§ 6-05-08 — Corporate powers

North Dakota § 6-05-08

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-05: Annuity, Safe Deposit, Surety, and Trust Companies

Text

A corporation, when qualified as provided by section 6-05-04, may:
1. Acquire, lease, purchase, own, hold, use, improve, mortgage, sell, and convey such
real estate and personal property as may be necessary for the convenient transaction
of its business. It may acquire real estate by foreclosure or upon compromise or
settlement of prior mortgages held by it either as absolute owner or as trustee and
may dispose of the same. No part of the capital, deposits, trust funds, or property
owned or held by it, in trust or otherwise, may be invested in real estate except as
herein authorized, unless the investment is made under and by virtue of a particular
contract, or instrument, or order, judgment, or decree of court, which confers a special
power or authority so to do, and then only with, or to the extent of, the moneys or
funds thereby provided and belonging to such particular trust. Such corporation is
authorized to purchase notes, bonds, mortgages, and other evidences of
indebtedness, and other securities, subject to the limitations imposed upon banking
associations as to investments, and to convert the same into cash and other
securities.
2. Act as trustee under will, agreement, court order, or otherwise, and act as fiscal agent
and transfer agent.
3. Take, accept, and hold on deposit for savings account or for safekeeping, or in escrow,
or for investment, any and all moneys, bonds, stocks, and other securities, or personal
property whatsoever. When any savings deposit has been received from a minor, the
repayment of the deposit to the minor or the minor's order is a complete discharge of
such corporation from any further liability therefor. Whenever any officer or person,
public or private, or any fiduciary, is authorized to pay into or deposit in any court any
moneys, securities, or personal property whatsoever, the same instead of being
deposited with or paid into court may be paid into or deposited with any corporation
organized and acting under this chapter which may be designated for that purpose by
the court having jurisdiction of the subject matter, or by the person owning or
controlling such property. Whenever any fiduciary deposits any moneys, securities, or
any personal property whatsoever, belonging to the fiduciary's trust, with any
corporation qualified and acting under this chapter and takes a receipt of such
corporation therefor, the fiduciary and the fiduciary's sureties thereafter are relieved
from all liability therefor until the same again shall be delivered to the fiduciary by such
corporation.
4. Act as assignee, receiver, administrator, executor, guardian, or conservator.
5. Provide by its bylaws and regulations for the payment of interest or dividends, for the
investment of moneys, and conditions for repaying or withdrawing the same. It may
borrow money upon the security of its own property or credit.
6. Act as agent and attorney in fact in all respects as a natural person could do.
7. Make, compile, and certify abstracts of title of real estate upon the conditions
prescribed by the laws of this state relating to abstracters to ensure the validity and
genuineness of titles to real property.
8. Notwithstanding any other provision of law and subject to approval by the state
banking board, engage in any fiduciary activity in which a federally chartered financial
institution that is granted fiduciary powers may engage.