report, slip, document or statement of the business, affairs, transactions, condition, assets or liabilities or accounts of such trust company or willfully causes such entry to be altered, abstracted, concealed or destroyed,
shall be guilty of an offense and shall upon
conviction be liable to a fine not exceeding $8 or a term of
imprisonment not exceeding one year, or both. [P.L. 1994-110,
§35.]
§236. Declaration by the
Commissioner.
Notwithstanding anything to the contrary in any other
Section of this Chapter, the Commissioner may, by order, from time to
time:
(a) declare any person to be a trust company for the purpose of this Chapter, in which case the relevant provisions of this Chapter shall apply to such person; or
(b) make a declaration as under Paragraph (a) of this Section with respect to any agency of a licensed trust company for the purposes of this Chapter. [P.L. 1994-110, §36.]
§237. Trust company
disclosure of fees.
Each trust company holding a domestic license
shall maintain a list of fees and charges for services provided, such list to be
available
for inspection by settlers, beneficiaries, protectors and trustees
upon request. [P.L. 1994-110, §37.]
PART VII - PENALTIES AND EXCEPTIONS
§238. Offenses relating to this Chapter.
(1) Every
person who contravenes or fails to comply with any of the provisions of this
Chapter or any rule, regulation, order, direction
or requirement made or given
under this Chapter shall be guilty of an offense and shall upon conviction be
liable to a fine not exceeding
$____.9
9 [Amount not in original
Act]
(2) Every person who is guilty of an offense for which no
punishment is prescribed in the preceding provisions, shall upon conviction
be
liable to a fine not exceeding
$____.10
10 [Amount not in
original Act]
(3) Any person who attempts to commit, or does any act
preparatory to the commission of any offense under this Chapter, shall be
deemed
to be guilty of such offense. [P.L. 1994-110,
§38.]
§239. Exceptions.
The provisions of
the Business Licenses Act 1983 shall not apply to trust companies licensed under
this Chapter. [P.L. 1994-110, §39.]
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