No company shall act as a fiduciary in this state except:
(1) A state trust company;
(2) A state bank;
(3) A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to Section 81-12-1 et seq. or Section 81-14-1 et seq.;
(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 USCS 92a;
(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) An out-of-state bank with a branch in this state established or maintained pursuant to Section 81-23-1 et seq. or a trust office licensed by the commissioner pursuant to this chapter;
(7) An out-of-state trust company with a trust office licensed by the commissioner pursuant to this chapter; or
(8) A foreign bank with a trust office licensed by the commissioner pursuant to this chapter.
No company shall engage in an unauthorized trust activity.