North Dakota Code 6-06-20 – Borrowings of directors and committee members limited – Repayment of loans
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A director or member of any committee may not borrow from the credit union in which the director or member holds office more than one hundred thousand dollars plus pledged shares and deposits less any loan balance therein, unless the application is approved by three-fourths of the other members of the board of directors. The director or member may guarantee or endorse paper for other borrowers. A borrower may repay the borrower’s loan in whole or in part on any day that the office of the credit union is open for business.
Terms Used In North Dakota Code 6-06-20
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- paper: means any flexible material upon which it is usual to write. See North Dakota Code 1-01-27