North Dakota § 6-03-51 Borrowing, normal and emergency - Limitations

North Dakota Statutes

§ 6-03-51 — Borrowing, normal and emergency - Limitations

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

Any state banking association has power to borrow money subject to the limitations of this
chapter. Money borrowed from correspondent banks must be evidenced by the promissory note
or notes of the borrowing association, and no such association may issue its certificate of
deposit for money so borrowed or otherwise conceal the true nature of the transaction. Nothing
herein affects the right of a state banking association to receive bona fide deposits from banks
or other persons.

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Any state banking association has power to borrow money subject to the limitations of this
chapter. Money borrowed from correspondent banks must be evidenced by the promissory note
or notes of the borrowing association, and no such association may issue its certificate of
deposit for money so borrowed or otherwise conceal the true nature of the transaction. Nothing
herein affects the right of a state banking association to receive bona fide deposits from banks
or other persons.

North Dakota § 6-03-51 (Borrowing, normal and emergency - Limitations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.