1.    If a reciprocating state bank holding company makes an acquisition other than in full compliance with the requirements and procedures of this chapter, the board may, by order:

Terms Used In North Dakota Code 6-08.3-07

  • 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. See North Dakota Code 6-01-02
  • Bank holding company: means bank holding company as defined in 12 U. 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
  • 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

a.    Immediately require the reciprocating state bank holding company to divest itself of its direct or indirect ownership or control of any bank located in this state; or

b.    Require the reciprocating state bank holding company to cease and desist the violations by a certain date.

2.    The order is subject to the procedures applicable to cease and desist proceedings under section 6-01-04.2 and any applicable rules.

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