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Wyoming Statutes Title 13. Banks, Banking and Finance § 13-5-501. Formation and organizational instrument

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) One (1) or more adult persons may organize a corporation or limited liability company for the purpose of forming a public trust company at a place in this state designated in the organizational instrument subject to the conditions prescribed by law. The organizer shall subscribe and verify triplicate originals of the organizational instrument and the application required under W.S. 13-5-502 and transmit them to the commissioner together with any other documents or information required by rule of the commissioner.

(b) The organizational instrument shall include the following information:

(i) The legal name of the public trust company;

(ii) The object for which the public trust company is organized;

(iii) The term of its existence which may be perpetual;

(iv) The place where its office shall be located and its operations conducted;

(v) The amount of capital stock and the number of shares or the amount of membership interest;

(vi) The name and residence of each shareholder subscribing to more than ten percent (10%) of the stock and the number of his shares or the name and residence of each member owning more than ten percent (10%) of the membership interest and percentage of his membership interest;

(vii) The number of directors and the names of those who shall manage the affairs of the corporation for the first year or the number and names of managers appointed to manage the affairs of the limited liability company for the first year; and

(viii) A statement that the organizational instrument is made to enable the organizer to form a public trust company within this state.

(c) The organizational instrument shall comply with W.S. 17-16-202 for corporations and W.S. 17-29-201 for limited liability companies. The commissioner may establish by rule other documents and materials a public trust company must file.

(d) Copies of all amended organizational instruments shall be filed in the same manner as the original organizational instrument.

(e) This section shall not apply to a foreign corporation or foreign limited liability company that is qualified to do business in this state and that applies for a charter under this article.

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Cite this article: FindLaw.com - Wyoming Statutes Title 13. Banks, Banking and Finance § 13-5-501. Formation and organizational instrument - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-13-banks-banking-and-finance/wy-st-sect-13-5-501/

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