1. No person is eligible to serve as a director or manager of any retail trust company unless the person: (a) Displays the competence and integrity to transact the business of the retail trust company in a manner which safeguards the interests of the general public; and (b) Has a financial status consistent with his or her responsibilities to the public. 2. The Commissioner may require any or all new directors or managing directors of a retail trust company to provide such financial and biographical information and verification thereof as the Commissioner deems appropriate, including the completion of any forms required to be completed in connection with the licensing of a retail trust company.
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