30.08.155 - Powers and authorities of trust companies -- Federally chartered trust companies -- Findings of director.

Powers and authorities of trust companies — Federally chartered trust companies — Findings of director.

Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, express or implied, that a trust company has under the laws of this state, a trust company shall have the powers and authorities conferred as of June 11, 1998, upon a federally chartered trust company doing business in this state. A trust company may exercise the powers and authorities conferred on a federally chartered trust company after this date only if the director finds that the exercise of such powers and authorities:

     (1) Serves the convenience and advantage of trustors; and

     (2) Maintains the fairness of competition and parity between state-chartered trust companies and federally chartered trust companies.

     As used in this section, "powers and authorities" include without limitation powers and authorities in corporate governance and operational matters.

     The restrictions, limitations, and requirements applicable to specific powers or authorities of federally chartered trust companies shall apply to trust companies exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to exercising the powers or authorities granted trust companies solely under this section.

[1998 c 45 § 2.]