1. (a) Intent. A credit union is required to notify the commissioner in writing of its intent to exercise fiduciary powers, at least 31 days prior to the anticipated commencement date of such fiduciary activities. The notice must contain:

   1. (1) A statement describing the fiduciary powers that the credit union will exercise;
   2. (2) An opinion of counsel that the proposed activities do not violate law, including citations to applicable law;
   3. (3) A statement that the capital of the credit union is not less than the capital required by law of other financial institutions exercising comparable fiduciary powers;
   4. (4) Sufficient biographical information on proposed trust management personnel to enable the Department to assess their qualifications; and
   5. (5) A description of the locations where the credit union will conduct fiduciary activities.
2. (b) Prior Activity. A credit union that has initiated trust activities prior to the effective date of this rule shall file the notice prescribed in subsection (a) by October 1, 2003.

Source Note:The provisions of this §91.6003 adopted to be effective August 10, 2003, 28 TexReg 6270.