Notwithstanding the provisions of section 6 -05-15, any bank or trust company qualified to act as fiduciary in this state may: 1. Establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company. 2. As a fiduciary or cofiduciary, invest funds which it holds for investment in common trust funds established and maintained pursuant to subsection 1 if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship. This section applies to fiduciary relationships now in existence or hereafter created. To the extent not inconsistent with the provisions of this section, the provisions of section 6-05-15.1 relating to common trust funds apply to the establishment and maintenance of common trust funds under this section.
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