N.D. Cent. Code § 6-03-60
This is the official text of N.D. Cent. Code § 6-03-60, 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.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
6-03-60. Loans to and purchases from directors, executive officers, and principal shareholders - Restrictions - Conditions - Penalty - Civil liability
Official statutory text
6-03-60. Loans to and purchases from directors, executive officers, and principal
shareholders - Restrictions - Conditions - Penalty - Civil liability.
At no time may any combination of loans or extensions of credit or both made by a state
banking association to an officer of that association exceed the limitation on loans to one person
or concern specified in section 6-03-59, federal law, or federal rule.
No director, officer, or employee of a bank shall sell to such bank, directly or indirectly, any
mortgage, bond, note, stock, or other property whatsoever without first obtaining the written
approval of the board of directors. The action of the board of directors in connection with the
loans and discounts required under this section shall be made a matter of permanent record in
the minute books of the banking association. Any shareholder, officer, or director of any banking
association who knowingly shall violate the provisions of this section shall be held liable in the
person's personal and individual capacity for all loss or damage which the association or any
person shall sustain in consequence thereof and shall be guilty of a class B misdemeanor. The
commissioner may require, at any time, the payment or repurchase of loans, securities, or
obligations herein referred to.
shareholders - Restrictions - Conditions - Penalty - Civil liability.
At no time may any combination of loans or extensions of credit or both made by a state
banking association to an officer of that association exceed the limitation on loans to one person
or concern specified in section 6-03-59, federal law, or federal rule.
No director, officer, or employee of a bank shall sell to such bank, directly or indirectly, any
mortgage, bond, note, stock, or other property whatsoever without first obtaining the written
approval of the board of directors. The action of the board of directors in connection with the
loans and discounts required under this section shall be made a matter of permanent record in
the minute books of the banking association. Any shareholder, officer, or director of any banking
association who knowingly shall violate the provisions of this section shall be held liable in the
person's personal and individual capacity for all loss or damage which the association or any
person shall sustain in consequence thereof and shall be guilty of a class B misdemeanor. The
commissioner may require, at any time, the payment or repurchase of loans, securities, or
obligations herein referred to.
Status: in_force · Read it on the official government site
Need a lawyer in North Dakota?
Find a North Dakota lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.