North Dakota Code 6-03-24 – Capital stock may be reduced
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Any association may reduce its capital stock to any sum not less than the amount required to authorize the formation of any association by vote of its shareholders owning two-thirds of its stock. No such reduction may be made, however, until the amount thereof proposed is reported to the state banking board and its approval in writing obtained. No such reduction may affect the liability of shareholders for any debts of the association incurred prior to the reduction, and every such reduction must be certified to and a copy of the certificate filed in the same manner as for an increase of capital stock before it becomes valid.
Terms Used In North Dakota Code 6-03-24
- 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
- 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