N.D. Cent. Code § 6-06.2-10

6-06.2-10. Application for conversion

1. A banking institution, credit union, or financial institution may be converted to a

cooperative financial institution under this chapter through submission of an

application, which must include:

a. A statement of the results of the vote to approve the conversion, along with

affidavits of the president or vice president and secretary;

b. A completed form, prescribed by the commissioner, requesting an amendment to

the organization certificate;

c. A copy of the executed bylaws to establish the cooperative financial institution;

d. An application fee, as established by the commissioner by rule; and

e. An affirmation from the organization granting discretionary authority to the

commissioner to conduct an examination before the conversion date.

2. The commissioner shall set fees for an examination at an hourly rate sufficient to cover

all reasonable expenses of the department associated with the examination. Fees

must be collected by the commissioner, transferred to the state treasurer, and

deposited in the financial institutions regulatory fund.

3. When the commissioner determines all requirements have been met, the

commissioner shall notify the applicant and the state banking board. The board shall

instruct the secretary of state to issue an amended organization certificate for the

converted organization to operate as a cooperative financial institution. After issuance

of the amended organization certificate, the organization becomes a cooperative

financial institution and ceases to operate as originally organized. The cooperative

financial institution is vested with all assets of the prior organization and is responsible

for all of the obligations of the converted organization to the same extent as though the

conversion had not taken place.