to the family member either directly, in case of lineal kinship, or through the common ancestor, in the case of collateral kinship. (vii) "Family trust company" means a corporation or limited liability company that: (A) Acts or proposes to act as a fiduciary; (B) Is organized or qualified to do business in this state to serve family members; (C) Does not transact trust company business with, propose to act as a fiduciary for or solicit trust company business with the general public; and (D) Whose officers execute and deliver a signed waiver to the commissioner acknowledging that the family trust company is not regulated under this act and its members are not afforded any of the protections or privileges of this act. (viii) "Governing board" means: (A) In the case of a corporation, the board of directors of the corporation; (B) In the case of a limited liability company, the manager of the limited liability company. (ix) "Lineal kinship" means a family member who is in the direct line of ascent or descent from the designated kinship; (x) "Officers, managers and directors of a family affiliate" a natural person, including any officer, manager or director’s spouse who holds a joint, community property or other similar shared ownership interest with that officer, manager or director, who is an executive officer, director, trustee, general partner or person serving in a similar capacity who, in connection with his or her regular functions or duties, participates in the investment activities of the company, provided that the employee has been performing functions and duties for or on behalf of the chartered family trust company for at least twelve (12) months; (xi) "Organizational instrument" the articles of incorporation for a corporation or the articles of organization for a limited liability company;
to the family member either directly, in case of lineal kinship, or through the common ancestor, in the case of collateral kinship. (vii) "Family trust company" means a corporation or limited liability company that: (A) Acts or proposes to act as a fiduciary; (B) Is organized or qualified to do business in this state to serve family members; (C) Does not transact trust company business with, propose to act as a fiduciary for or solicit trust company business with the general public; and (D) Whose officers execute and deliver a signed waiver to the commissioner acknowledging that the family trust company is not regulated under this act and its members are not afforded any of the protections or privileges of this act. (viii) "Governing board" means: (A) In the case of a corporation, the board of directors of the corporation; (B) In the case of a limited liability company, the manager of the limited liability company. (ix) "Lineal kinship" means a family member who is in the direct line of ascent or descent from the designated kinship; (x) "Officers, managers and directors of a family affiliate" a natural person, including any officer, manager or director’s spouse who holds a joint, community property or other similar shared ownership interest with that officer, manager or director, who is an executive officer, director, trustee, general partner or person serving in a similar capacity who, in connection with his or her regular functions or duties, participates in the investment activities of the company, provided that the employee has been performing functions and duties for or on behalf of the chartered family trust company for at least twelve (12) months; (xi) "Organizational instrument" the articles of incorporation for a corporation or the articles of organization for a limited liability company;
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