North Dakota § 6-05-15.4 - Multiple offices or places of business - Application to state banking board Hearing

§ 6-05-15.4. Multiple offices or places of business - Application to state banking board Hearing

1. A trust company may establish and maintain for itself and its operating subsidiary organizations one or more offices or places of business within this state, throughout the United States, in foreign countries, or in dependencies or insular possessions of the United States upon written application to the department of financial institutions. Additional branches in the United States may be approved by the commissioner, while all other branches must be approved by the state banking board. The application must include the information specified by the board. 2. Notice of the application to establish and maintain an office or place of business must be published as required by the state banking board. 3. The commissioner shall determine if the application is complete and shall notify the trust company of the determination. If the commissioner determines the application is incomplete, the commissioner shall request the additional information necessary to complete the application. The commissioner or state banking board either shall approve the application or shall notify the trust company that a hearing on the application will be required. 4. Any hearing required by the commissioner or state banking board must be commenced and concluded by issuance of an order of the board. 5. The commissioner or state banking board may disapprove the application if the commissioner or board find: a. 6. The establishment and maintenance of the office or place of business will jeopardize the solvency of the trust company; or b. The operation of more than one office or place of business by the trust company will place the company in an unsafe and unsound condition. If a North Dakota chartered trust company desires to move a branch previously established to another location, the trust company shall apply to the commissioner for such authority and provide the commissioner with such relevant information as the commissioner may reasonably request.