9-1602. Revoking trust authority. (a) The commissioner may revoke trust authority for any bank or trust company upon finding a failure to adhere to sound fiduciary practices.
(b) If the commissioner revokes the trust authority of a bank, the bank shall have the right to a hearing to be conducted in accordance with the Kansas administrative procedure act. Any final order of the commissioner pursuant to this section is subject to review in accordance with the Kansas judicial review act.
History: L. 1947, ch. 102, § 78; L. 1990, ch. 61, § 1; L. 2015, ch. 38, § 90; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 16 - Banking Code; Trust Authority
9-1601 Application and authority to act as trust company; exemptions.
9-1602 Revoking trust authority.
9-1603 Assets held in fiduciary capacity segregated; records; security of funds.
9-1604 Liquidation, termination of trust business.
9-1607 Appointment of nominee when acting as fiduciary; records.
9-1609 Fiduciary may establish collective investment funds.
9-1612 Company having control over a bank or trust company defined.