| (a) Relocation by notice. If the location that is the
home office of a trust company prior to a proposed relocation of the
home office is to remain an additional office of the trust company
after the relocation, the trust company may relocate its home office
by filing a written notice pursuant to Finance Code, §182.202(c).
The filed notice must contain all information required by subsection
(c) of this section, accompanied by the required filing fee pursuant
to §21.2 of this title (relating to Filing and Investigation
Fees), and notice of the submission must be published as required
by subsection (e) of this section. A trust company filing notice of
a home office relocation under this subsection may relocate its home
office on the 31st day after the required notice and fee have been
received by the banking commissioner, unless the banking commissioner
gives notice in writing, prior to the expiration of that time period,
that an earlier or later date is authorized or that additional information
and additional time for analysis is required. Upon issuance of a notice
requiring additional information and additional time for analysis,
the trust company may relocate its home office only on written approval
of the banking commissioner. Except as otherwise provided in this
section, the banking commissioner shall evaluate the notice under
the criteria of §21.42(e) of this title (relating to Establishment,
Relocation and Closing of an Additional Office).
(b) Relocation by application. If Finance Code, §182.202(c),
and subsection (a) of this section do not apply, a trust company desiring
to change its home office location must file an application with the
banking commissioner pursuant to Finance Code, §182.202(d), setting
forth all information required by subsection (d) of this section,
accompanied by the required filing fee pursuant to §21.2 of this
title, and notice of the submission must be published as required
by subsection (e) of this section. The banking commissioner shall
issue a written notice no later than 15 days after the date the initial
filing is received, as required by §21.4 of this title (relating
to Required Information and Abandoned Filings), informing the applicant
either that all filing fees have been paid and the application is
complete and accepted for filing, or that the application is deficient
and specific additional information is required. Except as otherwise
provided in this section, the banking commissioner shall evaluate
the application under the criteria of §21.42(e) of this title.
An applicant under this subsection may not relocate its home office
without the prior written approval of the banking commissioner.
(c) Contents of notice. The notice filed under subsection
(a) of this section must disclose:
(1) the name of the trust company requesting the home
office relocation;
(2) the street address of the trust company's home
office before the requested home office relocation;
(3) the street address of the trust company's proposed
home office;
(4) the desired effective date of the home office relocation
under subsection (a) of this section;
(5) a copy of the resolution adopted by the trust company's
board of directors authorizing the proposed home office relocation;
(6) the cost to be incurred in connection with the
relocation and a statement of the impact of such cost on the trust
company's ability to meet liquidity requirements;
(7) evidence that the trust company has considered
applicable federal law, if any;
(8) a description of any actual, proposed, or contemplated
financial involvement by an officer, director, manager, managing participant,
or principal shareholder or participant of the trust company with
respect to its home office relocation; and
(9) such other information as the banking commissioner
may require.
(d) Contents of application. The application submitted
under subsection (b) of this section must disclose:
(1) the name of the trust company requesting the home
office relocation;
(2) the street address of the trust company's home
office before the requested home office relocation;
(3) the street address of the trust company's proposed
home office;
(4) the desired effective date for the home office
relocation;
(5) a copy of the resolution adopted by the trust company's
board of directors authorizing the home office relocation;
(6) the cost to be incurred in connection with the
relocation and a statement of the impact of such cost on the trust
company's ability to meet liquidity requirements;
(7) a written statement signed by the principal executive
officer of the trust company or a majority of the trust company's
board of directors stating whether the home office relocation will
result in an abandonment of all or a part of the community served
by the trust company present home office location and, if so, an explanation
of how the abandonment is consistent with the original determination
of public convenience and advantage for the establishment of the trust
company at its existing home office location;
(8) a written statement signed by the principal executive
officer of the trust company or a majority of the trust company's
board of directors stating whether the home office relocation is anticipated
to result in a reduction of trust services presently offered by the
trust company at its present location within the 18-month period after
the proposed effective date of the relocation and, if so, an explanation
of the anticipated reduction in trust and fiduciary services and how
the diminution in services is consistent with the original determination
of public convenience and advantage for the establishment of the trust
company at its existing home office location;
(9) a description of any actual, proposed, or contemplated
financial involvement by an officer, director, manager, managing participant,
or principal shareholder or participant of the trust company with
respect to the home office relocation;
(10) evidence that the trust company has considered
applicable federal law, if any; and
(11) such other information as the banking commissioner
may require.
(e) Public notice and participation.
(1) Within 14 days of the initial submission of a notice
or application under subsection (a) or (b) of this section, the trust
company shall publish notice of the submission as required by §21.5
of this title (relating to Public Notice). Notice must be published
in the community where the current home office of the trust company
is located and in the community where the proposed home office will
be located, and must disclose the locations of the existing and proposed
home offices.
(2) For a period of 14 days after publication of notice
or such longer period as the banking commissioner may allow for good
cause shown, the public may submit written comments or protests. Persons
submitting comments are not entitled to further notice of or participation
in the proceedings. In the event of a properly filed protest, each
protesting party has the rights and responsibilities of a protesting
party to a notice of additional office under §21.42 of this title.
(f) Certificate of formation. An amendment to the certificate
of formation of the trust company is not required to effect a change
in the location of its home office under this section. However, if
the certificate of formation is subsequently restated for any reason,
the trust company must include the address of its then current home
office in the restated certificate of formation.
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| Source Note: The provisions of this §21.41 adopted to be effective July 2, 1998, 23 TexReg 6715; amended to be effective September 5, 2002, 27 TexReg 8203; amended to be effective November 7, 2013, 38 TexReg 7690 |
