North Dakota Code 6-03-46 – Exchange of preferred stock for capital notes or debentures
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Any banking institution, after first obtaining the consent and approval of the commissioner, may exchange its preferred stock for its capital notes or debentures.
Terms Used In North Dakota Code 6-03-46
- 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
- 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