N.D. Cent. Code § 6-03-52
This is the official text of N.D. Cent. Code § 6-03-52, 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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6-03-52. Borrowing and rediscounting - Authorization by directors
Official statutory text
6-03-52. Borrowing and rediscounting - Authorization by directors
No banking association may borrow money, rediscount paper with recourse on it, or pledge
securities for money borrowed or rediscounted paper, except in accordance with express
authority conferred by resolution of its board of directors indicating the officer or officers who are
authorized to borrow, rediscount, and pledge and the extent of their authority. Every such
resolution must be entered in the minute book of the association, but a copy of such resolution
certified as such by an officer of the association, authenticated by the seal of the association
and accepted and acted upon by another bank or other lender in good faith is conclusive
evidence of the existence and terms of the resolution.
No banking association may borrow money, rediscount paper with recourse on it, or pledge
securities for money borrowed or rediscounted paper, except in accordance with express
authority conferred by resolution of its board of directors indicating the officer or officers who are
authorized to borrow, rediscount, and pledge and the extent of their authority. Every such
resolution must be entered in the minute book of the association, but a copy of such resolution
certified as such by an officer of the association, authenticated by the seal of the association
and accepted and acted upon by another bank or other lender in good faith is conclusive
evidence of the existence and terms of the resolution.
Status: in_force · Read it on the official government site
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