North Dakota Code 6-03-45 – Preferred stock – Rights of holders – Nonassessable
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The holders of preferred stock are entitled to all rights and privileges and are subject to all limitations and restrictions with respect to dividends, voting, conversion rights, control of management, retirement and replacement of stock, rights and preferences in case of liquidation, and such other rights or privileges as may be fixed and provided in the articles of incorporation of the issuing institution. Preferred stock is nonassessable, and the holders thereof individually are not responsible as such holders for any debts, contracts, or engagements of the bank.
Terms Used In North Dakota Code 6-03-45
- 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