Terms used in this chapter mean:

(1) “Articles,” in the case of a corporation, articles of incorporation; in the case of a limited liability company, articles of organization;

(2) “Board member,” in the case of a corporation, a director; in the case of a limited liability company, a member of the board of managers if manager-managed or board of members if member-managed;

(3) “Client,” an individual, corporation, association, or other legal entity receiving or benefitting from fiduciary services provided by a trust company or bank;

(4) “Commission,” the State Banking Commission;

(5) “Control,” the power, directly or indirectly, to direct the management or policies of a trust company or to vote twenty-five percent or more of any class of voting shares of a trust company;

(6) “Director,” the director of the Division of Banking;

(7) “Fiduciary for hire,” acting as an administrator, conservator, custodian, executor, guardian, personal representative, or trustee, for any person, trust, or estate for compensation or gain or in anticipation of compensation or gain;

(8) “Financial institution,” any bank, national banking association, savings and loan association, or savings bank which has its principal place of business in this state but which does not have trust powers, or which has trust powers, but does not exercise those trust powers;

(9) “Governing board,” in the case of a corporation, the board of directors; in the case of a limited liability company, the board of managers if manager-managed or board of members if member-managed;

(10) “Out-of-state trust institution,” a nondepository corporation, limited liability company, or other similar entity chartered or licensed by the banking regulatory agency of a state, territory, or district, other than South Dakota, to engage in the trust company business in that state, territory, or district under the primary supervision of such regulator;

(11) “Owner,” in the case of a corporation, a common stockholder; in the case of a limited liability company, a person who owns ownership units;

(12) “Person,” an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, or any other form of an entity;

(12A) “Public trust company,” a trust company that engages in trust company business with the general public by advertising, solicitation, or other means, or a trust company that engages in trust company business but does not fall within the definition of a private trust company established by the commission through rules promulgated pursuant to chapter 1-26. The commission shall consider the size, number of clients served and the family and other relationships among the clients served, complexity, and related safety and soundness issues as it establishes in rule a definition for the term private trust company;

(13) “Trust company,” a nondepository trust company incorporated or organized under the laws of this state engaged in the trust company business;

(14) “Trust company business,” engaging in, or representing or offering to engage in, the business of acting as a fiduciary for hire, except that no accountant, attorney, credit union, insurance broker, insurance company, investment advisor, real estate broker or sales agent, savings and loan association, savings bank, securities broker or dealer, real estate title insurance company, or real estate escrow company may be deemed to be engaged in a trust company business with respect to fiduciary services customarily performed by them for compensation as a traditional incident to their regular business activities. Trust company business as defined in this chapter does not constitute banking as defined in subdivision 51A-1-2(4);