1. A. No company shall act as a fiduciary in this state except:

   1. 1. A state trust company;
   2. 2. A state bank;
   3. 3. A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to state law;
   4. 4. A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 U.S.C., Section 92a;
   5. 5. A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
   6. 6. An out-of-state bank with a branch in this state established or maintained pursuant to the laws of this state or a trust office licensed by the Commissioner pursuant to this act;
   7. 7. An out-of-state trust company with a trust office licensed by the Commissioner pursuant to this act; or
   8. 8. A foreign bank with a trust office licensed by the Commissioner pursuant to this act.
2. B. No company shall engage in an unauthorized trust activity.

Laws 1998, HB 2894, c. 104, § 5, eff. November 1, 1998.