§ 6-05-02 — Compliance with chapter required - Penalty for noncompliance

No person, firm, company, copartnership, or corporation, either domestic or foreign, not
organized under this chapter nor subject to its provisions, except only national banking
corporations, state banks authorized under this chapter, state banks or trust companies
authorized to engage in trust activities under the laws of another state, their affiliates, bona fide
banking institution trade associations and their affiliates, and the Bank of North Dakota, may
make use of or display in connection with its business, in signs, letterheads, advertising, or in
any other way, such words as "trust", "trust company", or any other word or words of like import,
nor may any person or concern do or perform anything in the nature of the business of a trust
company until and unless such business is regularly organized and authorized under this
chapter. If any firm or corporation organized prior to July 1, 1931, has been granted a charter
permitting it to use any word, words, or title contrary to the intent of this section, and by reason
of its rights under such charter, the provisions of this section may not be enforced against it
during the life of such charter. However, no renewal charter may be granted to such person,
firm, or corporation permitting the continuance of the use of such word, words, or title contrary to
or in violation of this section. Any person, firm, or corporation which, by reason of an existing
charter right under any law or statute in effect prior to July 1, 1931, may be held by the courts

not to be affected by this section and which therefore refuses to comply with the provisions of
this section, during the period of noncompliance, shall display, prominently and continuously in
plain, legible, and clearly discernible lettering on all of its signs, stationery, circulars, and
advertising, and in all of its printed or written matter the following words and language: "NOT
UNDER THE SUPERVISION OF THE STATE BANKING BOARD OR THE COMMISSIONER
OF FINANCIAL INSTITUTIONS", and such language must be displayed thereon as prominently
as any other matter therein. Any person, firm, company, copartnership, or corporation, domestic
or foreign, violating any provision of this section, shall forfeit to the state one hundred dollars for
every day or part thereof during which such violation continues. In an action brought by the
commissioner or any aggrieved person, the court may issue an injunction restraining such
person, firm, company, copartnership, or corporation from further using such words, terms, or
phrases in violation of this section or from further transacting business in such a way or manner
as to lead the public to believe that its business is in whole or in part of the nature of a trust
company, or that it is under the supervision of the state banking board or the commissioner.
Upon written request, the commissioner may grant an exemption to this section if the
commissioner finds that use of the words "trust" or "trust company", or words of like import, are
not reasonably likely to cause confusion or lead the public to believe that the person requesting
the exemption is a trust company, banking institution trade association, or affiliate authorized
under this section or is conducting a business subject to the jurisdiction of the department. In
granting an exemption under this section, the commissioner may restrict or condition the
exemption and use of the name or word or the activities of an exempt person as the
commissioner considers appropriate to protect the public interest.