N.D. Cent. Code § 6-08.4-08
This is the official text of N.D. Cent. Code § 6-08.4-08, 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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6-08.4-08. Powers of industrial bank
Official statutory text
6-08.4-08. Powers of industrial bank
An industrial bank may not accept deposits or make loans at a commercial location unless
the industrial bank is owned by a financial holding company as defined in 12 U.S.C. 1841(p).
For purposes of this section, "commercial location" means a location owned, operated, leased,
or otherwise controlled by an entity that derives fifteen percent or more of its annual gross
revenues, on a consolidated basis, including all affiliates of the entity, from engaging, on an
ongoing basis, in activities that are not financial in nature or incidental to a financial activity
during at least three of the prior four calendar quarters, as determined by the department of
financial institutions.
An industrial bank may not accept deposits or make loans at a commercial location unless
the industrial bank is owned by a financial holding company as defined in 12 U.S.C. 1841(p).
For purposes of this section, "commercial location" means a location owned, operated, leased,
or otherwise controlled by an entity that derives fifteen percent or more of its annual gross
revenues, on a consolidated basis, including all affiliates of the entity, from engaging, on an
ongoing basis, in activities that are not financial in nature or incidental to a financial activity
during at least three of the prior four calendar quarters, as determined by the department of
financial institutions.
Status: in_force · Read it on the official government site
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