A bank or trust company qualified to and acting as fiduciary or cofiduciary in this state may deposit trust funds awaiting investment or distribution in a bank, including, without limitation, a bank that owns or controls, or that is owned or controlled by a corporation that owns or controls, the bank or trust company.
6-05-15.4. Multiple offices or places of business - Application to state banking board - Hearing. 1. A trust company may establish and maintain for itself and its operating subsidiary organizations one or more offices or places of business within this state, throughout the United States, in foreign countries, or in dependencies or insular possessions of the United States upon written application to the department of financial institutions. Additional branches in the United States may be approved by the commissioner, while all other branches must be approved by the state banking board. The application must include the information specified by the board. 2. Notice of the application to establish and maintain an office or place of business must be published as required by the state banking board. 3. The commissioner shall determine if the application is complete and shall notify the trust company of the determination. If the commissioner determines the application is incomplete, the commissioner shall request the additional information necessary to complete the application. The commissioner or state banking board either shall approve the application or shall notify the trust company that a hearing on the application will be required. 4. Any hearing required by the commissioner or state banking board must be commenced and concluded by issuance of an order of the board. 5. The commissioner or state banking board may disapprove the application if the commissioner or board find:
a. The establishment and maintenance of the office or place of business will jeopardize the solvency of the trust company; or b. The operation of more than one office or place of business by the trust company will place the company in an unsafe and unsound condition. 6. If a North Dakota chartered trust company desires to move a branch previously established to another location, the trust company shall apply to the commissioner for such authority and provide the commissioner with such relevant information as the commissioner may reasonably request.
6-05-15.5. Structure of trust company - Operating subsidiaries - Notice - Hearing - Supervision. 1. A trust company may conduct its business directly or through one or more operating subsidiary organizations, including a limited purpose bank that is established under the laws of a jurisdiction other than this state. The activities of an operating subsidiary of a trust company must be limited to those activities in which the trust company itself could engage. 2. A trust company that desires to establish or acquire an operating subsidiary must submit a written notification to the department of financial institutions not less than thirty days before the trust company's investment in the subsidiary organization is made. The notification must include the information specified by the state banking board. 3. Within ten business days after receipt of the notification by the department, the commissioner shall determine if the notice is complete and shall notify the trust company of the determination. If within the ten business days the commissioner determines that the notice is incomplete, the commissioner shall request the additional information necessary to complete the notice. Within ten days after receipt of the additional information, the commissioner shall notify the trust company by mail of the commissioner's determination of completeness. The commissioner shall inform the state banking board of the receipt of a completed notice. Upon expiration of thirty days from the date for the mailing of a notice of completeness, the trust company's investment in the operating subsidiary in accordance with its notice is deemed approved by the state banking board, unless within that thirty-day period the state banking board has served the trust company with a notice of hearing on the company's proposed investment. 4. Any hearing required by the state banking board must be commenced and concluded by the issuance of the order of the board within ninety days after the date for the mailing of a notice of completeness by the commissioner. If the hearing is not concluded within the ninety-day period, the investment by the trust company is deemed approved by the state banking board. 5. The state banking board may prohibit the trust company's investment in an operating subsidiary organization if it finds after a hearing: a. The investment will jeopardize the solvency of the trust company; or b. The operation of the trust company through the subsidiary organization will place the trust company in an unsafe and unsound condition. 6. The state banking board has the same authority to examine and supervise an operating subsidiary as exists for the trust company.