C.R.S. Section 11-109-501
Directors’ meetings

  • duties

(1)

The board of directors of a trust company shall meet at least quarterly. A special meeting of the board of directors may be called by the banking board. The board of directors shall maintain minutes of each meeting including the record of attendance. A director who fails to attend three consecutive meetings of the board of directors shall cease to be a director unless such absence is satisfactorily explained to the banking board.

(2)

The board of directors shall establish the policies and procedures necessary for the proper exercise of fiduciary powers by the trust company. In discharging this responsibility, the board of directors may assign, by action duly entered in the minutes, the administration of the trust company’s powers as the board of directors may consider proper to assign to any director, officer, employee, or committee as it may designate.

(3)

The board of directors of a trust company may declare dividends from retained earnings and from other components of capital specifically approved by the banking board so long as the declaration is made in compliance with the rules established by the banking board.

Source: Section 11-109-501 — Directors’ meetings - duties, 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

§ 11-109-501’s source at colorado​.gov