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1994 SESSION

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HB 186 Trust companies; stock.

Introduced by: George H. Heilig, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Trust companies; stock. Relates to stock issued by trust companies. The bill prohibits the issue of no-par stock by a trust company. Additionally, all stock issued must be paid for in full before the trust company commences business. Moreover, the bill requires that stock options or stock purchase plans be adopted with the approval of the shareholders and after the trust company has opened for business. It further prohibits the use of paid agents to market the stock of an organizing trust company. Finally, the bill requires the SCC's prior approval for any trust company's reduction in capital, and it places restrictions on the payment of dividends.


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