North Dakota § 6-03-24 Capital stock may be reduced

North Dakota Statutes

§ 6-03-24 — Capital stock may be reduced

North Dakota·Title 6 Banks and Banking·Ch. 6-03 Powers, Management, and Operation of Banks

Any association may reduce its capital stock to any sum not less than the amount required
to authorize the formation of any association by vote of its shareholders owning two-thirds of its
stock. No such reduction may be made, however, until the amount thereof proposed is reported
to the state banking board and its approval in writing obtained. No such reduction may affect the
liability of shareholders for any debts of the association incurred prior to the reduction, and
every such reduction must be certified to and a copy of the certificate filed in the same manner
as for an increase of capital stock before it becomes valid.

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Any association may reduce its capital stock to any sum not less than the amount required
to authorize the formation of any association by vote of its shareholders owning two-thirds of its
stock. No such reduction may be made, however, until the amount thereof proposed is reported
to the state banking board and its approval in writing obtained. No such reduction may affect the
liability of shareholders for any debts of the association incurred prior to the reduction, and
every such reduction must be certified to and a copy of the certificate filed in the same manner
as for an increase of capital stock before it becomes valid.

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