N.D. Cent. Code § 6-03-41
This is the official text of N.D. Cent. Code § 6-03-41, 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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6-03-41. Issuance of capital notes or debentures - Not subject to double liability
Official statutory text
6-03-41. Issuance of capital notes or debentures - Not subject to double liability
With the approval of the commissioner, any banking institution, through action by its board
of directors taken at any time and without requiring any action by its stockholders, may issue
and sell its capital notes or debentures. All capital notes or debentures are subordinate and
subject to the claims of depositors, and at the time of issue may be subordinated and subjected
to the claims of other creditors, but in no case may be subject to assessment. The holders of
capital notes or debentures as such are not responsible individually for any debts, contracts, or
engagements of the issuing institution.
With the approval of the commissioner, any banking institution, through action by its board
of directors taken at any time and without requiring any action by its stockholders, may issue
and sell its capital notes or debentures. All capital notes or debentures are subordinate and
subject to the claims of depositors, and at the time of issue may be subordinated and subjected
to the claims of other creditors, but in no case may be subject to assessment. The holders of
capital notes or debentures as such are not responsible individually for any debts, contracts, or
engagements of the issuing institution.
Status: in_force · Read it on the official government site
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