9-1604. Liquidation, termination of trust business. Upon the affirmative vote of a majority of the outstanding voting stock, any bank having trust authority may terminate the bank's trust business. The termination of trust services shall be done in accordance with the Kansas uniform trust code and with the contracting trustee provisions of K.S.A. 9-2107, and amendments thereto. Any bank terminating the bank's trust business may surrender such bank's special permit for trust authority or be granted inactive status pursuant to K.S.A. 9-1703, and amendments thereto.
History: L. 1947, ch. 102, § 80; L. 1951, ch. 120, § 3; L. 1996, ch. 175, § 16; L. 2015, ch. 38, § 92; 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.