If the determination of the state banking board is in favor of the applicants, the organization certificate and permission of the board accompanying the same must be recorded in the office of the recorder of the county in which such banking association is to be established, and the same must be transmitted to and received by the secretary of state. The secretary of state shall record and carefully preserve it in the secretary of state’s office and shall certify the facts to the state banking board. The secretary of state then shall issue a certificate of authority to the corporation, and such certificate of authority must be transmitted to and held by the commissioner until an examination is made and the certificate of the commissioner or the deputy examiner procured to the effect that the capital stock and required surplus have been paid in full, that federal deposit insurance corporation insurance of deposits has been secured, and that all conditions of the law have been complied with strictly. If the determination of the state banking board is against the said application, such organization certificate must not be recorded in the office of the recorder, and, if presented, it must not be accepted by the secretary of state.

Terms Used In North Dakota Code 6-02-07

  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 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