North Dakota § 6-06-20 Borrowings of directors and committee members limited - Repayment of loans

North Dakota Statutes

§ 6-06-20 — Borrowings of directors and committee members limited - Repayment of loans

North Dakota § 6-06-20

Title 6Banks and Banking

Ch. 6-06Credit Unions

This text of North Dakota § 6-06-20 (Borrowings of directors and committee members limited - Repayment of loans) 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 § 6-06-20 (2026).

Text

loans.
A director or member of any committee may not borrow from the credit union in which the
director or member holds office more than one hundred thousand dollars plus pledged shares
and deposits less any loan balance therein, unless the application is approved by three-fourths
of the other members of the board of directors. The director or member may guarantee or
endorse paper for other borrowers. A borrower may repay the borrower's loan in whole or in part
on any day that the office of the credit union is open for business.

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loans.
A director or member of any committee may not borrow from the credit union in which the
director or member holds office more than one hundred thousand dollars plus pledged shares
and deposits less any loan balance therein, unless the application is approved by three-fourths
of the other members of the board of directors. The director or member may guarantee or
endorse paper for other borrowers. A borrower may repay the borrower's loan in whole or in part
on any day that the office of the credit union is open for business.