# Title 13 — Department of Financial Institutions

## Article 13-02 — Banking and Savings and Loan Associations

## Chapter 13-02-19 — Trust Companies

### § 13-02-19-01. Application.

An original and ten copies of the application to organize a trust company must be filed with the
board. In lieu of an original application, the board will accept a copy of the application submitted to the
federal deposit insurance corporation. The application must clearly indicate the types of trust services
to be performed. The application must specify the location as to where the trust company is proposed
to be located. The applicant must provide any additional information determined by the commissioner
or board to be necessary.
History: Effective November 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-05-01
### § 13-02-19-02. Criteria for approval.

The applicant must demonstrate that the proposed trust committee and officers have experience
commensurate with the trust powers being requested. Upon granting trust powers, the board may
require the applicant to commit to a training program of trust schools and seminars acceptable to the
board. The board may also direct the applicant to enter into a training agreement with another trust
company or bank.
History: Effective November 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-05-01
### § 13-02-19-03. Equity capital.

The minimum equity capital for organization of a trust company is five hundred thousand dollars.
The board may require additional equity capital whenever the proposed location of the trust company,
the amount of fiduciary assets projected for the trust company, the amount of direct investments by the
trust company, or other relevant financial projections so indicate. The minimum equity capital level set
by the board will be such as necessary to ensure that the applicant is adapted to the filling of the need
to establish trust services.
History: Effective November 1, 1994.
General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-05-01
### § 13-02-19-04. Publication and hearing.

A notice of hearing on an application must be issued at least forty-five days prior to the hearing on
an application. The notice of hearing must be published by the secretary of the board for two
successive weeks in the official newspaper of the county where the proposed trust company is to be
located. The notice of hearing must also be sent by certified mail by the secretary of the board to all
banks and trust companies located within the trade area of the trust company.
History: Effective November 1, 1994.
General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-05-01
