North Dakota Code 6-08.3-01 – Definitions
In this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 6-08.3-01
- 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. See North Dakota Code 6-01-02
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- capital: as used in this title embraces the amount of outstanding capital notes and debentures legally issued by any banking institution. See North Dakota Code 6-03-42
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Adequately capitalized” means a level of capitalization that meets or exceeds all applicable federal regulatory capital standards.
2. “Board” means the state banking board.
3. “Commissioner” means the commissioner of financial institutions.
4. “Default” means default as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. § 1813].
5. “Deposit” means deposit as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. § 1813].
6. “Depository institution” means depository institution as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. § 1813].
7. “Depository institution holding company” means depository institution holding company as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. § 1813].
8. “Federal reserve” means the board of governors of the federal reserve system or any successor thereto.
9. “In danger of default” means in danger of default as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. § 1813].
10. “North Dakota deposits” means all deposits held at branches or offices located in this state of all depository institutions, based upon the public reports most recently filed with the appropriate regulatory agency.