N.D. Cent. Code § 6-06.2-08
This is the official text of N.D. Cent. Code § 6-06.2-08, 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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6-06.2-08. Determination of board - Recording of organization certificate
Official statutory text
6-06.2-08. Determination of board - Recording of organization certificate
1. If the state banking board votes to approve the application to organize a cooperative
financial institution, the organization certificate and permission of the board must be
recorded in the county where the cooperative financial institution will be established
and must be transmitted to the secretary of state.
2. The secretary of state shall certify the facts to the state banking board and record the
document in the secretary of state's office. The secretary of state shall issue a
certificate of authority to the cooperative financial institution.
3. The secretary of state shall send the certificate to the commissioner. The
commissioner may not issue the certificate until an examination is made and the
certificate of the commissioner stating the capital structure as required by the state
banking board has been acquired, federal deposit insurance corporation insurance of
deposits has been secured, and all conditions of the law have been complied with
strictly.
4. If the determination of the state banking board is against the organization of the
cooperative financial institution, the organization certificate may not be recorded in the
office of the recorder and may not be accepted by the secretary of state.
1. If the state banking board votes to approve the application to organize a cooperative
financial institution, the organization certificate and permission of the board must be
recorded in the county where the cooperative financial institution will be established
and must be transmitted to the secretary of state.
2. The secretary of state shall certify the facts to the state banking board and record the
document in the secretary of state's office. The secretary of state shall issue a
certificate of authority to the cooperative financial institution.
3. The secretary of state shall send the certificate to the commissioner. The
commissioner may not issue the certificate until an examination is made and the
certificate of the commissioner stating the capital structure as required by the state
banking board has been acquired, federal deposit insurance corporation insurance of
deposits has been secured, and all conditions of the law have been complied with
strictly.
4. If the determination of the state banking board is against the organization of the
cooperative financial institution, the organization certificate may not be recorded in the
office of the recorder and may not be accepted by the secretary of state.
Status: in_force · Read it on the official government site
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