§9.3. Approval requirements.
12 C.F.R. § 9.3
A national bank may not exercise fiduciary powers unless it obtains prior approval from the OCC to the extent required under 12 CFR 5.26.
A national bank that has obtained the OCC s approval to exercise fiduciary powers is not required to obtain the OCC s prior approval to engage in any of the activities specified in § 9.7(d) in a new state or to conduct, in a new state, activities that are ancillary to its fiduciary business. Instead, the national bank must follow the notice procedures prescribed by 12 CFR 5.26(e).
A person seeking approval to organize a special-purpose national bank limited to fiduciary powers shall file an application with the OCC pursuant to 12 CFR 5.20.
Notes, amendments, and revision history
Amendments
[61 FR 68554, Dec. 30, 1996, as amended at 66 FR 34798, July 2, 2001]
Authority
Authority: 12 U.S.C. 24 (Seventh), 92a, and 93a; 15 U.S.C. 78q, 78q-1, and 78w.
Source
Source: 61 FR 68554, Dec. 30, 1996, unless otherwise noted.
Amendments
[61 FR 68554, Dec. 30, 1996, as amended at 66 FR 34798, July 2, 2001]