6-02 Organization and Qualification of Banks

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CHAPTER 6-02ORGANIZATION AND QUALIFICATION OF BANKS6-02-01. Compliance with chapters required - Penalty for noncompliance.1.No person, firm, company, copartnership, or corporation, either domestic or foreign,<br>not organized under this chapter or authorized to take on banking powers under this<br>section, except national banking corporations, banks organized under the laws of<br>another state, domestic or foreign bank holding companies, their affiliates, bona fide<br>financial institution trade associations and their affiliates, and the Bank of North<br>Dakota, may make use of or display in connection with its business, in signs,<br>letterheads, advertising, or in any other way, such words as "bank", "banker", or<br>"banking", or any other word or words of like import, nor may any person or concern<br>do or perform anything in the nature of the business of a bank until and unless such<br>business is regularly organized or authorized under this chapter.Upon writtenrequest, the commissioner may grant an exemption to this section if the<br>commissioner finds that use of the words "bank", "banker", or "banking", or words of<br>like import, are not reasonably likely to cause confusion or lead the public to believe<br>that the person requesting the exemption is a bank, holding company, trade<br>association, or affiliate authorized under this section or is conducting a business<br>subject to the jurisdiction of the department. In granting an exemption under this<br>section, the commissioner may restrict or condition the exemption and use of the<br>name or word or the activities of an exempt person as the commissioner considers<br>appropriate to protect the public interest.2.If any firm or corporation organized prior to July 1, 1931, has been granted a charter<br>permitting it to use any word, words, or title contrary to the intent of this section, and<br>by reason of its rights under such charter this section may not be enforced against it<br>during the life of such charter, no renewal charter may be granted to such person,<br>firm, or corporation permitting the continuance of the use of such word, words, or<br>title contrary to or in violation of this section. Any person, firm, or corporation which,<br>by reason of an existing charter right under any law or statute in effect prior to July 1,<br>1931, may be held by the courts not to be affected by this section and which<br>therefore refuses to comply with this section, during the period of noncompliance,<br>shall prominently and continuously display in plain, legible, and clearly discernible<br>lettering on all of its signs, stationery, circulars, and advertising, and in all of its<br>printed or written matter, the following words and language: "NOT UNDER THE<br>SUPERVISION OF THE STATE BANKING BOARD OR THE COMMISSIONER OF<br>FINANCIAL INSTITUTIONS".Such language must be displayed as prominentlythereon as is other matter therein.3.Any person, firm, company, copartnership, or corporation, domestic or foreign,<br>violating any provision of this section shall forfeit to the state one hundred dollars for<br>every day or part thereof during which such violation continues. In an action brought<br>by the commissioner or any aggrieved person, the court may issue an injunction<br>restraining any such person, firm, company, copartnership, or corporation from<br>further using such words, terms, or phrases in violation of this section or from further<br>transacting business in such way or manner as to lead the public to believe that its<br>business is in whole or in part of the nature of a bank, or that it is under the<br>supervision of the state banking board or the commissioner.6-02-02. Banking corporations - Who may form. An association for carrying on thebusiness of banking under this title may be formed by any number of natural persons, not less<br>than three, at least two-thirds of whom must be residents of this state. They shall enter into<br>articles of association which must specify in general terms the object for which the association is<br>formed and which may contain any other provisions, not inconsistent with law, which the<br>association may see fit to adopt for the regulation of its business and the conduct of its affairs.Page No. 1These articles must be signed and acknowledged by the persons uniting to form the association<br>and must be filed in the office of the secretary of state.6-02-02.1.Nonbank bank not qualified to do business.It is unlawful for anyorganization, association, or corporation, which owns or controls an institution insured by the<br>federal deposit insurance corporation, to own or control an institution insured by the federal<br>deposit insurance corporation or eligible to be insured by the federal deposit insurance<br>corporation which accepts deposits that the depositor has a legal right to withdraw on demand or<br>engages in the business of making commercial loans but does not do both.6-02-03. Capital stock, surplus, and federal deposit insurance requirements. Thecapital stock of any banking association organized after June 30, 1987, must be not less than<br>one hundred thousand dollars.In addition to such capital requirements, there must besubscribed and paid in at the time of organization a surplus of not less than fifty thousand dollars.<br>The state banking board may require such additional capital, surplus, and undivided profits as it<br>may determine necessary to properly serve the area and to protect the public interest. All of the<br>capital stock and surplus of every association must be paid in before it is authorized to<br>commence business and evidence of such payment either in actual money or a deposit in a<br>previously approved correspondent bank must be furnished to the commissioner before the<br>certificate of authority may be delivered to it. A banking association shall secure federal deposit<br>insurance corporation insurance of deposits before it is authorized to commence business.<br>Evidence of securing such insurance must be furnished to the commissioner before the<br>certificate of authority may be delivered to the banking association.6-02-04. Organization certificate - Contents. The persons uniting to form such anorganization shall prepare an organization certificate, bearing their signatures, which must state<br>specifically:1.The name assumed by such association, and such name may not be the name of<br>any other bank in this state, nor of any bank heretofore incorporated in the state of<br>North Dakota.2.The place where the business of discount and deposit is to be carried on.3.The amount of the capital stock and the number of shares into which the same must<br>be divided.4.The names and places of residence of the shareholders and the number of shares<br>held by each of them.5.The respective dates at which such bank shall commence and terminate business.6-02-05. Acknowledgment of organization certificate - Application for certificate ofauthority - Notice of hearing. The organization certificate must be acknowledged before a<br>notary public, and, together with the acknowledgment thereof, must be authenticated by the seal<br>of the notary.The same thereupon must be transmitted to the state banking board with arequest for permission to present the same to the secretary of state, with application for the<br>issuance of a certificate of authority. Upon receiving such organization certificate, the board shall<br>cause notice of the application therefor to be published in the official newspaper of the county<br>within which such association is proposed to be established.Such notice must contain astatement of a time when and place where the board will hear such application and must specify<br>that any person objecting thereto may appear and show cause why such application should not<br>be approved. Upon the consolidation of banks, acquisition pursuant to section 6-07-04.2, or the<br>conversion of a national bank to a state bank, notice of such hearing need not be given.6-02-06. Hearing by board - Conclusions - Management.1.At the time and place stated, and through any sources of information at its<br>command, the board diligently shall inquire whether the place where such bankingPage No. 2association is proposed to be located is in need of further banking facilities, whether<br>the proposed association is adapted to the filling of such need, and whether the<br>proposed incorporators are possessed of such character, integrity, reputation, and<br>financial standing as shown by a detailed financial statement to be furnished by<br>them, and such statement to be held confidential by the board, that their connection<br>with the banking association will be beneficial to the public welfare of the community<br>in which such bank is proposed to be established. The board shall hear any reasons<br>advanced by the applicants why they should be permitted to organize the proposed<br>association and any reasons advanced by any person why such association should<br>not be permitted to be organized. At the termination of such hearing, the board shall<br>make a statement in writing of its conclusions and conditions if any, and if it finds<br>that the proposed association should not be permitted to organize, it shall state the<br>reasons why. If approval is granted, a copy of the board's order must be attached to<br>the organization certificate and both must be presented to the secretary of state. A<br>determination in favor of such organization must be joined in by a majority of all the<br>members of the board.2.If the proposed association is permitted to organize, the state banking board shall<br>inquire into the qualifications of the management of the proposed bank, including<br>experience with financial institutions and other related experience.The board'sinquiry into the qualifications of management are confidential.6-02-07.Determination of board - Recording of organization certificate.If thedetermination of the state banking board is in favor of the applicants, the organization certificate<br>and permission of the board accompanying the same must be recorded in the office of the<br>recorder of the county in which such banking association is to be established, and the same must<br>be transmitted to and received by the secretary of state. The secretary of state shall record and<br>carefully preserve it in the secretary of state's office and shall certify the facts to the state banking<br>board. The secretary of state then shall issue a certificate of authority to the corporation, and<br>such certificate of authority must be transmitted to and held by the commissioner until an<br>examination is made and the certificate of the commissioner or the deputy examiner procured to<br>the effect that the capital stock and required surplus have been paid in full, that federal deposit<br>insurance corporation insurance of deposits has been secured, and that all conditions of the law<br>have been complied with strictly. If the determination of the state banking board is against the<br>said application, such organization certificate must not be recorded in the office of the recorder,<br>and, if presented, it must not be accepted by the secretary of state.6-02-08. Certificate and authorization published. Repealed by S.L. 1969, ch. 101,</div></article><aside class="right-sidebar"><div class="related-sidebar"><h3><span class="emoji">⚖️</span> State Laws</h3><ul class="state-laws-list"><li><a href="https://state-laws.laws.com/state-of-alabama">The State Laws of Alabama</a></li><li><a href="https://state-laws.laws.com/state-of-alaska">The State Laws of Alaska</a></li><li><a href="https://state-laws.laws.com/state-of-arizona">The State Laws of Arizona</a></li><li><a href="https://state-laws.laws.com/state-of-arkansas">The State Laws of Arkansas</a></li><li><a href="https://state-laws.laws.com/state-of-california">The State Laws of California</a></li><li><a href="https://state-laws.laws.com/state-of-colorado">The State Laws of Colorado</a></li><li><a href="https://state-laws.laws.com/state-of-connecticut">The State Laws of Connecticut</a></li><li><a href="https://state-laws.laws.com/state-of-delaware">The State Laws of Delaware</a></li><li><a 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height:815px; text-align:center;\"\u003eLoading PDF...\u003c/div\u003e\u003cscript type=\"text/javascript\"\u003e var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t06/pdf/t06c02.pdf'; $(document).ready(function() { var embedwindow = $(\"#embed_document\"); if ($.browser.msie){ embedwindow.html('\u003cembed src=\"'+pdf_url+'\" width=\"100%\" height=\"100%\"\u003e\u003c/embed\u003e'); } else { embedwindow.html('\u003ciframe style=\"width:100%; height:100%;\" src=\"https://docs.google.com/gview?url='+window.escape(pdf_url)+'\u0026embedded=true\" frameborder=\"0\"\u003e\u003c/iframe\u003e'); } });\u003c/script\u003e\u003cbr\u003e\u003cbr\u003e\u003cnoframes\u003eCHAPTER 6-02ORGANIZATION AND QUALIFICATION OF BANKS6-02-01. Compliance with chapters required - Penalty for noncompliance.1.No person, firm, company, copartnership, or corporation, either domestic or foreign,\u003cbr\u003enot organized under this chapter or authorized to take on banking powers under this\u003cbr\u003esection, except national banking corporations, banks organized under the laws of\u003cbr\u003eanother state, domestic or foreign bank holding companies, their affiliates, bona fide\u003cbr\u003efinancial institution trade associations and their affiliates, and the Bank of North\u003cbr\u003eDakota, may make use of or display in connection with its business, in signs,\u003cbr\u003eletterheads, advertising, or in any other way, such words as \u0026quot;bank\u0026quot;, \u0026quot;banker\u0026quot;, or\u003cbr\u003e\u0026quot;banking\u0026quot;, or any other word or words of like import, nor may any person or concern\u003cbr\u003edo or perform anything in the nature of the business of a bank until and unless such\u003cbr\u003ebusiness is regularly organized or authorized under this chapter.Upon writtenrequest, the commissioner may grant an exemption to this section if the\u003cbr\u003ecommissioner finds that use of the words \u0026quot;bank\u0026quot;, \u0026quot;banker\u0026quot;, or \u0026quot;banking\u0026quot;, or words of\u003cbr\u003elike import, are not reasonably likely to cause confusion or lead the public to believe\u003cbr\u003ethat the person requesting the exemption is a bank, holding company, trade\u003cbr\u003eassociation, or affiliate authorized under this section or is conducting a business\u003cbr\u003esubject to the jurisdiction of the department. In granting an exemption under this\u003cbr\u003esection, the commissioner may restrict or condition the exemption and use of the\u003cbr\u003ename or word or the activities of an exempt person as the commissioner considers\u003cbr\u003eappropriate to protect the public interest.2.If any firm or corporation organized prior to July 1, 1931, has been granted a charter\u003cbr\u003epermitting it to use any word, words, or title contrary to the intent of this section, and\u003cbr\u003eby reason of its rights under such charter this section may not be enforced against it\u003cbr\u003eduring the life of such charter, no renewal charter may be granted to such person,\u003cbr\u003efirm, or corporation permitting the continuance of the use of such word, words, or\u003cbr\u003etitle contrary to or in violation of this section. Any person, firm, or corporation which,\u003cbr\u003eby reason of an existing charter right under any law or statute in effect prior to July 1,\u003cbr\u003e1931, may be held by the courts not to be affected by this section and which\u003cbr\u003etherefore refuses to comply with this section, during the period of noncompliance,\u003cbr\u003eshall prominently and continuously display in plain, legible, and clearly discernible\u003cbr\u003elettering on all of its signs, stationery, circulars, and advertising, and in all of its\u003cbr\u003eprinted or written matter, the following words and language: \u0026quot;NOT UNDER THE\u003cbr\u003eSUPERVISION OF THE STATE BANKING BOARD OR THE COMMISSIONER OF\u003cbr\u003eFINANCIAL INSTITUTIONS\u0026quot;.Such language must be displayed as prominentlythereon as is other matter therein.3.Any person, firm, company, copartnership, or corporation, domestic or foreign,\u003cbr\u003eviolating any provision of this section shall forfeit to the state one hundred dollars for\u003cbr\u003eevery day or part thereof during which such violation continues. In an action brought\u003cbr\u003eby the commissioner or any aggrieved person, the court may issue an injunction\u003cbr\u003erestraining any such person, firm, company, copartnership, or corporation from\u003cbr\u003efurther using such words, terms, or phrases in violation of this section or from further\u003cbr\u003etransacting business in such way or manner as to lead the public to believe that its\u003cbr\u003ebusiness is in whole or in part of the nature of a bank, or that it is under the\u003cbr\u003esupervision of the state banking board or the commissioner.6-02-02. Banking corporations - Who may form. An association for carrying on thebusiness of banking under this title may be formed by any number of natural persons, not less\u003cbr\u003ethan three, at least two-thirds of whom must be residents of this state. They shall enter into\u003cbr\u003earticles of association which must specify in general terms the object for which the association is\u003cbr\u003eformed and which may contain any other provisions, not inconsistent with law, which the\u003cbr\u003eassociation may see fit to adopt for the regulation of its business and the conduct of its affairs.Page No. 1These articles must be signed and acknowledged by the persons uniting to form the association\u003cbr\u003eand must be filed in the office of the secretary of state.6-02-02.1.Nonbank bank not qualified to do business.It is unlawful for anyorganization, association, or corporation, which owns or controls an institution insured by the\u003cbr\u003efederal deposit insurance corporation, to own or control an institution insured by the federal\u003cbr\u003edeposit insurance corporation or eligible to be insured by the federal deposit insurance\u003cbr\u003ecorporation which accepts deposits that the depositor has a legal right to withdraw on demand or\u003cbr\u003eengages in the business of making commercial loans but does not do both.6-02-03. Capital stock, surplus, and federal deposit insurance requirements. Thecapital stock of any banking association organized after June 30, 1987, must be not less than\u003cbr\u003eone hundred thousand dollars.In addition to such capital requirements, there must besubscribed and paid in at the time of organization a surplus of not less than fifty thousand dollars.\u003cbr\u003eThe state banking board may require such additional capital, surplus, and undivided profits as it\u003cbr\u003emay determine necessary to properly serve the area and to protect the public interest. All of the\u003cbr\u003ecapital stock and surplus of every association must be paid in before it is authorized to\u003cbr\u003ecommence business and evidence of such payment either in actual money or a deposit in a\u003cbr\u003epreviously approved correspondent bank must be furnished to the commissioner before the\u003cbr\u003ecertificate of authority may be delivered to it. A banking association shall secure federal deposit\u003cbr\u003einsurance corporation insurance of deposits before it is authorized to commence business.\u003cbr\u003eEvidence of securing such insurance must be furnished to the commissioner before the\u003cbr\u003ecertificate of authority may be delivered to the banking association.6-02-04. Organization certificate - Contents. The persons uniting to form such anorganization shall prepare an organization certificate, bearing their signatures, which must state\u003cbr\u003especifically:1.The name assumed by such association, and such name may not be the name of\u003cbr\u003eany other bank in this state, nor of any bank heretofore incorporated in the state of\u003cbr\u003eNorth Dakota.2.The place where the business of discount and deposit is to be carried on.3.The amount of the capital stock and the number of shares into which the same must\u003cbr\u003ebe divided.4.The names and places of residence of the shareholders and the number of shares\u003cbr\u003eheld by each of them.5.The respective dates at which such bank shall commence and terminate business.6-02-05. Acknowledgment of organization certificate - Application for certificate ofauthority - Notice of hearing. The organization certificate must be acknowledged before a\u003cbr\u003enotary public, and, together with the acknowledgment thereof, must be authenticated by the seal\u003cbr\u003eof the notary.The same thereupon must be transmitted to the state banking board with arequest for permission to present the same to the secretary of state, with application for the\u003cbr\u003eissuance of a certificate of authority. Upon receiving such organization certificate, the board shall\u003cbr\u003ecause notice of the application therefor to be published in the official newspaper of the county\u003cbr\u003ewithin which such association is proposed to be established.Such notice must contain astatement of a time when and place where the board will hear such application and must specify\u003cbr\u003ethat any person objecting thereto may appear and show cause why such application should not\u003cbr\u003ebe approved. Upon the consolidation of banks, acquisition pursuant to section 6-07-04.2, or the\u003cbr\u003econversion of a national bank to a state bank, notice of such hearing need not be given.6-02-06. Hearing by board - Conclusions - Management.1.At the time and place stated, and through any sources of information at its\u003cbr\u003ecommand, the board diligently shall inquire whether the place where such bankingPage No. 2association is proposed to be located is in need of further banking facilities, whether\u003cbr\u003ethe proposed association is adapted to the filling of such need, and whether the\u003cbr\u003eproposed incorporators are possessed of such character, integrity, reputation, and\u003cbr\u003efinancial standing as shown by a detailed financial statement to be furnished by\u003cbr\u003ethem, and such statement to be held confidential by the board, that their connection\u003cbr\u003ewith the banking association will be beneficial to the public welfare of the community\u003cbr\u003ein which such bank is proposed to be established. The board shall hear any reasons\u003cbr\u003eadvanced by the applicants why they should be permitted to organize the proposed\u003cbr\u003eassociation and any reasons advanced by any person why such association should\u003cbr\u003enot be permitted to be organized. At the termination of such hearing, the board shall\u003cbr\u003emake a statement in writing of its conclusions and conditions if any, and if it finds\u003cbr\u003ethat the proposed association should not be permitted to organize, it shall state the\u003cbr\u003ereasons why. If approval is granted, a copy of the board's order must be attached to\u003cbr\u003ethe organization certificate and both must be presented to the secretary of state. A\u003cbr\u003edetermination in favor of such organization must be joined in by a majority of all the\u003cbr\u003emembers of the board.2.If the proposed association is permitted to organize, the state banking board shall\u003cbr\u003einquire into the qualifications of the management of the proposed bank, including\u003cbr\u003eexperience with financial institutions and other related experience.The board'sinquiry into the qualifications of management are confidential.6-02-07.Determination of board - Recording of organization certificate.If thedetermination of the state banking board is in favor of the applicants, the organization certificate\u003cbr\u003eand permission of the board accompanying the same must be recorded in the office of the\u003cbr\u003erecorder of the county in which such banking association is to be established, and the same must\u003cbr\u003ebe transmitted to and received by the secretary of state. The secretary of state shall record and\u003cbr\u003ecarefully preserve it in the secretary of state's office and shall certify the facts to the state banking\u003cbr\u003eboard. The secretary of state then shall issue a certificate of authority to the corporation, and\u003cbr\u003esuch certificate of authority must be transmitted to and held by the commissioner until an\u003cbr\u003eexamination is made and the certificate of the commissioner or the deputy examiner procured to\u003cbr\u003ethe effect that the capital stock and required surplus have been paid in full, that federal deposit\u003cbr\u003einsurance corporation insurance of deposits has been secured, and that all conditions of the law\u003cbr\u003ehave been complied with strictly. If the determination of the state banking board is against the\u003cbr\u003esaid application, such organization certificate must not be recorded in the office of the recorder,\u003cbr\u003eand, if presented, it must not be accepted by the secretary of state.6-02-08. Certificate and authorization published. 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