6-07 Dissolution, Insolvency, Suspension, and Liquidation

Loading PDF...

CHAPTER 6-07DISSOLUTION, INSOLVENCY, SUSPENSION, AND LIQUIDATION6-07-01.Application to court for voluntary dissolution - Stockholder or officercannot withdraw or transfer stock.Any association or corporation organized under theprovisions of this title, except the Bank of North Dakota, may be dissolved upon its voluntary<br>application by the district court of the county where its office or principal place of business is<br>situated.The application must be in writing and must set forth that at a meeting of thestockholders, shareholders, or members called for that purpose, the dissolution was resolved<br>upon by a two-thirds vote of the capital stock outstanding, and that all claims and demands<br>against the association or corporation have been satisfied and discharged. The application must<br>be signed by a majority of the board of directors, or other officers having the management of the<br>affairs of the association or corporation, and must be verified in the same manner as a complaint<br>in a civil action. No stockholder or officer of such association or corporation may be permitted to<br>withdraw from the association or corporation, nor to dispose of or surrender the person's shares<br>of stock in the same, after the making or filing of the application for dissolution and prior to the<br>final determination of the proceedings thereon.6-07-02. Procedure on application for voluntary dissolution - Appeal - Notice tosecretary of state and commissioner.If the court is satisfied that the application is inconformity with section 6-07-01, it must order that the application be filed, and that the clerk give<br>not less than thirty nor more than sixty days' notice of the application by publication in some<br>newspaper published in the county, and if there is none such, then by advertisement posted in<br>five of the principal public places in the county. A certified copy of the application must be filed<br>with the commissioner within ten days after the filing of the application with the court. At any time<br>before the expiration of the time of publication, any person may file that person's objections to the<br>application. Before the final hearing and determination on the application, the commissioner<br>shall make a thorough examination of the affairs of such association or corporation, and shall file<br>a certified statement of such examination with the clerk of court of the county where such<br>application is made, and such statement must be a part of the record in the case. After the time<br>of publication has expired, the court, upon five days' notice to the persons who have filed<br>objections, or without further notice if no objections have been filed, may proceed to hear and<br>determine the application, and if all the statements therein made are shown to be true, the court<br>shall declare the association or corporation dissolved.The application, notices and proof ofpublication thereof, objections, if any, and the order of dissolution constitute the judgment roll,<br>and an appeal may be taken in the same manner as in other actions. Upon the dissolution by<br>the court, the clerk of said court forthwith shall send a copy of the order of dissolution to the<br>secretary of state, who shall file such order with the original organization certificate, and<br>immediately shall certify the dissolution to the commissioner.6-07-03. Banks deemed insolvent. A bank is deemed insolvent when:1.The actual value of its assets is insufficient to pay its liabilities;2.It is unable to meet the demands of its creditors in the usual and customary manner;3.It fails to make good its reserve as required by law; or4.It fails to comply with any lawful order of the state banking board within any time<br>specified therein.6-07-04.Property of insolvent bank exempt from attachment and execution -Appointment of receiver postponed. The property of an insolvent bank is not subject to<br>attachment or execution. A receiver may not be appointed for any bank during such reasonable<br>time as the commissioner may require for examination. If the commissioner finds a bank to be<br>insolvent upon examination, the commissioner shall take possession of its books, records, and<br>other property and shall certify the fact of such insolvency to the state banking board.ThePage No. 1commissioner may collect moneys due to any bank of which the commissioner takes possession<br>and may do such other acts as are necessary to conserve its assets and business.6-07-04.1.Insolvent bank - Order to show cause hearing - Exception.Upon adetermination by the commissioner that any bank is insolvent, the commissioner may order the<br>bank to inject capital in an amount determined by the commissioner to be sufficient to permit the<br>bank to operate in a safe and sound condition or show cause why it should not be declared<br>insolvent by the state banking board. The commissioner's order must include the basis for the<br>commissioner's determination, with reasonable specificity, and identify and attach the pages or<br>portions of the examination report or other documents supporting that determination. The order<br>to show cause hearing must be heard by the state banking board. The minimum notice for the<br>hearing is three business days. In the commissioner's order to inject capital or show cause why<br>it should not be declared insolvent by the state banking board, the commissioner shall indicate<br>whether a purchase and assumption transaction is contemplated if the banking board declares<br>the bank insolvent. If the state banking board determines that the bank is insolvent, the board<br>shall appoint a receiver. The receiver shall exercise its powers as set forth in this chapter.The hearing provided for in this section is not required when the bank is in violation of anexisting final capital order and the state banking board has determined that an emergency exists<br>which may result in serious losses to the depositors. In such a case, the state banking board<br>may declare the bank insolvent without a hearing and appoint a receiver. The receiver shall<br>exercise all powers as set forth in this chapter.Recourse may be taken from actions taken under this section only in accordance with theprovisions of section 6-07-14.6-07-04.2. Acquisition of an institution. The receiver of an insolvent institution or thestate banking board, when it has acquired possession of the institution for the purpose of<br>acquisition pursuant to section 6-07-10, may permit the acquisition of the financial institution.<br>The state banking board may grant approval under this chapter for applications for the<br>organization of a state bank or establishment of facilities. The receiver of an insolvent institution<br>or board, when acting under the provisions of this section, may reject any and all bids.The procedures may be modified by the state banking board to the extent the boarddeems necessary under the circumstances. No notice of application need be given and no public<br>hearing need be held.6-07-05. Examiner may relinquish control of insolvent bank. Whenever, after theexamination mentioned in section 6-07-04 and before the appointment of a receiver, the<br>examiner finds that the bank is in such condition that all of its creditors, excluding its<br>stockholders, can be paid in full from its assets, the examiner may relinquish possession of its<br>property to its proper officers, and such bank, with the consent of the examiner, may resume<br>business, or, after payment of its depositors, may liquidate upon such conditions as may be<br>approved by the examiner. Such banks shall pay into the state treasury a fee of ten dollars per<br>day and the hotel and traveling expenses of the examiner or deputy examiner who has been in<br>charge of the bank.6-07-06. Insolvent bank or officer receiving deposit - Penalty. No banking institutionmay accept or receive on deposit, with or without interest, any coins, notes, bills, drafts, checks,<br>or certificates circulating as money or currency, when such banking institution is insolvent under<br>subsection 1 of section 6-07-03. If any such institution receives or accepts or deposits any such<br>deposits as aforesaid when insolvent, any officer, director, cashier, or manager thereof, knowing<br>of such insolvency, who knowingly receives or accepts, is accessory or permits or connives at<br>receiving or accepting on deposit therein or thereby, any such deposit as aforesaid, is guilty of a<br>class B felony.6-07-07. Insolvencies deemed fraudulent. Every insolvency of a moneyed corporationor association is deemed fraudulent unless, upon investigation, its affairs appear to have beenPage No. 2administered fairly and legally, and generally with the same care and diligence that agents<br>receiving a compensation for their services are bound by law to observe.6-07-08. Directors participating in fraudulent insolvency - Penalty. In every case ofa fraudulent insolvency of a moneyed corporation or association, every director thereof who<br>participated in such fraud, if no other punishment is prescribed therefor by this code, is guilty of a<br>class B felony.6-07-09.Reopening bank without receivership on agreement of depositors.Repealed by S.L. 1991, ch. 87,</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 href="https://state-laws.laws.com/state-of-florida">The State Laws of Florida</a></li><li><a href="https://state-laws.laws.com/state-of-georgia">The State Laws of Georgia</a></li><li><a href="https://state-laws.laws.com/state-of-hawaii">The State Laws of Hawaii</a></li><li><a href="https://state-laws.laws.com/state-of-idaho">The State Laws of Idaho</a></li><li><a href="https://state-laws.laws.com/state-of-illinois">The State Laws of Illinois</a></li><li><a href="https://state-laws.laws.com/state-of-indiana">The State Laws of Indiana</a></li><li><a href="https://state-laws.laws.com/state-of-iowa">The State Laws of Iowa</a></li><li><a href="https://state-laws.laws.com/state-of-kansas">The State Laws of Kansas</a></li><li><a href="https://state-laws.laws.com/state-of-kentucky">The State Laws of Kentucky</a></li><li><a href="https://state-laws.laws.com/state-of-louisiana">The State Laws of Louisiana</a></li><li><a href="https://state-laws.laws.com/state-of-maine">The State Laws of Maine</a></li><li><a href="https://state-laws.laws.com/state-of-maryland">The State Laws of Maryland</a></li><li><a href="https://state-laws.laws.com/state-of-massachusetts">The State Laws of Massachusetts</a></li><li><a href="https://state-laws.laws.com/state-of-michigan">The State Laws of Michigan</a></li><li><a href="https://state-laws.laws.com/state-of-minnesota">The State Laws of Minnesota</a></li><li><a href="https://state-laws.laws.com/state-of-mississippi">The State Laws of Mississippi</a></li><li><a href="https://state-laws.laws.com/state-of-missouri">The State Laws of Missouri</a></li><li><a href="https://state-laws.laws.com/state-of-montana">The State Laws of Montana</a></li><li><a href="https://state-laws.laws.com/state-of-nebraska">The State Laws of Nebraska</a></li><li><a href="https://state-laws.laws.com/state-of-nevada">The State Laws of Nevada</a></li><li><a href="https://state-laws.laws.com/state-of-new-hampshire">The State Laws of New Hampshire</a></li><li><a href="https://state-laws.laws.com/state-of-new-jersey">The State Laws of New Jersey</a></li><li><a href="https://state-laws.laws.com/state-of-new-mexico">The State Laws of New Mexico</a></li><li><a href="https://state-laws.laws.com/state-of-new-york">The State Laws of New York</a></li><li><a href="https://state-laws.laws.com/state-of-north-carolina">The State Laws of North Carolina</a></li><li><a href="https://state-laws.laws.com/state-of-north-dakota">The State Laws of North Dakota</a></li><li><a href="https://state-laws.laws.com/state-of-ohio">The State Laws of Ohio</a></li><li><a href="https://state-laws.laws.com/state-of-oklahoma">The State Laws of Oklahoma</a></li><li><a href="https://state-laws.laws.com/state-of-oregon">The State Laws of Oregon</a></li><li><a href="https://state-laws.laws.com/state-of-pennsylvania">The State Laws of Pennsylvania</a></li><li><a href="https://state-laws.laws.com/state-of-rhode-island">The State Laws of Rhode Island</a></li><li><a href="https://state-laws.laws.com/state-of-south-carolina">The State Laws of South Carolina</a></li><li><a href="https://state-laws.laws.com/state-of-south-dakota">The State Laws of South Dakota</a></li><li><a href="https://state-laws.laws.com/state-of-tennessee">The State Laws of Tennessee</a></li><li><a href="https://state-laws.laws.com/state-of-texas">The State Laws of Texas</a></li><li><a href="https://state-laws.laws.com/state-of-utah">The State Laws of Utah</a></li><li><a href="https://state-laws.laws.com/state-of-vermont">The State Laws of Vermont</a></li><li><a href="https://state-laws.laws.com/state-of-virginia">The State Laws of Virginia</a></li><li><a href="https://state-laws.laws.com/state-of-washington">The State Laws of Washington</a></li><li><a href="https://state-laws.laws.com/state-of-west-virginia">The State Laws of West Virginia</a></li><li><a href="https://state-laws.laws.com/state-of-wisconsin">The State Laws of Wisconsin</a></li><li><a href="https://state-laws.laws.com/state-of-wyoming">The State Laws of Wyoming</a></li></ul></div></aside></div></section><footer class="footer"></footer><script src="/_next/static/chunks/2a2449c32e1f321b.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR" id="_R_" async=""></script><script>(self.__next_f=self.__next_f||[]).push([0])</script><script>self.__next_f.push([1,"1:\"$Sreact.fragment\"\n2:I[39756,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"default\"]\n3:I[37457,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"default\"]\n4:I[79520,[\"/_next/static/chunks/744355e03808d4c7.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"\"]\n6:I[97367,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"OutletBoundary\"]\n7:\"$Sreact.suspense\"\n9:I[97367,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"ViewportBoundary\"]\nb:I[97367,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"MetadataBoundary\"]\nd:I[68027,[\"/_next/static/chunks/ff1a16fafef87110.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/d2be314c3ece3fbe.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"default\"]\n:HL[\"https://fonts.googleapis.com/css2?family=SF+Pro+Display:wght@300;400;500;600;700\u0026display=swap\",\"style\"]\n:HL[\"/includes/statutes-pages.css?v=2\",\"style\"]\n"])</script><script>self.__next_f.push([1,"0:{\"P\":null,\"b\":\"QO7shand-zMNSFf865LMc\",\"c\":[\"\",\"north-dakota\",\"t-6\",\"t-6-c-7\",\"\"],\"q\":\"\",\"i\":false,\"f\":[[[\"\",{\"children\":[[\"state\",\"north-dakota\",\"d\"],{\"children\":[[\"slug\",\"t-6/t-6-c-7\",\"c\"],{\"children\":[\"__PAGE__\",{}]}]}]},\"$undefined\",\"$undefined\",true],[[\"$\",\"$1\",\"c\",{\"children\":[[[\"$\",\"script\",\"script-0\",{\"src\":\"/_next/static/chunks/744355e03808d4c7.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"async\":true,\"nonce\":\"$undefined\"}]],[\"$\",\"html\",null,{\"lang\":\"en\",\"children\":[[\"$\",\"head\",null,{\"children\":[[\"$\",\"meta\",null,{\"charSet\":\"UTF-8\"}],[\"$\",\"meta\",null,{\"name\":\"viewport\",\"content\":\"width=device-width, initial-scale=1.0\"}],[\"$\",\"link\",null,{\"rel\":\"preconnect\",\"href\":\"https://fonts.googleapis.com\"}],[\"$\",\"link\",null,{\"rel\":\"preconnect\",\"href\":\"https://fonts.gstatic.com\",\"crossOrigin\":\"anonymous\"}],[\"$\",\"link\",null,{\"href\":\"https://fonts.googleapis.com/css2?family=SF+Pro+Display:wght@300;400;500;600;700\u0026display=swap\",\"rel\":\"stylesheet\"}],[\"$\",\"link\",null,{\"rel\":\"stylesheet\",\"href\":\"/includes/statutes-pages.css?v=2\"}]]}],[\"$\",\"body\",null,{\"children\":[[\"$\",\"header\",null,{\"className\":\"header\"}],[\"$\",\"$L2\",null,{\"parallelRouterKey\":\"children\",\"error\":\"$undefined\",\"errorStyles\":\"$undefined\",\"errorScripts\":\"$undefined\",\"template\":[\"$\",\"$L3\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":[[[\"$\",\"title\",null,{\"children\":\"404: This page could not be found.\"}],[\"$\",\"div\",null,{\"style\":{\"fontFamily\":\"system-ui,\\\"Segoe UI\\\",Roboto,Helvetica,Arial,sans-serif,\\\"Apple Color Emoji\\\",\\\"Segoe UI Emoji\\\"\",\"height\":\"100vh\",\"textAlign\":\"center\",\"display\":\"flex\",\"flexDirection\":\"column\",\"alignItems\":\"center\",\"justifyContent\":\"center\"},\"children\":[\"$\",\"div\",null,{\"children\":[[\"$\",\"style\",null,{\"dangerouslySetInnerHTML\":{\"__html\":\"body{color:#000;background:#fff;margin:0}.next-error-h1{border-right:1px solid rgba(0,0,0,.3)}@media (prefers-color-scheme:dark){body{color:#fff;background:#000}.next-error-h1{border-right:1px solid rgba(255,255,255,.3)}}\"}}],[\"$\",\"h1\",null,{\"className\":\"next-error-h1\",\"style\":{\"display\":\"inline-block\",\"margin\":\"0 20px 0 0\",\"padding\":\"0 23px 0 0\",\"fontSize\":24,\"fontWeight\":500,\"verticalAlign\":\"top\",\"lineHeight\":\"49px\"},\"children\":404}],[\"$\",\"div\",null,{\"style\":{\"display\":\"inline-block\"},\"children\":[\"$\",\"h2\",null,{\"style\":{\"fontSize\":14,\"fontWeight\":400,\"lineHeight\":\"49px\",\"margin\":0},\"children\":\"This page could not be found.\"}]}]]}]}]],[]],\"forbidden\":\"$undefined\",\"unauthorized\":\"$undefined\"}],[\"$\",\"footer\",null,{\"className\":\"footer\"}],[\"$\",\"$L4\",null,{\"src\":\"/includes/statutes-inject.js?v=1\",\"strategy\":\"afterInteractive\"}]]}]]}]]}],{\"children\":[[\"$\",\"$1\",\"c\",{\"children\":[null,[\"$\",\"$L2\",null,{\"parallelRouterKey\":\"children\",\"error\":\"$undefined\",\"errorStyles\":\"$undefined\",\"errorScripts\":\"$undefined\",\"template\":[\"$\",\"$L3\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":\"$undefined\",\"forbidden\":\"$undefined\",\"unauthorized\":\"$undefined\"}]]}],{\"children\":[[\"$\",\"$1\",\"c\",{\"children\":[null,[\"$\",\"$L2\",null,{\"parallelRouterKey\":\"children\",\"error\":\"$undefined\",\"errorStyles\":\"$undefined\",\"errorScripts\":\"$undefined\",\"template\":[\"$\",\"$L3\",null,{}],\"templateStyles\":\"$undefined\",\"templateScripts\":\"$undefined\",\"notFound\":\"$undefined\",\"forbidden\":\"$undefined\",\"unauthorized\":\"$undefined\"}]]}],{\"children\":[[\"$\",\"$1\",\"c\",{\"children\":[\"$L5\",[[\"$\",\"script\",\"script-0\",{\"src\":\"/_next/static/chunks/7c92e96509cd355e.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"async\":true,\"nonce\":\"$undefined\"}]],[\"$\",\"$L6\",null,{\"children\":[\"$\",\"$7\",null,{\"name\":\"Next.MetadataOutlet\",\"children\":\"$@8\"}]}]]}],{},null,false,false]},null,false,false]},null,false,false]},null,false,false],[\"$\",\"$1\",\"h\",{\"children\":[null,[\"$\",\"$L9\",null,{\"children\":\"$La\"}],[\"$\",\"div\",null,{\"hidden\":true,\"children\":[\"$\",\"$Lb\",null,{\"children\":[\"$\",\"$7\",null,{\"name\":\"Next.Metadata\",\"children\":\"$Lc\"}]}]}],null]}],false]],\"m\":\"$undefined\",\"G\":[\"$d\",[]],\"S\":false}\n"])</script><script>self.__next_f.push([1,"a:[[\"$\",\"meta\",\"0\",{\"charSet\":\"utf-8\"}],[\"$\",\"meta\",\"1\",{\"name\":\"viewport\",\"content\":\"width=device-width, initial-scale=1\"}]]\n8:null\nc:[[\"$\",\"title\",\"0\",{\"children\":\"T-6-C-7 - North Dakota Statutes - LAWS.com\"}],[\"$\",\"meta\",\"1\",{\"name\":\"description\",\"content\":\"T-6-C-7 - North Dakota State Statutes and Laws\"}],[\"$\",\"link\",\"2\",{\"rel\":\"canonical\",\"href\":\"https://statutes.laws.com/north-dakota/t-6/t-6-c-7/\"}]]\n"])</script><script>self.__next_f.push([1,"e:I[22016,[\"/_next/static/chunks/744355e03808d4c7.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\",\"/_next/static/chunks/7c92e96509cd355e.js?dpl=dpl_AQPhqj6aLt1ver5KqnebmCuHPZxR\"],\"\"]\n"])</script><script>self.__next_f.push([1,"5:[[\"$\",\"nav\",null,{\"className\":\"breadcrumb\",\"children\":[\"$\",\"ul\",null,{\"className\":\"breadcrumb-list\",\"children\":[[\"$\",\"li\",null,{\"children\":[\"$\",\"a\",null,{\"href\":\"https://laws.com/\",\"children\":\"LAWS\"}]}],[\"$\",\"li\",null,{\"className\":\"breadcrumb-separator\",\"children\":\"\u003e\"}],[\"$\",\"li\",null,{\"children\":[\"$\",\"a\",null,{\"href\":\"/\",\"children\":\"STATUTES\"}]}],[\"$\",\"li\",null,{\"className\":\"breadcrumb-separator\",\"children\":\"\u003e\"}],[\"$\",\"li\",null,{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/\",\"children\":\"NORTH DAKOTA\"}]}],[[\"$\",\"span\",\"0\",{\"children\":[[\"$\",\"li\",null,{\"className\":\"breadcrumb-separator\",\"children\":\"\u003e\"}],[\"$\",\"li\",null,{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-6/\",\"children\":\"T-6\"}]}]]}],[\"$\",\"span\",\"1\",{\"children\":[[\"$\",\"li\",null,{\"className\":\"breadcrumb-separator\",\"children\":\"\u003e\"}],[\"$\",\"li\",null,{\"children\":[\"$\",\"span\",null,{\"children\":\"T-6-C-7\"}]}]]}]]]}]}],[\"$\",\"section\",null,{\"className\":\"article-section\",\"children\":[\"$\",\"div\",null,{\"className\":\"article-grid\",\"children\":[[\"$\",\"aside\",null,{\"className\":\"sidebar-nav\",\"children\":[\"$\",\"div\",null,{\"className\":\"sidebar-card\",\"children\":[[\"$\",\"h3\",null,{\"children\":[[\"$\",\"span\",null,{\"className\":\"emoji\",\"children\":\"📚\"}],\" \",\"North Dakota\",\" Statutes\"]}],[\"$\",\"ul\",null,{\"className\":\"toc-list\",\"children\":[[\"$\",\"li\",\"859214\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-1/\",\"children\":\"Chapter 1 General Provisions\"}]}],[\"$\",\"li\",\"859232\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-2/\",\"children\":\"Chapter 2 Aeronautics\"}]}],[\"$\",\"li\",\"859252\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-3/\",\"children\":\"Chapter 3 Agency\"}]}],[\"$\",\"li\",\"859265\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-4/\",\"children\":\"Chapter 4 Agriculture\"}]}],[\"$\",\"li\",\"859448\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-5/\",\"children\":\"Chapter 5 Alcoholic Beverages\"}]}],[\"$\",\"li\",\"859458\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-6/\",\"children\":\"Chapter 6 Banks and Banking\"}]}],[\"$\",\"li\",\"859532\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/cct-7/\",\"children\":\"Chapter 7 Building and Loan Associations\"}]}],[\"$\",\"li\",\"859534\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-8/\",\"children\":\"Chapter 8 Carriage\"}]}],[\"$\",\"li\",\"859570\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-9/\",\"children\":\"Chapter 9 Contracts and Obligations\"}]}],[\"$\",\"li\",\"859609\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-10/\",\"children\":\"Chapter 10 Corporations\"}]}],[\"$\",\"li\",\"859704\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-11/\",\"children\":\"Chapter 11 Counties\"}]}],[\"$\",\"li\",\"859802\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-12/\",\"children\":\"Chapter 12 Corrections, Parole, and Probation\"}]}],[\"$\",\"li\",\"860058\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-13/\",\"children\":\"Chapter 13 Debtor and Creditor Relationship\"}]}],[\"$\",\"li\",\"860088\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-14/\",\"children\":\"Chapter 14 Domestic Relations and Persons\"}]}],[\"$\",\"li\",\"860181\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-15/\",\"children\":\"Chapter 15 Education\"}]}],[\"$\",\"li\",\"860479\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-16/\",\"children\":\"Chapter 16 Elections\"}]}],[\"$\",\"li\",\"860581\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-17/\",\"children\":\"Chapter 17 Energy\"}]}],[\"$\",\"li\",\"860600\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-18/\",\"children\":\"Chapter 18 Fires\"}]}],[\"$\",\"li\",\"860633\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-19/\",\"children\":\"Chapter 19 Foods, Drugs, Oils, and Compounds\"}]}],[\"$\",\"li\",\"860709\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/cct-20/\",\"children\":\"Chapter 20 Game, Fish, and Predators\"}]}],[\"$\",\"li\",\"860747\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-21/\",\"children\":\"Chapter 21 Governmental Finance\"}]}],[\"$\",\"li\",\"860779\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-22/\",\"children\":\"Chapter 22 Guaranty, Indemnity, and Suretyship\"}]}],[\"$\",\"li\",\"860800\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-23/\",\"children\":\"Chapter 23 Health and Safety\"}]}],[\"$\",\"li\",\"860968\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-24/\",\"children\":\"Chapter 24 Highways, Bridges, and Ferries\"}]}],[\"$\",\"li\",\"861007\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-25/\",\"children\":\"Chapter 25 Mental and Physical Illness or Disability\"}]}],[\"$\",\"li\",\"861058\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/cct-26/\",\"children\":\"Chapter 26 Insurance\"}]}],[\"$\",\"li\",\"861267\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-27/\",\"children\":\"Chapter 27 Judicial Branch of Government\"}]}],[\"$\",\"li\",\"861335\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-28/\",\"children\":\"Chapter 28 Judicial Procedure, Civil\"}]}],\"$Lf\",\"$L10\",\"$L11\",\"$L12\",\"$L13\",\"$L14\",\"$L15\",\"$L16\",\"$L17\",\"$L18\",\"$L19\",\"$L1a\",\"$L1b\",\"$L1c\",\"$L1d\",\"$L1e\",\"$L1f\",\"$L20\",\"$L21\",\"$L22\",\"$L23\",\"$L24\",\"$L25\",\"$L26\",\"$L27\",\"$L28\",\"$L29\",\"$L2a\",\"$L2b\",\"$L2c\",\"$L2d\",\"$L2e\",\"$L2f\",\"$L30\",\"$L31\",\"$L32\",\"$L33\",\"$L34\",\"$L35\",\"$L36\",\"$L37\",\"$L38\",\"$L39\",\"$L3a\",\"$L3b\"]}]]}]}],\"$L3c\",\"$L3d\"]}]}]]\n"])</script><script>self.__next_f.push([1,"f:[\"$\",\"li\",\"861417\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-29/\",\"children\":\"Chapter 29 Judicial Procedure, Criminal\"}]}]\n10:[\"$\",\"li\",\"861522\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-30/\",\"children\":\"Chapter 30 Judicial Procedure, Probate\"}]}]\n11:[\"$\",\"li\",\"861661\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-31/\",\"children\":\"Chapter 31 Judicial Proof\"}]}]\n12:[\"$\",\"li\",\"861694\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-32/\",\"children\":\"Chapter 32 Judicial Remedies\"}]}]\n13:[\"$\",\"li\",\"861823\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-33/\",\"children\":\"Chapter 33 County Justice Court\"}]}]\n14:[\"$\",\"li\",\"861847\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-34/\",\"children\":\"Chapter 34 Labor and Employment\"}]}]\n15:[\"$\",\"li\",\"861886\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-35/\",\"children\":\"Chapter 35 Liens\"}]}]\n16:[\"$\",\"li\",\"861967\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-36/\",\"children\":\"Chapter 36 Livestock\"}]}]\n17:[\"$\",\"li\",\"862032\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-37/\",\"children\":\"Chapter 37 Military\"}]}]\n18:[\"$\",\"li\",\"862098\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-38/\",\"children\":\"Chapter 38 Mining and Gas and Oil Production\"}]}]\n19:[\"$\",\"li\",\"862174\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-39/\",\"children\":\"Chapter 39 Motor Vehicles\"}]}]\n1a:[\"$\",\"li\",\"862279\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-40/\",\"children\":\"Chapter 40 Municipal Government\"}]}]\n1b:[\"$\",\"li\",\"859412\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-41/\",\"children\":\"Chapter 4.1 Agriculture\"}]}]\n1c:[\"$\",\"li\",\"862438\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-41/\",\"children\":\"Chapter 41 Uniform Commercial Code\"}]}]\n1d:[\"$\",\"li\",\"862465\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-42/\",\"children\":\"Chapter 42 Nuisances\"}]}]\n1e:[\"$\",\"li\",\"862485\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-43/\",\"children\":\"Chapter 43 Occupations and Professions\"}]}]\n1f:[\"$\",\"li\",\"862642\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-44/\",\"children\":\"Chapter 44 Offices and Officers\"}]}]\n20:[\"$\",\"li\",\"862667\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-45/\",\"children\":\"Chapter 45 Partnerships\"}]}]\n21:[\"$\",\"li\",\"862721\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-46/\",\"children\":\"Chapter 46 Printing Laws\"}]}]\n22:[\"$\",\"li\",\"862733\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-47/\",\"children\":\"Chapter 47 Property\"}]}]\n23:[\"$\",\"li\",\"862824\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-48/\",\"children\":\"Chapter 48 Public Buildings\"}]}]\n24:[\"$\",\"li\",\"862854\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-49/\",\"children\":\"Chapter 49 Public Utilities\"}]}]\n25:[\"$\",\"li\",\"862918\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-50/\",\"children\":\"Chapter 50 Public Welfare\"}]}]\n26:[\"$\",\"li\",\"863036\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-51/\",\"children\":\"Chapter 51 Sales and Exchanges\"}]}]\n27:[\"$\",\"li\",\"863101\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-52/\",\"children\":\"Chapter 52 Social Security\"}]}]\n28:[\"$\",\"li\",\"863135\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-53/\",\"children\":\"Chapter 53 Sports and Amusements\"}]}]\n29:[\"$\",\"li\",\"863182\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-54/\",\"children\":\"Chapter 54 State Government\"}]}]\n2a:[\"$\",\"li\",\"863420\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-55/\",\"children\":\"Chapter 55 State Historical Society and State Parks\"}]}]\n2b:[\"$\",\"li\",\"863439\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/cct-56/\",\"children\":\"Chapter 56 Succession and Wills\"}]}]\n2c:[\"$\",\"li\",\"863442\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-57/\",\"children\":\"Chapter 57 Taxation\"}]}]\n2d:[\"$\",\"li\",\"863663\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-58/\",\"children\":\"Chapter 58 Townships\"}]}]\n2e:[\"$\",\"li\",\"863706\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-59/\",\"children\":\"Chapter 59 Trusts\"}]}]\n2f:[\"$\",\"li\",\"863755\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-da"])</script><script>self.__next_f.push([1,"kota/t-60/\",\"children\":\"Chapter 60 Warehousing and Deposits\"}]}]\n30:[\"$\",\"li\",\"863775\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-61/\",\"children\":\"Chapter 61 Waters\"}]}]\n31:[\"$\",\"li\",\"863895\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/cct-62/\",\"children\":\"Chapter 62 Weapons\"}]}]\n32:[\"$\",\"li\",\"863910\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-63/\",\"children\":\"Chapter 63 Weeds\"}]}]\n33:[\"$\",\"li\",\"863924\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-64/\",\"children\":\"Chapter 64 Weights, Measures, and Grades\"}]}]\n34:[\"$\",\"li\",\"863933\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-65/\",\"children\":\"Chapter 65 Workforce Safety and Insurance\"}]}]\n35:[\"$\",\"li\",\"859952\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-121/\",\"children\":\"Chapter 12.1 Criminal Code\"}]}]\n36:[\"$\",\"li\",\"860400\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-151/\",\"children\":\"Chapter 15.1 Elementary and Secondary Education\"}]}]\n37:[\"$\",\"li\",\"860536\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-161/\",\"children\":\"Chapter 16.1 Elections\"}]}]\n38:[\"$\",\"li\",\"860710\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-201/\",\"children\":\"Chapter 20.1 Game, Fish, Predators, and Boating\"}]}]\n39:[\"$\",\"li\",\"861060\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-261/\",\"children\":\"Chapter 26.1 Insurance\"}]}]\n3a:[\"$\",\"li\",\"861578\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-301/\",\"children\":\"Chapter 30.1 Uniform Probate Code\"}]}]\n3b:[\"$\",\"li\",\"863897\",{\"children\":[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/t-621/\",\"children\":\"Chapter 62.1 Weapons\"}]}]\n3e:T26f6,"])</script><script>self.__next_f.push([1,"\u003ca href=\"https://law.justia.com/codes/north-dakota/2009/t06/pdf/t06c07.pdf\"\u003eDownload pdf\u003c/a\u003e\u003cbr\u003e\u003cdiv id=\"embed_document\" style=\"width:625px; 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/t06c07.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 6-07DISSOLUTION, INSOLVENCY, SUSPENSION, AND LIQUIDATION6-07-01.Application to court for voluntary dissolution - Stockholder or officercannot withdraw or transfer stock.Any association or corporation organized under theprovisions of this title, except the Bank of North Dakota, may be dissolved upon its voluntary\u003cbr\u003eapplication by the district court of the county where its office or principal place of business is\u003cbr\u003esituated.The application must be in writing and must set forth that at a meeting of thestockholders, shareholders, or members called for that purpose, the dissolution was resolved\u003cbr\u003eupon by a two-thirds vote of the capital stock outstanding, and that all claims and demands\u003cbr\u003eagainst the association or corporation have been satisfied and discharged. The application must\u003cbr\u003ebe signed by a majority of the board of directors, or other officers having the management of the\u003cbr\u003eaffairs of the association or corporation, and must be verified in the same manner as a complaint\u003cbr\u003ein a civil action. No stockholder or officer of such association or corporation may be permitted to\u003cbr\u003ewithdraw from the association or corporation, nor to dispose of or surrender the person's shares\u003cbr\u003eof stock in the same, after the making or filing of the application for dissolution and prior to the\u003cbr\u003efinal determination of the proceedings thereon.6-07-02. Procedure on application for voluntary dissolution - Appeal - Notice tosecretary of state and commissioner.If the court is satisfied that the application is inconformity with section 6-07-01, it must order that the application be filed, and that the clerk give\u003cbr\u003enot less than thirty nor more than sixty days' notice of the application by publication in some\u003cbr\u003enewspaper published in the county, and if there is none such, then by advertisement posted in\u003cbr\u003efive of the principal public places in the county. A certified copy of the application must be filed\u003cbr\u003ewith the commissioner within ten days after the filing of the application with the court. At any time\u003cbr\u003ebefore the expiration of the time of publication, any person may file that person's objections to the\u003cbr\u003eapplication. Before the final hearing and determination on the application, the commissioner\u003cbr\u003eshall make a thorough examination of the affairs of such association or corporation, and shall file\u003cbr\u003ea certified statement of such examination with the clerk of court of the county where such\u003cbr\u003eapplication is made, and such statement must be a part of the record in the case. After the time\u003cbr\u003eof publication has expired, the court, upon five days' notice to the persons who have filed\u003cbr\u003eobjections, or without further notice if no objections have been filed, may proceed to hear and\u003cbr\u003edetermine the application, and if all the statements therein made are shown to be true, the court\u003cbr\u003eshall declare the association or corporation dissolved.The application, notices and proof ofpublication thereof, objections, if any, and the order of dissolution constitute the judgment roll,\u003cbr\u003eand an appeal may be taken in the same manner as in other actions. Upon the dissolution by\u003cbr\u003ethe court, the clerk of said court forthwith shall send a copy of the order of dissolution to the\u003cbr\u003esecretary of state, who shall file such order with the original organization certificate, and\u003cbr\u003eimmediately shall certify the dissolution to the commissioner.6-07-03. Banks deemed insolvent. A bank is deemed insolvent when:1.The actual value of its assets is insufficient to pay its liabilities;2.It is unable to meet the demands of its creditors in the usual and customary manner;3.It fails to make good its reserve as required by law; or4.It fails to comply with any lawful order of the state banking board within any time\u003cbr\u003especified therein.6-07-04.Property of insolvent bank exempt from attachment and execution -Appointment of receiver postponed. The property of an insolvent bank is not subject to\u003cbr\u003eattachment or execution. A receiver may not be appointed for any bank during such reasonable\u003cbr\u003etime as the commissioner may require for examination. If the commissioner finds a bank to be\u003cbr\u003einsolvent upon examination, the commissioner shall take possession of its books, records, and\u003cbr\u003eother property and shall certify the fact of such insolvency to the state banking board.ThePage No. 1commissioner may collect moneys due to any bank of which the commissioner takes possession\u003cbr\u003eand may do such other acts as are necessary to conserve its assets and business.6-07-04.1.Insolvent bank - Order to show cause hearing - Exception.Upon adetermination by the commissioner that any bank is insolvent, the commissioner may order the\u003cbr\u003ebank to inject capital in an amount determined by the commissioner to be sufficient to permit the\u003cbr\u003ebank to operate in a safe and sound condition or show cause why it should not be declared\u003cbr\u003einsolvent by the state banking board. The commissioner's order must include the basis for the\u003cbr\u003ecommissioner's determination, with reasonable specificity, and identify and attach the pages or\u003cbr\u003eportions of the examination report or other documents supporting that determination. The order\u003cbr\u003eto show cause hearing must be heard by the state banking board. The minimum notice for the\u003cbr\u003ehearing is three business days. In the commissioner's order to inject capital or show cause why\u003cbr\u003eit should not be declared insolvent by the state banking board, the commissioner shall indicate\u003cbr\u003ewhether a purchase and assumption transaction is contemplated if the banking board declares\u003cbr\u003ethe bank insolvent. If the state banking board determines that the bank is insolvent, the board\u003cbr\u003eshall appoint a receiver. The receiver shall exercise its powers as set forth in this chapter.The hearing provided for in this section is not required when the bank is in violation of anexisting final capital order and the state banking board has determined that an emergency exists\u003cbr\u003ewhich may result in serious losses to the depositors. In such a case, the state banking board\u003cbr\u003emay declare the bank insolvent without a hearing and appoint a receiver. The receiver shall\u003cbr\u003eexercise all powers as set forth in this chapter.Recourse may be taken from actions taken under this section only in accordance with theprovisions of section 6-07-14.6-07-04.2. Acquisition of an institution. The receiver of an insolvent institution or thestate banking board, when it has acquired possession of the institution for the purpose of\u003cbr\u003eacquisition pursuant to section 6-07-10, may permit the acquisition of the financial institution.\u003cbr\u003eThe state banking board may grant approval under this chapter for applications for the\u003cbr\u003eorganization of a state bank or establishment of facilities. The receiver of an insolvent institution\u003cbr\u003eor board, when acting under the provisions of this section, may reject any and all bids.The procedures may be modified by the state banking board to the extent the boarddeems necessary under the circumstances. No notice of application need be given and no public\u003cbr\u003ehearing need be held.6-07-05. Examiner may relinquish control of insolvent bank. Whenever, after theexamination mentioned in section 6-07-04 and before the appointment of a receiver, the\u003cbr\u003eexaminer finds that the bank is in such condition that all of its creditors, excluding its\u003cbr\u003estockholders, can be paid in full from its assets, the examiner may relinquish possession of its\u003cbr\u003eproperty to its proper officers, and such bank, with the consent of the examiner, may resume\u003cbr\u003ebusiness, or, after payment of its depositors, may liquidate upon such conditions as may be\u003cbr\u003eapproved by the examiner. Such banks shall pay into the state treasury a fee of ten dollars per\u003cbr\u003eday and the hotel and traveling expenses of the examiner or deputy examiner who has been in\u003cbr\u003echarge of the bank.6-07-06. Insolvent bank or officer receiving deposit - Penalty. No banking institutionmay accept or receive on deposit, with or without interest, any coins, notes, bills, drafts, checks,\u003cbr\u003eor certificates circulating as money or currency, when such banking institution is insolvent under\u003cbr\u003esubsection 1 of section 6-07-03. If any such institution receives or accepts or deposits any such\u003cbr\u003edeposits as aforesaid when insolvent, any officer, director, cashier, or manager thereof, knowing\u003cbr\u003eof such insolvency, who knowingly receives or accepts, is accessory or permits or connives at\u003cbr\u003ereceiving or accepting on deposit therein or thereby, any such deposit as aforesaid, is guilty of a\u003cbr\u003eclass B felony.6-07-07. Insolvencies deemed fraudulent. Every insolvency of a moneyed corporationor association is deemed fraudulent unless, upon investigation, its affairs appear to have beenPage No. 2administered fairly and legally, and generally with the same care and diligence that agents\u003cbr\u003ereceiving a compensation for their services are bound by law to observe.6-07-08. Directors participating in fraudulent insolvency - Penalty. In every case ofa fraudulent insolvency of a moneyed corporation or association, every director thereof who\u003cbr\u003eparticipated in such fraud, if no other punishment is prescribed therefor by this code, is guilty of a\u003cbr\u003eclass B felony.6-07-09.Reopening bank without receivership on agreement of depositors.Repealed by S.L. 1991, ch. 87,"])</script><script>self.__next_f.push([1,"3c:[\"$\",\"article\",null,{\"className\":\"article-content\",\"children\":[[\"$\",\"header\",null,{\"className\":\"article-header\",\"children\":[[\"$\",\"$Le\",null,{\"href\":\"/north-dakota/\",\"className\":\"article-category\",\"children\":[\"North Dakota\",\" Statutes\"]}],[\"$\",\"h1\",null,{\"className\":\"article-title\",\"children\":\"6-07 Dissolution, Insolvency, Suspension, and Liquidation\"}]]}],[\"$\",\"div\",null,{\"className\":\"article-body statute-content\",\"dangerouslySetInnerHTML\":{\"__html\":\"$3e\"}}],false]}]\n"])</script><script>self.__next_f.push([1,"3d:[\"$\",\"aside\",null,{\"className\":\"right-sidebar\",\"children\":[\"$\",\"div\",null,{\"className\":\"related-sidebar\",\"children\":[[\"$\",\"h3\",null,{\"children\":[[\"$\",\"span\",null,{\"className\":\"emoji\",\"children\":\"⚖️\"}],\" State Laws\"]}],[\"$\",\"ul\",null,{\"className\":\"state-laws-list\",\"children\":[[\"$\",\"li\",\"state-of-alabama\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-alabama\",\"children\":[\"The State Laws of \",\"Alabama\"]}]}],[\"$\",\"li\",\"state-of-alaska\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-alaska\",\"children\":[\"The State Laws of \",\"Alaska\"]}]}],[\"$\",\"li\",\"state-of-arizona\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-arizona\",\"children\":[\"The State Laws of \",\"Arizona\"]}]}],[\"$\",\"li\",\"state-of-arkansas\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-arkansas\",\"children\":[\"The State Laws of \",\"Arkansas\"]}]}],[\"$\",\"li\",\"state-of-california\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-california\",\"children\":[\"The State Laws of \",\"California\"]}]}],[\"$\",\"li\",\"state-of-colorado\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-colorado\",\"children\":[\"The State Laws of \",\"Colorado\"]}]}],[\"$\",\"li\",\"state-of-connecticut\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-connecticut\",\"children\":[\"The State Laws of \",\"Connecticut\"]}]}],[\"$\",\"li\",\"state-of-delaware\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-delaware\",\"children\":[\"The State Laws of \",\"Delaware\"]}]}],[\"$\",\"li\",\"state-of-florida\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-florida\",\"children\":[\"The State Laws of \",\"Florida\"]}]}],[\"$\",\"li\",\"state-of-georgia\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-georgia\",\"children\":[\"The State Laws of \",\"Georgia\"]}]}],[\"$\",\"li\",\"state-of-hawaii\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-hawaii\",\"children\":[\"The State Laws of \",\"Hawaii\"]}]}],[\"$\",\"li\",\"state-of-idaho\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-idaho\",\"children\":[\"The State Laws of \",\"Idaho\"]}]}],[\"$\",\"li\",\"state-of-illinois\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-illinois\",\"children\":[\"The State Laws of \",\"Illinois\"]}]}],[\"$\",\"li\",\"state-of-indiana\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-indiana\",\"children\":[\"The State Laws of \",\"Indiana\"]}]}],[\"$\",\"li\",\"state-of-iowa\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-iowa\",\"children\":[\"The State Laws of \",\"Iowa\"]}]}],[\"$\",\"li\",\"state-of-kansas\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-kansas\",\"children\":[\"The State Laws of \",\"Kansas\"]}]}],[\"$\",\"li\",\"state-of-kentucky\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-kentucky\",\"children\":[\"The State Laws of \",\"Kentucky\"]}]}],[\"$\",\"li\",\"state-of-louisiana\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-louisiana\",\"children\":[\"The State Laws of \",\"Louisiana\"]}]}],[\"$\",\"li\",\"state-of-maine\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-maine\",\"children\":[\"The State Laws of \",\"Maine\"]}]}],[\"$\",\"li\",\"state-of-maryland\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-maryland\",\"children\":[\"The State Laws of \",\"Maryland\"]}]}],[\"$\",\"li\",\"state-of-massachusetts\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-massachusetts\",\"children\":[\"The State Laws of \",\"Massachusetts\"]}]}],[\"$\",\"li\",\"state-of-michigan\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-michigan\",\"children\":[\"The State Laws of \",\"Michigan\"]}]}],[\"$\",\"li\",\"state-of-minnesota\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-minnesota\",\"children\":[\"The State Laws of \",\"Minnesota\"]}]}],[\"$\",\"li\",\"state-of-mississippi\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-mississippi\",\"children\":[\"The State Laws of \",\"Mississippi\"]}]}],[\"$\",\"li\",\"state-of-missouri\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-missouri\",\"children\":[\"The State Laws of \",\"Missouri\"]}]}],\"$L3f\",\"$L40\",\"$L41\",\"$L42\",\"$L43\",\"$L44\",\"$L45\",\"$L46\",\"$L47\",\"$L48\",\"$L49\",\"$L4a\",\"$L4b\",\"$L4c\",\"$L4d\",\"$L4e\",\"$L4f\",\"$L50\",\"$L51\",\"$L52\",\"$L53\",\"$L54\",\"$L55\",\"$L56\",\"$L57\"]}]]}]}]\n"])</script><script>self.__next_f.push([1,"3f:[\"$\",\"li\",\"state-of-montana\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-montana\",\"children\":[\"The State Laws of \",\"Montana\"]}]}]\n40:[\"$\",\"li\",\"state-of-nebraska\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-nebraska\",\"children\":[\"The State Laws of \",\"Nebraska\"]}]}]\n41:[\"$\",\"li\",\"state-of-nevada\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-nevada\",\"children\":[\"The State Laws of \",\"Nevada\"]}]}]\n42:[\"$\",\"li\",\"state-of-new-hampshire\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-new-hampshire\",\"children\":[\"The State Laws of \",\"New Hampshire\"]}]}]\n43:[\"$\",\"li\",\"state-of-new-jersey\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-new-jersey\",\"children\":[\"The State Laws of \",\"New Jersey\"]}]}]\n44:[\"$\",\"li\",\"state-of-new-mexico\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-new-mexico\",\"children\":[\"The State Laws of \",\"New Mexico\"]}]}]\n45:[\"$\",\"li\",\"state-of-new-york\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-new-york\",\"children\":[\"The State Laws of \",\"New York\"]}]}]\n46:[\"$\",\"li\",\"state-of-north-carolina\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-north-carolina\",\"children\":[\"The State Laws of \",\"North Carolina\"]}]}]\n47:[\"$\",\"li\",\"state-of-north-dakota\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-north-dakota\",\"children\":[\"The State Laws of \",\"North Dakota\"]}]}]\n48:[\"$\",\"li\",\"state-of-ohio\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-ohio\",\"children\":[\"The State Laws of \",\"Ohio\"]}]}]\n49:[\"$\",\"li\",\"state-of-oklahoma\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-oklahoma\",\"children\":[\"The State Laws of \",\"Oklahoma\"]}]}]\n4a:[\"$\",\"li\",\"state-of-oregon\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-oregon\",\"children\":[\"The State Laws of \",\"Oregon\"]}]}]\n4b:[\"$\",\"li\",\"state-of-pennsylvania\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-pennsylvania\",\"children\":[\"The State Laws of \",\"Pennsylvania\"]}]}]\n4c:[\"$\",\"li\",\"state-of-rhode-island\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-rhode-island\",\"children\":[\"The State Laws of \",\"Rhode Island\"]}]}]\n4d:[\"$\",\"li\",\"state-of-south-carolina\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-south-carolina\",\"children\":[\"The State Laws of \",\"South Carolina\"]}]}]\n4e:[\"$\",\"li\",\"state-of-south-dakota\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-south-dakota\",\"children\":[\"The State Laws of \",\"South Dakota\"]}]}]\n4f:[\"$\",\"li\",\"state-of-tennessee\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-tennessee\",\"children\":[\"The State Laws of \",\"Tennessee\"]}]}]\n50:[\"$\",\"li\",\"state-of-texas\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-texas\",\"children\":[\"The State Laws of \",\"Texas\"]}]}]\n51:[\"$\",\"li\",\"state-of-utah\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-utah\",\"children\":[\"The State Laws of \",\"Utah\"]}]}]\n52:[\"$\",\"li\",\"state-of-vermont\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-vermont\",\"children\":[\"The State Laws of \",\"Vermont\"]}]}]\n53:[\"$\",\"li\",\"state-of-virginia\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-virginia\",\"children\":[\"The State Laws of \",\"Virginia\"]}]}]\n54:[\"$\",\"li\",\"state-of-washington\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-washington\",\"children\":[\"The State Laws of \",\"Washington\"]}]}]\n55:[\"$\",\"li\",\"state-of-west-virginia\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-west-virginia\",\"children\":[\"The State Laws of \",\"West Virginia\"]}]}]\n56:[\"$\",\"li\",\"state-of-wisconsin\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https://state-laws.laws.com/state-of-wisconsin\",\"children\":[\"The State Laws of \",\"Wisconsin\"]}]}]\n57:[\"$\",\"li\",\"state-of-wyoming\",{\"children\":[\"$\",\"a\",null,{\"href\":\"https:"])</script><script>self.__next_f.push([1,"//state-laws.laws.com/state-of-wyoming\",\"children\":[\"The State Laws of \",\"Wyoming\"]}]}]\n"])</script></body></html>