North Dakota Code 6-05.1-01 – Definitions
As used in this chapter, unless the context plainly requires otherwise:
Terms Used In North Dakota Code 6-05.1-01
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- Bank holding company: means bank holding company as defined in 12 U. See North Dakota Code 6-01-02
- Banking: means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange. See North Dakota Code 6-01-02
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- national banking association: means an institution chartered by the comptroller of the currency under the National Bank Act [12 U. See North Dakota Code 6-01-02
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- Trust company: means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company. See North Dakota Code 6-01-02
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
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.