(a) A family trust company may change its designated relative by filing with the commissioner notice in which the family trust company designates a new designated relative.
(b) Except with the commissioner's prior approval, a family trust company cannot change its designated relative more than once every 10 years after the issuance of its certificate of authority.
(c) Except with the commissioner's prior approval, the change of a family trust company's designated relative is effective on January 1 of the year after in which the family trust company files its notice with the commissioner.
Source. 2015, 272:16, eff. Oct. 1, 2015.