North Dakota § 6-05-05 Certificate of deposit

North Dakota Statutes

§ 6-05-05 — Certificate of deposit

North Dakota § 6-05-05

Title 6Banks and Banking

Ch. 6-05Annuity, Safe Deposit, Surety, and Trust Companies

This text of North Dakota § 6-05-05 (Certificate of deposit) 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 § 6-05-05 (2026).

Text

Whenever any such corporation assigns, transfers, and delivers to the commissioner, or a
designated agent, the securities described in section 6-05-04 and all evidences of such
investment, the commissioner, or a designated agent, shall execute and deliver to the
corporation a certificate of such deposit, and thereupon, the said corporation may commence
and carry on business under the provisions of this chapter. The commissioner, or a designated
agent, shall hold the said securities so deposited with the commissioner or agent as collateral
security for the depositors and creditors of the corporation, and for the faithful execution of any
trusts which may be imposed lawfully upon and accepted by such corporation. The corporation
from time to time may withdraw the said securities or any part 

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Whenever any such corporation assigns, transfers, and delivers to the commissioner, or a
designated agent, the securities described in section 6-05-04 and all evidences of such
investment, the commissioner, or a designated agent, shall execute and deliver to the
corporation a certificate of such deposit, and thereupon, the said corporation may commence
and carry on business under the provisions of this chapter. The commissioner, or a designated
agent, shall hold the said securities so deposited with the commissioner or agent as collateral
security for the depositors and creditors of the corporation, and for the faithful execution of any
trusts which may be imposed lawfully upon and accepted by such corporation. The corporation
from time to time may withdraw the said securities or any part thereof from the commissioner, or
a designated agent, upon depositing with the commissioner or agent other securities of equal
amount and value and of the kinds specified in section 6-05-04. Until otherwise ordered by a
court of competent jurisdiction, the said commissioner, or a designated agent, shall pay over to
such corporation the interest and dividends which the commissioner or agent collects upon such
securities. Any corporation having a larger deposit with the commissioner, or a designated
agent, than is required by this chapter must be allowed at any time to withdraw its excess
deposit.