27. A savings company cannot be continued as a trust company, or a trust company as a savings company, unless the petitioner shows that
(1) in the case of a savings company continued as a trust company, the common shareholders’ equity is at least $5,000,000, or at least $3,000,000 if it is provided that power to receive deposits will be explicitly excluded from its instrument of incorporation;
(2) in the case of a trust company continued as a savings company, the common shareholders’ equity is at least $3,000,000;
(3) it is expedient, for the convenience of the public, that a company be established in the locality where the head office of the company will be situated;
(4) each proposed director or officer is fit as to character and competence in view of the proposed activities;
(5) the project is financially feasible;
(6) the proposed activities will be carried on within a reasonable time;
(7) in the case of a trust company continued as a savings company, arrangements have been made to the satisfaction of the Authority to transfer the business of the trust company that cannot legally be continued by a savings company, other than deposits, to another trust company having a licence and capable of carrying on that business.