6-09 The Bank of North Dakota

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CHAPTER 6-09THE BANK OF NORTH DAKOTA6-09-01. Purpose and establishment of Bank of North Dakota. For the purpose ofencouraging and promoting agriculture, commerce, and industry, the state of North Dakota shall<br>engage in the business of banking, and for that purpose shall maintain a system of banking<br>owned, controlled, and operated by it, under the name of the Bank of North Dakota.6-09-02. Industrial commission to operate Bank - Business of Bank. The industrialcommission shall operate, manage, and control the Bank of North Dakota, locate and maintain its<br>places of business, of which the principal place must be within the state, and make and enforce<br>orders, rules, regulations, and bylaws for the transaction of its business.The business andfinancial transactions of the Bank, in addition to other matters specified in this chapter, may<br>include anything that any bank or bank holding company lawfully may do, except as it is<br>restricted by the provisions of this chapter. This provision may not be held in any way to limit or<br>qualify either the powers of the industrial commission granted by or the functions of said Bank as<br>defined in this chapter. The powers of the industrial commission and the functions of the Bank<br>must be implemented through actions taken and policies adopted by the industrial commission.6-09-02.1.Declaration and finding of public purpose - Bank of North Dakotaadvisory board of directors. To enlist the help of private enterprise and to encourage more<br>active use of the purposes for which the Bank of North Dakota was created, the governor shall<br>appoint an advisory board of directors to the Bank of North Dakota consisting of seven persons,<br>at least two of whom must be officers of banks, the majority of the stock of which is owned by<br>North Dakota residents, and at least one of whom must be an officer of a state-chartered or<br>federally chartered financial institution. The governor shall appoint a chairman, vice chairman,<br>and secretary from the advisory board of directors. The term of a director is four years. The<br>industrial commission shall define the duties of the advisory board of directors.6-09-02.2. Authority of the advisory board of directors to the Bank of North Dakota.The advisory board of directors to the Bank of North Dakota shall:1.Meet regularly with the management of the Bank of North Dakota to review the<br>Bank's operations to determine whether recommendations should be made by the<br>board to the industrial commission relating to improved management performance,<br>better customer service, and overall improvement in internal methods, procedures,<br>and operating policies of the Bank.2.Make recommendations to the industrial commission relating to the establishment of<br>additional objectives for the operation of the Bank of North Dakota.3.Make recommendations to the industrial commission concerning the appointment of<br>officers of the Bank of North Dakota.4.Meet regularly with the industrial commission to present any recommendations<br>concerning the Bank of North Dakota.5.In addition to the foregoing and pursuant to authorization from the industrial<br>commission, act on behalf of the Bank with respect to the powers and functions of<br>the Bank.6-09-03.Industrial commission may acquire property by purchase or eminentdomain - Investment in banking house and furnishings. 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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/t06c09.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 6-09THE BANK OF NORTH DAKOTA6-09-01. Purpose and establishment of Bank of North Dakota. For the purpose ofencouraging and promoting agriculture, commerce, and industry, the state of North Dakota shall\u003cbr\u003eengage in the business of banking, and for that purpose shall maintain a system of banking\u003cbr\u003eowned, controlled, and operated by it, under the name of the Bank of North Dakota.6-09-02. Industrial commission to operate Bank - Business of Bank. The industrialcommission shall operate, manage, and control the Bank of North Dakota, locate and maintain its\u003cbr\u003eplaces of business, of which the principal place must be within the state, and make and enforce\u003cbr\u003eorders, rules, regulations, and bylaws for the transaction of its business.The business andfinancial transactions of the Bank, in addition to other matters specified in this chapter, may\u003cbr\u003einclude anything that any bank or bank holding company lawfully may do, except as it is\u003cbr\u003erestricted by the provisions of this chapter. This provision may not be held in any way to limit or\u003cbr\u003equalify either the powers of the industrial commission granted by or the functions of said Bank as\u003cbr\u003edefined in this chapter. The powers of the industrial commission and the functions of the Bank\u003cbr\u003emust be implemented through actions taken and policies adopted by the industrial commission.6-09-02.1.Declaration and finding of public purpose - Bank of North Dakotaadvisory board of directors. To enlist the help of private enterprise and to encourage more\u003cbr\u003eactive use of the purposes for which the Bank of North Dakota was created, the governor shall\u003cbr\u003eappoint an advisory board of directors to the Bank of North Dakota consisting of seven persons,\u003cbr\u003eat least two of whom must be officers of banks, the majority of the stock of which is owned by\u003cbr\u003eNorth Dakota residents, and at least one of whom must be an officer of a state-chartered or\u003cbr\u003efederally chartered financial institution. The governor shall appoint a chairman, vice chairman,\u003cbr\u003eand secretary from the advisory board of directors. The term of a director is four years. The\u003cbr\u003eindustrial commission shall define the duties of the advisory board of directors.6-09-02.2. Authority of the advisory board of directors to the Bank of North Dakota.The advisory board of directors to the Bank of North Dakota shall:1.Meet regularly with the management of the Bank of North Dakota to review the\u003cbr\u003eBank's operations to determine whether recommendations should be made by the\u003cbr\u003eboard to the industrial commission relating to improved management performance,\u003cbr\u003ebetter customer service, and overall improvement in internal methods, procedures,\u003cbr\u003eand operating policies of the Bank.2.Make recommendations to the industrial commission relating to the establishment of\u003cbr\u003eadditional objectives for the operation of the Bank of North Dakota.3.Make recommendations to the industrial commission concerning the appointment of\u003cbr\u003eofficers of the Bank of North Dakota.4.Meet regularly with the industrial commission to present any recommendations\u003cbr\u003econcerning the Bank of North Dakota.5.In addition to the foregoing and pursuant to authorization from the industrial\u003cbr\u003ecommission, act on behalf of the Bank with respect to the powers and functions of\u003cbr\u003ethe Bank.6-09-03.Industrial commission may acquire property by purchase or eminentdomain - Investment in banking house and furnishings. Repealed by S.L. 1989, ch. 110,\u003cbr\u003e"])</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\"]}],[\"$\",\"h1\",null,{\"className\":\"article-title\",\"children\":\"6-09 The Bank of North Dakota\"}]]}],[\"$\",\"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 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