North Dakota § 50-21-05 Powers of Bank of North Dakota

North Dakota Statutes

§ 50-21-05 — Powers of Bank of North Dakota

North Dakota·Title 50 Public Welfare·Ch. 50-21 Nursing Homes and Basic Care Facilities

The Bank of North Dakota is authorized to do all acts or things necessary to negotiate said
loans which specifically includes the power to take such security as prescribed herein and to
bring suit against any nonprofit corporation in order to collect interest and principal due the
revolving fund under contracts and notes executed to obtain loans under the provisions of this
chapter. In the event the applicant's plan for financing the construction or reconstruction of the
facilities provides for a loan of funds from sources other than the state of North Dakota, then the
state of North Dakota shall take a second mortgage upon the facilities constructed or
reconstructed from the proceeds of the loan.

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The Bank of North Dakota is authorized to do all acts or things necessary to negotiate said
loans which specifically includes the power to take such security as prescribed herein and to
bring suit against any nonprofit corporation in order to collect interest and principal due the
revolving fund under contracts and notes executed to obtain loans under the provisions of this
chapter. In the event the applicant's plan for financing the construction or reconstruction of the
facilities provides for a loan of funds from sources other than the state of North Dakota, then the
state of North Dakota shall take a second mortgage upon the facilities constructed or
reconstructed from the proceeds of the loan.

North Dakota § 50-21-05 (Powers of Bank of North Dakota) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.