- (a) Any association which has been granted the right to exercise trust powers and which desires to surrender such rights shall file with the Department a certified copy of the resolution of its board of directors signifying such desire.
- (b) Upon receipt of such resolution, the Department will make an investigation; and, if it is satisfied that the association has been discharged from all fiduciary duties which it has undertaken, it will issue a certificate to such association certifying that it is no longer authorized to exercise fiduciary powers.
(c) Upon issuance of such a certificate by the Department, an association may:
- (1) No longer be subject to the provisions of this chapter.
- (2) Not exercise thereafter any of the powers granted by this chapter without first applying for and obtaining new authorization to exercise such powers.