C.R.S. Section 11-109-201
Powers of trust companies

(1)

A trust company shall be incorporated under and subject to the general corporation laws of this state not inconsistent with this article. The business activities of a trust company in this state shall be limited to the exercise of the power to:

(a)

Act or be appointed by a court to act in like manner as an individual, an executor, a personal representative, a trustee, an administrator, a guardian, a conservator, an assignee, a custodian, a receiver, or a depository or in any other fiduciary capacity for any purposes permitted by law;

(b)

Act as a transfer agent, a registrar, an escrow agent, or an attorney-in-fact and to receive, manage, and apply sinking funds;

(c)

Maintain and rent safe deposit and safekeeping facilities;

(d)

Receive and maintain savings deposits, time deposits, and certificates of deposit, and to pay interest thereon at the rates permitted state banks under section 11-105-102 (3), subject to the restrictions of section 11-109-204;

(e)

Exercise the same investment powers as an individual fiduciary under like circumstances;

(f)

Accept and execute any fiduciary business permitted by the laws of this state or any other state and the United States and to establish common trust funds as provided by article 24 of this title;

(g)

Take oaths and execute affidavits by the oath or affidavit of the president, vice-presidents, secretary, assistant secretary, manager, trust officer, or assistant trust officer;

(h)

Act as an investment adviser under any applicable law;

(i)

Do and perform any other acts necessary or proper to exercise the powers enumerated in this section.

(2)

Except for those powers specifically authorized in subsection (1) of this section and section 11-109-907, a trust company shall not have the power to conduct a banking business, receive and maintain transaction deposit accounts, nor use the word “bank” in its name.

(3)

As authorized pursuant to section 10-2-601 (2), C.R.S., a trust company may, pursuant to federal law or under such rules as may be adopted by the banking board or the commissioner of insurance pursuant to section 10-2-601, C.R.S., act as the agent for any insurance company authorized to do business in this state by soliciting and selling insurance and collecting premiums on policies issued by such company. For such services, a trust company may receive such fees or commissions as may be agreed between the trust company and the insurance company.

Source: Section 11-109-201 — Powers of trust companies, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑109‑101
Definitions 11‑109‑102
Use of words “trust” or “trust company” 11‑109‑103
Applicability of powers of banking board and bank commissioner to trust companies 11‑109‑104
Powers - banking board - commissioner 11‑109‑105
No private right of action 11‑109‑201
Powers of trust companies 11‑109‑202
Offices of trust companies 11‑109‑203
Activities not requiring a charter 11‑109‑204
Federal deposit insurance required 11‑109‑205
Transactions with affiliates 11‑109‑206
Trust company organized as a limited liability company 11‑109‑301
Incorporators 11‑109‑302
Application fee 11‑109‑303
Assessments 11‑109‑304
Capital 11‑109‑305
Application for charter 11‑109‑306
Procedure for granting or denying charter 11‑109‑401
Acquisition of majority control over an existing trust company - definitions 11‑109‑402
Reports to the banking board and to the commissioner 11‑109‑501
Directors’ meetings - duties 11‑109‑502
Director and officer insurance and fidelity bonds - legislative declaration 11‑109‑601
Penalty for noncompliance with the law 11‑109‑602
Assessment of civil money penalties by banking board 11‑109‑603
No indemnification or insurance against civil money penalties 11‑109‑604
Removal of director, officer, or other person 11‑109‑605
Suspension of director, officer, or other person 11‑109‑606
Informal enforcement authority 11‑109‑607
Receipt of deposits while insolvent 11‑109‑701
Discontinuance of trust business - voluntary liquidation and dissolution 11‑109‑702
Involuntary liquidation 11‑109‑703
Emergency grant of new charter 11‑109‑704
Liquidation by commissioner - procedure 11‑109‑801
Appeals procedure 11‑109‑802
Injunctions - appeals 11‑109‑901
Reserves against deposits 11‑109‑902
Investments 11‑109‑903
Substitution of trust companies 11‑109‑904
Laws governing individuals apply 11‑109‑905
Separation of fiduciary funds 11‑109‑906
Funds awaiting investment or distribution 11‑109‑907
Extensions of credit
Green check means up to date. Up to date

Current through Fall 2024

§ 11-109-201’s source at colorado​.gov