North Dakota § 6-03-32 When no bids for purchase of delinquent stock

North Dakota Statutes

§ 6-03-32 — When no bids for purchase of delinquent stock

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

If no bidder who will pay to the association the amount due on the stock and the costs and
expenses of sale for the transfer of the stock to that person appears at the time and place set
for the sale, no sale may be made, and all the shares of the shareholder must be forfeited to the
association together with all amounts previously paid thereon. The association forthwith shall
cancel such shares upon its books and records and shall deduct the same from its capital stock
and immediately shall notify the commissioner in writing of the action taken. The record of the
association's stock book showing the sale or cancellation of stock is prima facie evidence of the
regularity of the proceedings of the sale or cancellation.

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If no bidder who will pay to the association the amount due on the stock and the costs and
expenses of sale for the transfer of the stock to that person appears at the time and place set
for the sale, no sale may be made, and all the shares of the shareholder must be forfeited to the
association together with all amounts previously paid thereon. The association forthwith shall
cancel such shares upon its books and records and shall deduct the same from its capital stock
and immediately shall notify the commissioner in writing of the action taken. The record of the
association's stock book showing the sale or cancellation of stock is prima facie evidence of the
regularity of the proceedings of the sale or cancellation.

North Dakota § 6-03-32 (When no bids for purchase of delinquent stock) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.