North Dakota § 6-01-06 Appointment of receivers

North Dakota Statutes

§ 6-01-06 — Appointment of receivers

North Dakota § 6-01-06

Title 6Banks and Banking

Ch. 6-01Department of Financial Institutions

This text of North Dakota § 6-01-06 (Appointment of receivers) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 6-01-06 (2026).

Text

The state banking board and state credit union board, except as otherwise provided in this
title, have authority and power to appoint, by their own order, receivers for insolvent financial
institutions and credit unions under their regulatory supervision. Such receivers have the same
power and authority, and their acts have the same validity, as if they had been appointed under
and by the direction of a district court. Nothing herein contained may be construed so as to take
away from the courts the power to appoint receivers of such financial institutions and credit
unions at any stage of the proceedings and thus to terminate the receivership ordered by the
board.

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The state banking board and state credit union board, except as otherwise provided in this
title, have authority and power to appoint, by their own order, receivers for insolvent financial
institutions and credit unions under their regulatory supervision. Such receivers have the same
power and authority, and their acts have the same validity, as if they had been appointed under
and by the direction of a district court. Nothing herein contained may be construed so as to take
away from the courts the power to appoint receivers of such financial institutions and credit
unions at any stage of the proceedings and thus to terminate the receivership ordered by the
board.