North Dakota § 6-03-41 Issuance of capital notes or debentures - Not subject to double liability

North Dakota Statutes

§ 6-03-41 — Issuance of capital notes or debentures - Not subject to double liability

North Dakota § 6-03-41

Title 6Banks and Banking

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

This text of North Dakota § 6-03-41 (Issuance of capital notes or debentures - Not subject to double liability) 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 § 6-03-41 (2026).

Text

With the approval of the commissioner, any banking institution, through action by its board
of directors taken at any time and without requiring any action by its stockholders, may issue
and sell its capital notes or debentures. All capital notes or debentures are subordinate and
subject to the claims of depositors, and at the time of issue may be subordinated and subjected
to the claims of other creditors, but in no case may be subject to assessment. The holders of
capital notes or debentures as such are not responsible individually for any debts, contracts, or
engagements of the issuing institution.

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With the approval of the commissioner, any banking institution, through action by its board
of directors taken at any time and without requiring any action by its stockholders, may issue
and sell its capital notes or debentures. All capital notes or debentures are subordinate and
subject to the claims of depositors, and at the time of issue may be subordinated and subjected
to the claims of other creditors, but in no case may be subject to assessment. The holders of
capital notes or debentures as such are not responsible individually for any debts, contracts, or
engagements of the issuing institution.