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6-09 The Bank of North Dakota

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CHAPTER 6-09THE BANK OF NORTH DAKOTA6-09-01. Purpose and establishment of Bank of North Dakota. For the purpose ofencouraging and promoting agriculture, commerce, and industry, the state of North Dakota shall<br>engage in the business of banking, and for that purpose shall maintain a system of banking<br>owned, controlled, and operated by it, under the name of the Bank of North Dakota.6-09-02. Industrial commission to operate Bank - Business of Bank. The industrialcommission shall operate, manage, and control the Bank of North Dakota, locate and maintain its<br>places of business, of which the principal place must be within the state, and make and enforce<br>orders, rules, regulations, and bylaws for the transaction of its business.The business andfinancial transactions of the Bank, in addition to other matters specified in this chapter, may<br>include anything that any bank or bank holding company lawfully may do, except as it is<br>restricted by the provisions of this chapter. This provision may not be held in any way to limit or<br>qualify either the powers of the industrial commission granted by or the functions of said Bank as<br>defined in this chapter. The powers of the industrial commission and the functions of the Bank<br>must be implemented through actions taken and policies adopted by the industrial commission.6-09-02.1.Declaration and finding of public purpose - Bank of North Dakotaadvisory board of directors. To enlist the help of private enterprise and to encourage more<br>active use of the purposes for which the Bank of North Dakota was created, the governor shall<br>appoint an advisory board of directors to the Bank of North Dakota consisting of seven persons,<br>at least two of whom must be officers of banks, the majority of the stock of which is owned by<br>North Dakota residents, and at least one of whom must be an officer of a state-chartered or<br>federally chartered financial institution. The governor shall appoint a chairman, vice chairman,<br>and secretary from the advisory board of directors. The term of a director is four years. The<br>industrial commission shall define the duties of the advisory board of directors.6-09-02.2. Authority of the advisory board of directors to the Bank of North Dakota.The advisory board of directors to the Bank of North Dakota shall:1.Meet regularly with the management of the Bank of North Dakota to review the<br>Bank's operations to determine whether recommendations should be made by the<br>board to the industrial commission relating to improved management performance,<br>better customer service, and overall improvement in internal methods, procedures,<br>and operating policies of the Bank.2.Make recommendations to the industrial commission relating to the establishment of<br>additional objectives for the operation of the Bank of North Dakota.3.Make recommendations to the industrial commission concerning the appointment of<br>officers of the Bank of North Dakota.4.Meet regularly with the industrial commission to present any recommendations<br>concerning the Bank of North Dakota.5.In addition to the foregoing and pursuant to authorization from the industrial<br>commission, act on behalf of the Bank with respect to the powers and functions of<br>the Bank.6-09-03.Industrial commission may acquire property by purchase or eminentdomain - Investment in banking house and furnishings. Repealed by S.L. 1989, ch. 110,<br> </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>