Page:2015 North Dakota Session Laws.pdf/285

This page has been proofread, but needs to be validated.
Banks and Banking
Chapter 80


BANKS AND BANKING

CHAPTER 80

SENATE BILL NO. 2084

(Industry, Business and Labor Committee)
(At the request of the Department of Financial Institutions)

AN ACT to create and enact section 6-01-04.5 and subsection 6 to section 6-06-08 of the North Dakota Century Code, relating to the investigation of bank holding companies and fees for credit union examinations; to amend and reenact sections 6-01-02, 6-01-04.4 and 6-01-09, subsection 1 of section 6-03-47.2, and section 6-08-08.1 of the North Dakota Century Code, relating to definitions, prompt corrective action for state banks, the examination of technology service providers, and investments of state banks; and to repeal section 6-05-25 of the North Dakota Century Code, relating to when subscribed capital stock must be paid in by annuity, safe deposit, surety, and trust companies.

BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:

SECTION 1. AMENDEMENT. Section 6-01-02 of the North Dakota Century Code is amended and reenacted as follows:
60-01-02. Definitions.
As used in this title, unless the context or subject matter otherwise requires:
1. "Association", "banking association", or "state banking association" means any corporation organized under the laws of this state covering state banking associations, and all corporations, limited liability companies, partnerships, firms, or associations whose business in whole or in part consists of the taking of money of deposit, except national banks, trust companies, and the Bank of North Dakota,
2. "Bank" means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking.
3. "Bank holding company" means bank holding company as defined in 12 U.S.C. 1841(a)(1).
4. "Banking" means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange.
5. "Banking department" means the state department of financial institutions.
This article is issued from Wikisource. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.