North Dakota Code 6-09.13-02 – Loans – Participation by the Bank of North Dakota
Current as of: 2023 | Check for updates
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1. The Bank of North Dakota may make available an appropriate amount of funds to purchase participation interests in loans made by financial institutions for the purposes as set forth in section 6-09.13-03.
Terms Used In North Dakota Code 6-09.13-02
- 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
2. The amount of a participation interest purchased by the Bank under this section must be not less than fifty percent nor more than eighty percent of the loan amount.
3. The Bank shall adopt rules to implement this chapter.