7-5-4 - Withdrawal from trust business.
7-5-4. Withdrawal from trust business.
Any trust company which desires to withdraw from and discontinue doing a trust businessshall furnish to the commissioner satisfactory evidence of its release and discharge from all theobligations and trusts undertaken by it, and after the company has furnished that evidence thecommissioner shall revoke his certificate of authority to do a trust business previously issued tothat trust company, and thereafter that trust company may not be permitted to use and may notuse the word "trust" in its corporate name or in connection with its business, nor undertake theadministration of any trust business.
Amended by Chapter 378, 2010 General Session