Any state banking association has power to borrow money subject to the limitations of this chapter. Money borrowed from correspondent banks must be evidenced by the promissory note or notes of the borrowing association, and no such association may issue its certificate of deposit for money so borrowed or otherwise conceal the true nature of the transaction. Nothing herein affects the right of a state banking association to receive bona fide deposits from banks or other persons.

Terms Used In North Dakota Code 6-03-51

  • 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
  • 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
  • state banking association: means any corporation organized under the laws of this state covering state banking associations, and all corporations, limited liability companies, partnerships, firms, or associations whose business in whole or in part consists of the taking of money on deposit, except national banks, trust companies, and the Bank of North Dakota. See North Dakota Code 6-01-02
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