N.D. Cent. Code § 6-07.1-01
This is the official text of N.D. Cent. Code § 6-07.1-01, 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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6-07.1-01. Action to close state trust company
Official statutory text
6-07.1-01. Action to close state trust company
The commissioner or board may close and liquidate a state trust company on finding that
the interests of its clients and creditors are jeopardized by the state trust company's insolvency
or imminent insolvency or that the best interests of clients and creditors would be served by
requiring that the state trust company be closed and its assets liquidated. A majority of the state
trust company's directors, managers, or managing participants may voluntarily close the state
trust company and place it with the commissioner for liquidation.
The commissioner or board may close and liquidate a state trust company on finding that
the interests of its clients and creditors are jeopardized by the state trust company's insolvency
or imminent insolvency or that the best interests of clients and creditors would be served by
requiring that the state trust company be closed and its assets liquidated. A majority of the state
trust company's directors, managers, or managing participants may voluntarily close the state
trust company and place it with the commissioner for liquidation.
Status: in_force · Read it on the official government site
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