N.D. Cent. Code § 6-03-24
This is the official text of N.D. Cent. Code § 6-03-24, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-03-24. Capital stock may be reduced
Official statutory text
6-03-24. Capital stock may be reduced
Any association may reduce its capital stock to any sum not less than the amount required
to authorize the formation of any association by vote of its shareholders owning two-thirds of its
stock. No such reduction may be made, however, until the amount thereof proposed is reported
to the state banking board and its approval in writing obtained. No such reduction may affect the
liability of shareholders for any debts of the association incurred prior to the reduction, and
every such reduction must be certified to and a copy of the certificate filed in the same manner
as for an increase of capital stock before it becomes valid.
Any association may reduce its capital stock to any sum not less than the amount required
to authorize the formation of any association by vote of its shareholders owning two-thirds of its
stock. No such reduction may be made, however, until the amount thereof proposed is reported
to the state banking board and its approval in writing obtained. No such reduction may affect the
liability of shareholders for any debts of the association incurred prior to the reduction, and
every such reduction must be certified to and a copy of the certificate filed in the same manner
as for an increase of capital stock before it becomes valid.
Status: in_force · Read it on the official government site
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