(a) With respect to a limited purpose trust company, the powers conferred by subchapter IV of this chapter or otherwise by law shall be limited solely to such powers as are necessary or incidental to the performance of trust company powers. (b) No limited purpose trust company established under this subchapter may: (1) Amend its articles of association, charter, certificate of incorporation or bylaws by addition to its corporate purpose or powers; (2) Merge or consolidate, except with: a. An affiliate or affiliates; or b. A corporation or corporations established under this subchapter; (3) Have more than a single office within this State open to the public for the conduct of its business; or (4) Exercise any power of appointment in a manner inconsistent with § 3548 of Title 12.
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