§ 104.513. Surrender of Trust Powers.

(a) Any association which has been granted the right to exercise trust powers and which desires to surrender such rights shall file with the commissioner a certified copy of the resolution of its board of directors signifying such desire.

(b) Upon receipt of such resolution, the commissioner shall make an investigation and if satisfied that the association has been discharged from all fiduciary duties which it has undertaken, shall issue a certificate to such association certifying that it is not longer authorized to exercise fiduciary powers.

(c) Upon issuance of such a certificate by the commissioner, an association:

(1) shall no longer be subject to the provisions of these regulations,

(2) shall be entitled to have returned to it any securities which it may have deposited with state authorities or a Federal Home Loan Bank under Section 104.503, and

(3) shall not exercise thereafter any of the powers granted by Section 235.41 without first applying for and obtaining new authorization to exercise such powers.

HISTORY

1. Change without regulatory effect renumbering former Section 245.14 to Section 104.513 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3, Article 5 (Section 103.500) and Subchapter 4, Article 5 (Section 104.500 et seq.); and Sections 5003 and 5501.5, Financial Code.