§ 154. Transfer of fiduciary relationships from affiliated banks or\ntrust companies to subsidiary trust companies. 1. (a) At any time or\ntimes after the issuance to it by the superintendent of the\nauthorization certificate specified in article two of this chapter, a\nsubsidiary trust company may apply by verified petition to the supreme\ncourt, special term, in and for the county in which its principal office\nis located requesting that it be substituted for each of its affiliated\nbanks or trust companies specified in the petition (i) in every existing\nfiduciary capacity designated therein and (ii) in the case of the first\nsuch petition, in every fiduciary capacity which may take effect after\nthe date of the hearing provided for below. Each such specified\naffiliated bank or trust company shall join in such petition. Notice of\nthe filing of such petition shall be given prior to the filing thereof\nto the superintendent.\n (b) Such petition shall indicate the county wherein the principal\noffice of each affiliated bank or trust company joining in the petition\nis located and shall designate each fiduciary relationship existing at\nthe date thereof with respect to which such subsidiary trust company\nrequests substitution. Such petition shall additionally set forth, with\nregard to each existing fiduciary relationship designated therein, the\nname and address last known to the petitioner of each person entitled to\nreceive notice of hearing thereon, to wit:\n (i) in the case where an affiliated bank or trust company specified in\nthe petition is acting with one or more cofiduciaries in respect to such\nfiduciary relationship, each such cofiduciary; and\n (ii) in the case where the instrument creating such fiduciary\nrelationship so provides, each person who, alone or together with\nothers, is empowered to revoke, terminate or amend such instrument or to\nremove the corporate fiduciary; and\n (iii) in the case of any fiduciary relationship not specified in\nsubparagraph (ii) of this paragraph, each beneficiary currently\nreceiving income and any other beneficiary interested in the income and\nany person presumptively entitled to share in distributions of principal\nwere such fiduciary relationship terminated at the date of such\npetition; and\n (iv) in the case of any fiduciary relationship, including those\nspecified in subparagraphs (i), (ii) and (iii) of this paragraph, which\nis an estate of a deceased person or which is a guardianship or\nconservatorship, the clerk of the court in which such estate,\nguardianship or conservatorship matter is pending, together with a\nstatement that a notice has been, or is being, given to the persons\nspecified in such subparagraphs. If any of the persons specified in\nsubparagraph (i), (ii) or (iii) of this paragraph is an infant or an\nincompetent, such notice shall be given to the guardian or committee, as\nthe case may be, of his property. If any such infant, or incompetent\nshall not have a guardian or committee to so represent him, or if any of\nthe persons specified in subparagraph (i), (ii) or (iii) of this\nparagraph is incapacitated, unknown (or a person whose whereabouts are\nunknown) or confined as a prisoner in a penal institution, the court\nmay, in its discretion, appoint one or more guardians ad litem to\nrepresent any one or more of such persons.\n 2. When any petition described in subdivision one of this section\nshall have been filed, the supreme court for the county where filed\nshall enter an order fixing a date and time for hearing thereon, which\ndate shall not be less than thirty-five days after the filing of the\npetition, and approving the form of notice to be given by the petitioner\nas hereinafter provided. At least twenty-five days prior to the hearing\ndate, the petitioner shall cause a copy of such notice to be mailed by\nfirst class mail to each person identified in the petition as being\nentitled to receive notice under the provisions of this ar
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