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

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.

North Dakota § 6-03-41 (Issuance of capital notes or debentures - Not subject to double liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.