(1) A trust company shall be incorporated under and subject to the general corporation laws of this state not inconsistent with this article. The business activities of a trust company in this state shall be limited to the exercise of the power to:
Act or be appointed by a court to act in like manner as an individual, an executor, apersonal representative, a trustee, an administrator, a guardian, a conservator, an assignee, a custodian, a receiver, or a depository or in any other fiduciary capacity for any purposes permitted by law;
Act as a transfer agent, a registrar, an escrow agent, or an attorney-in-fact and toreceive, manage, and apply sinking funds;
Maintain and rent safe deposit and safekeeping facilities;
Receive and maintain savings deposits, time deposits, and certificates of deposit, andto pay interest thereon at the rates permitted state banks under section 11-105-102 (3), subject to the restrictions of section 11-109-204;
Exercise the same investment powers as an individual fiduciary under like circumstances;
Accept and execute any fiduciary business permitted by the laws of this state or anyother state and the United States and to establish common trust funds as provided by article 24 of this title;
Take oaths and execute affidavits by the oath or affidavit of the president, vicepresidents, secretary, assistant secretary, manager, trust officer, or assistant trust officer;
Act as an investment adviser under any applicable law;
Do and perform any other acts necessary or proper to exercise the powers enumeratedin this section.
Except for those powers specifically authorized in subsection (1) of this section andsection 11-109-907, a trust company shall not have the power to conduct a banking business, receive and maintain transaction deposit accounts, nor use the word "bank" in its name.
As authorized pursuant to section 10-2-601 (2), C.R.S., a trust company may, pursuant to federal law or under such rules as may be adopted by the banking board or the commissioner of insurance pursuant to section 10-2-601, C.R.S., act as the agent for any insurance company authorized to do business in this state by soliciting and selling insurance and collecting premiums on policies issued by such company. For such services, a trust company may receive such fees or commissions as may be agreed between the trust company and the insurance company.
Source: L. 2003: Entire article added with relocations, p. 1180, § 3, effective July 1.
Editor's note: This section is similar to former § 11-23-103 as it existed prior to 2003.