§ 6-02-06 — Hearing by board - Conclusions - Management

North Dakota § 6-02-06

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-02: Organization and Qualification of Banks

Text

1. At the time and place stated, and through any sources of information at its command,
the board diligently shall inquire whether the place where such banking association is
proposed to be located is in need of further banking facilities, whether the proposed
association is adapted to the filling of such need, and whether the proposed
incorporators are possessed of such character, integrity, reputation, and financial
standing as shown by a detailed financial statement to be furnished by them, and such
statement to be held confidential by the board, that their connection with the banking
association will be beneficial to the public welfare of the community in which such bank
is proposed to be established. The board shall hear any reasons advanced by the
applicants why they should be permitted to organize the proposed association and any
reasons advanced by any person why such association should not be permitted to be
organized. At the termination of such hearing, the board shall make a statement in
writing of its conclusions and conditions if any, and if it finds that the proposed
association should not be permitted to organize, it shall state the reasons why. If
approval is granted, a copy of the board's order must be attached to the organization
certificate and both must be presented to the secretary of state. A determination in
favor of such organization must be joined in by a majority of all the members of the
board.
2. If the proposed association is permitted to organize, the state banking board shall
inquire into the qualifications of the management of the proposed bank, including
experience with financial institutions and other related experience. The board's inquiry
into the qualifications of management are confidential.