§ 6-03-25 — Approval of increase or reduction by stockholders - Notice of stockholders' meeting

North Dakota § 6-03-25

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

Text

meeting.
An increase or reduction of the capital stock of any association is not valid unless approved
by the stockholders of the association at a meeting called for that purpose. Notice of the time
and place of the meeting stating its object and the amount to which it is proposed to increase or
reduce the capital stock of the association must be served personally or by registered or by
certified mail on each stockholder of the association at least thirty days prior to the time set for
such meeting. The notice must be given to stockholders whose places of residence are
unknown or who are not residents of this state by publication of the notice at least once prior to
the meeting in a legal newspaper of the county in which the principal office of the association is
situated. A vote in favor of an increase in capital stock is not effective until the proceedings of
the meeting showing the names of all of the stockholders voting for the increase and the amount
of stock owned by each have been entered upon the records of the association.