N.D. Cent. Code § 6-05.1-01

6-05.1-01. Definitions

As used in this chapter, unless the context plainly requires otherwise:

1. "Affiliated bank", with respect to a subsidiary trust company, means any of the

following:

a. A bank incorporated under the laws of this state, or a national banking

association having its main office in this state, more than fifty percent of the

voting stock of which is owned by the same owning bank holding company that

owns more than fifty percent of the voting stock of such subsidiary trust company.

b. A bank which owns shares of voting stock of such subsidiary trust company.

2. "Fiduciary capacity" means a capacity resulting from a bank undertaking to act alone

or jointly with others primarily for the benefit of another in all matters connected with its

undertaking and includes the capacities of trustee, including trustee of a common trust

fund, executor, administrator, personal representative, registrar, or transfer agent with

respect to stocks, bonds, or other evidences of indebtedness of any corporation,

association, municipality, state or public authority, guardian of estates, conservator,

receiver, escrow agent, agent for the investment of money, attorney in fact, and any

other similar capacity.

3. "Main office", with respect to a subsidiary trust company or an affiliated bank, is the

place designated in the articles of incorporation or articles of association of such

subsidiary trust company or affiliated bank at which its principal functions are to be

conducted.

4. "Owning bank holding company", with respect to a subsidiary trust company or an

affiliated bank, means a bank holding company as defined in the United States Bank

Holding Company Act of 1956, as amended.

5. "Subsidiary trust company" means any trust company incorporated under the laws of

this state, or any national banking association formed under the laws of the United

States solely for the purpose of engaging in trust business with its main office in this

state, more than fifty percent of the voting stock of which is owned by an owning bank

holding company or by a bank having its main office in this state or by two or more

banks each of which has its main office in this state, and which has as its sole purpose

the conduct of trust business as defined in section 6-05-08. A subsidiary trust company

may not conduct commercial banking business but may maintain deposits of funds of

fiduciary accounts not currently invested.

6. "Trust office", with respect to a subsidiary trust company, means an office, including

the main office, of such subsidiary trust company maintained for the purpose of

conducting its business.