Powers of licensed trust companies; banking business prohibited.
1. Each licensed trust company may:
(a) Act as trustee under any mortgage or bond of any person or of any municipality or body politic.
(b) Accept and execute any municipal or corporate or individual trust not inconsistent with the laws of this State.
(c) Act under the order or appointment of any court as guardian, administrator, receiver or trustee.
(d) Act as executor or trustee under any will.
(e) Act as fiscal or transfer agent of any state, municipality, body politic or corporation, and in such capacity receive and disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness.
(f) Act as local or resident agent of foreign corporations.
(g) Accept and execute any trust business permitted by any law.
(h) Acquire the fiduciary rights, powers, duties and liabilities of a bank, savings and loan association, thrift company, trust company or credit union licensed pursuant to titles 55 and 56 of NRS, and upon the effective date of such an acquisition, the fiduciary rights, powers, duties and liabilities of the bank, savings and loan association, thrift company, trust company or credit union vest in and must be performed by the acquiring trust company.
(i) Do and perform all acts necessary to exercise the powers enumerated in this subsection and authorized by this chapter and any other applicable laws of this State.
2. A trust company may not engage in any banking business by accepting deposits or making loans.
Last modified: February 26, 2006