5 Del. C. § 797E: Application for a certificate of authority to establish a family trust company [For application of this section, see 85 Del. Laws, c. 346, § 9].

(a) The persons associating themselves for the purpose of forming a family trust company must file an application with the Commissioner on forms prescribed by the Commissioner. The application must contain or be accompanied by such information as the Commissioner requires, including the designated relative.

(b) The fees associated with the formation of a family trust company are set forth in § 735 of this title, other than the fee under § 735 of this title for the issuance of a certificate authorizing the corporation to begin the transaction of business. In addition, an initial annual license fee of not less than $5,000 nor more than $25,000, determined in accordance with § 797J of this title, must be paid by the family trust company before the issuance of the certificate authorizing the family trust company to begin the transaction of business by the Commissioner.

(c) Within 60 days after an applicant files an application for a certificate of authority to establish a family trust company, the Commissioner shall notify the applicant of any additional information required for the Commissioner to determine the application is complete. When the Commissioner receives all requested information and determines the application is complete, the Commissioner shall notify the applicant that the application is accepted for filing. Within 60 days after acceptance, the Commissioner shall investigate the application to determine if it meets the requirements of this subchapter. Notwithstanding any other law of this State, there is no requirement to publish public notice of the filing of, and the Commissioner is not required to hold a public hearing on, an application for a certificate of authority to establish a family trust company, in order to make a decision on the application.

(d) The Commissioner shall consider an application for a certificate of authority to establish a family trust company withdrawn if the Commissioner does not receive all required information and fees within 6 months after the Commissioner’s initial request, or within a later period set by the Commissioner. If an application is withdrawn, the Commissioner may not issue a certificate of authority to establish a family trust company unless the applicant submits a new application and pays all required fees.

(e) When determining whether to issue a certificate of authority to establish a family trust company, the Commissioner shall consider all of the following:

(1) Whether the family trust company’s proposed capital and surplus satisfy the requirements of this subchapter and are adequate for its projected activities. In making this determination, the Commissioner shall consider the projected level of fiduciary assets under management and administration for each of the first 3 years of operation. The Commissioner may not require more than $375,000 in capital and surplus unless the Commissioner reasonably determines, considering all the factors under § 797F(b) of this title, that the family trust company’s operation would otherwise be unsafe and unsound or is necessary for the protection of family members. The Commissioner may not require more than $1,000,000 in capital and surplus unless extraordinary circumstances exist. The Commissioner shall state the basis for any determination under this paragraph (e)(1) in written findings.

(2) The family trust company’s future prospects.

(3) The family trust company’s managerial resources, including the background of each proposed officer, director, and stockholder of the family trust company, and the experience of any outside service provider.

(4) The financial history of the family trust company’s affiliates.

(5) The needs of the public and this State.

(f) If the Commissioner refuses to issue a certificate of authority to establish a family trust company in connection with an application, the Commissioner shall notify the applicant in writing. The notice must state the reasons for the refusal. Within 10 days after receiving the notice, the applicant may request a hearing before the Commissioner under Chapter 101 of Title 29. If the Commissioner issues a certificate of authority to establish a family trust company, the incorporators shall hold the first meeting of incorporators and follow the procedure under § 727 of this title.