1 Organization of State Banks; Application. Amend RSA 383-A:3-305(e)(6) to read as follows:

(6) The commissioner may require the organizer to pay the actual costs of each background investigation and criminal history records check.

2 Trust Company Act; Number of Directors. Amend RSA 383-C:6-601 to read as follows:

383-C:6-601 Number of Directors.

The board of directors of a trust company shall be composed of at least 5 directors. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the trust company's safety and soundness.

3 New Section; Trust Company Act; Removal of Directors or Officers by Commissioner. Amend RSA 383-C by inserting after section 6-603 the following new section:

383-C:6-604 Removal of Directors or Officers by Commissioner. In addition to the grounds for removal set forth in RSA 383-A:9-902, the commissioner may also remove a director or officer of a trust company if, in the opinion of the commissioner, the director or officer does not possess the experience, ability, standing, competence, trustworthiness, and integrity to ensure the safe and sound operation of the trust company. The commissioner shall act in accordance with the procedure described in RSA 383-A:9-902 for any such removal.

4 Family Trust Company Act; Directors and Officers. Amend RSA 383-D:8-801(a) to read as follows:

(a) A family trust company shall have a board of directors, and that board of directors must have not less than three members. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the family trust company's safety and soundness. RSA 383-C:6-601 shall not apply to family trust companies.

5 Effective Date. This act shall take effect 60 days after its passage.

1 Organization of State Banks; Application. Amend RSA 383-A:3-305(e)(6) to read as follows:

(6) In addition to paying the cost for any examination or investigation of the background and criminal history of any person pursuant to this section, the organizer shall pay the actual costs of each background investigation and criminal history records check.

2 Trust Company Act; Number of Directors. Amend RSA 383-C:6-601 to read as follows:

383-C:6-601 Directors.

(a) The board of directors of a trust company shall be composed of at least 5 directors. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the trust company's safety and soundness.

(b) Every new director shall submit to a background investigation and criminal history records check, to include submission of financial and other information in accordance with RSA 383-A:3-305(e). A trust company shall submit notice of any material change related to the background investigation and criminal history records check of any director or any new information related to the experience, ability, standing, competence, trustworthiness, and integrity of a director that could jeopardize the safe and sound operation of the trust company within 30 days of learning of such change. The cost of any examination or investigation of the background information and criminal history shall be paid by the trust company.

3 New Section; Trust Company Act; Removal of Directors or Officers by Commissioner. Amend RSA 383-C by inserting after section 6-603 the following new section:

383-C:6-604 Removal of Directors or Officers by Commissioner. In addition to the grounds for removal set forth in RSA 383-A:9-902, the commissioner may also remove a director or officer of a trust company if, in the opinion of the commissioner, the director or officer does not possess the experience, ability, standing, competence, trustworthiness, and integrity to ensure the safe and sound operation of the trust company. The commissioner shall act in accordance with the procedure described in RSA 383-A:9-902 for any such removal.

4 Family Trust Company Act; Directors and Officers. Amend RSA 383-D:8-801(a) to read as follows:

(a) A family trust company shall have a board of directors, and that board of directors must have not less than three members. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the family trust company's safety and soundness. RSA 383-C:6-601(a) shall not apply to family trust companies.

5 Effective Date. This act shall take effect 60 days after its passage.