§ 31a.2. Applications.
(a) An association desiring to exercise fiduciary powers, either through a trust department or through an affiliate, shall file with the Department an application indicating which trust services it wishes to offer and providing the information necessary to make the determinations under subsection (b).
(b) In addition to any other facts or circumstances deemed proper, the Department, in passing upon an application to exercise trust powers, will give consideration to:
(1) the financial condition of the association;
(2) the needs of the community for fiduciary services and the probable volume of such fiduciary business available to the association;
(3) the general character and ability of the management of the association;
(4) the nature of the supervision to be given to the fiduciary activities, including the qualifications, experience and character of the proposed officer or officers of the trust department; and
(5) whether the association has available legal counsel to advise and pass upon fiduciary matters wherever necessary.
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