North Dakota Code 6-09.12-02 – Bank of North Dakota may make loans for oil and gas development projects
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The North Dakota industrial commission shall establish a program through the Bank of North Dakota for the purpose of participating in loans made by North Dakota financial institutions for oil and gas development projects undertaken by developers within the state. The Bank’s total participation in any one loan may not exceed one hundred thousand dollars. The interest on a loan may not be greater than the Bank’s base rate as in effect from time to time and may float.
Terms Used In North Dakota Code 6-09.12-02
- 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
- 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