§ 6-02-07 — Determination of board - Recording of organization certificate

If the determination of the state banking board is in favor of the applicants, the organization
certificate and permission of the board accompanying the same must be recorded in the office
of the recorder of the county in which such banking association is to be established, and the
same must be transmitted to and received by the secretary of state. The secretary of state shall
record and carefully preserve it in the secretary of state's office and shall certify the facts to the
state banking board. The secretary of state then shall issue a certificate of authority to the
corporation, and such certificate of authority must be transmitted to and held by the
commissioner until an examination is made and the certificate of the commissioner or the
deputy examiner procured to the effect that the capital stock and required surplus have been
paid in full, that federal deposit insurance corporation insurance of deposits has been secured,
and that all conditions of the law have been complied with strictly. If the determination of the
state banking board is against the said application, such organization certificate must not be
recorded in the office of the recorder, and, if presented, it must not be accepted by the secretary
of state.