§ 6-05-01 — Who may form - Corporation has perpetual existence

Any number of persons, not less than nine, at least three of whom must be residents of this
state, may associate themselves and form a corporation for the purpose of transacting business
as an annuity, safe deposit, and trust company. Its existence shall be perpetual.
At the time and place stated, and through any sources of information at its command, the
board shall examine and consider all relevant factors, including whether the place where such
company is proposed to be located is in need of a further annuity, safe deposit, and trust
company, whether the proposed institution is adapted to the filling of such need, and whether
the proposed incorporators are possessed of such character, integrity, reputation, and financial
standing as shown by a detailed financial statement to be furnished by them, that their
connection with the company will be beneficial to the public welfare of the community in which
such company is proposed to be established. The board shall hear any reasons advanced by
the applicants why they should be permitted to organize the proposed institution and any
reasons advanced by any person why such institution should not be permitted to be organized.
At the termination of such hearing, the board shall make a brief statement in writing of its
conclusions, and if it finds that the proposed institution should not be permitted to organize, it
shall state briefly the reasons why. A copy of such conclusions either shall be endorsed upon or
attached to the organization certificate, together with the refusal or grant of permission to the
proposed incorporators to present the said organization certificate to the secretary of state. A
determination in favor of such organization must be joined in by a majority of the members of
the board.
Any banking association organized under chapter 6-02 or 6-06.2 may apply to the board for
an order authorizing the applicant to exercise fiduciary powers. If the determination of the board
is in favor of the applicant, the board shall make its order authorizing the applicant to engage in
the business of a trust company upon its showing full compliance with sections 6-05-03,
6-05-04, and 6-05-05 except the capital stock of the banking association shall not be required to
be divided in shares of one hundred dollars each as provided by section 6-05-03. Sections
6-05-06 and 6-05-07 are not applicable to banking associations granted authority to engage in
the business of a trust company by the board. Thereafter, such banking association must be
subject to the jurisdiction of the board as to its trust company operations the same as trust
companies organized under chapter 6-05.
Any corporation organized and authorized to transact the business of fidelity insurance and
corporate suretyship prior to July 1, 1983, pursuant to the former sections 6-05-08 and 6-05-19
through 6-05-24 and sections 6-05-30 through 6-05-33 may continue to operate under the
provisions of those sections as they existed on June 30, 1983.