660.47 Surrender of fiduciary powers.
89 words·~1 min read·
/fl/title-xxxviii/chapter-660/660-47·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any state bank or association which has been granted trust powers and which desires to surrender such rights shall file with the office a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the office shall make an investigation, and when it is satisfied that the trust department has been discharged from all fiduciary duties which it has undertaken, it shall issue a certificate to such bank or association certifying that it is no longer authorized to exercise trust powers.