Tennessee § 45-2-2107 - Adequate capital structure — Factors considered.

§ 45-2-2107. Adequate capital structure — Factors considered.

No state trust company shall be organized with capital of less than five hundred thousand dollars ($500,000), or such greater amount as may be required by the commissioner after considering the factors in this section. The commissioner may at any time prescribe a capital structure for a state trust company that the commissioner deems adequate for it to operate in a safe and sound manner. The commissioner shall consider the following factors in determining an adequate capital structure: The nature and type of business conducted or to be conducted; The nature and liquidity of assets currently held or to be held in the state trust company's own account; The amount of fiduciary assets currently or projected to be under management or administration; The type of fiduciary assets currently held or proposed to be held, and the depository of such assets; The complexity of fiduciary duties and degree of discretion proposed currently or to be undertaken; The competence and experience of current or proposed management; The extent and adequacy of internal controls; The reasonableness of any business plan for retaining or acquiring additional equity capital; The existence and adequacy of insurance for protecting the state trust company's fiduciary assets; and Any other factors the commissioner may deem relevant. Acts 2014, ch. 642, § 3. Compiler's Notes. For the Preamble to the act concerning the market for trust and trust services, please refer to Acts 2014, ch. 642.