N.D. Cent. Code § 6-03-13.5

6-03-13.5. National bank, federal savings association, or state savings and loan

association conversion to state bank.

A national bank, federal savings association, or state savings and loan association located

in this state which follows the procedure prescribed by federal law to convert into a state bank

must be granted a state charter if it meets the provisions of the North Dakota Century Code for

the incorporation and chartering of a new state bank. Any requirement that shares must be paid

in cash may be satisfied by the exchange of shares of the converted state bank for those of the

converting national bank, federal savings association, or state savings and loan association,

which may be valued at no more than their fair cash market value. The procedure for

incorporation of a state bank may be modified by the board to the extent made necessary by the

difference between an ordinary incorporation and a conversion and no public hearing need be

held on a conversion application. A national bank, federal savings association, or state savings

and loan association proposing to convert into a state-chartered bank shall grant the

commissioner discretionary authority to conduct an examination. The commissioner shall set

fees for the examination at an hourly rate sufficient to cover all reasonable expenses of the

department of financial institutions associated with the examination. Fees must be collected by

the commissioner, transferred to the state treasurer, and deposited in the financial institutions

regulatory fund.