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 § 6-03-32

Title 6Banks and Banking

Ch. 6-03Powers, Management, and Operation of Banks

This text of North Dakota § 6-03-32 (When no bids for purchase of delinquent stock) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 6-03-32 (2026).

Text

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.