N.D. Cent. Code § 6-06-20
This is the official text of N.D. Cent. Code § 6-06-20, 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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6-06-20. Borrowings of directors and committee members limited - Repayment of loans
Official statutory text
6-06-20. Borrowings of directors and committee members limited - Repayment of
loans.
A director or member of any committee may not borrow from the credit union in which the
director or member holds office more than one hundred thousand dollars plus pledged shares
and deposits less any loan balance therein, unless the application is approved by three-fourths
of the other members of the board of directors. The director or member may guarantee or
endorse paper for other borrowers. A borrower may repay the borrower's loan in whole or in part
on any day that the office of the credit union is open for business.
loans.
A director or member of any committee may not borrow from the credit union in which the
director or member holds office more than one hundred thousand dollars plus pledged shares
and deposits less any loan balance therein, unless the application is approved by three-fourths
of the other members of the board of directors. The director or member may guarantee or
endorse paper for other borrowers. A borrower may repay the borrower's loan in whole or in part
on any day that the office of the credit union is open for business.
Status: in_force · Read it on the official government site
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