North Dakota Administrative Code
Title 13 - Department of Financial Institutions
Article 13-03 - Credit Unions
Chapter 13-03-04 - Investment in an Office Building, Furniture, and Fixtures - Application to the State Credit Union Board
Section 13-03-04-02 - Procedure for investment in building

Universal Citation: ND Admin Code ยง 13-03-04-02

Current through Supplement No. 392, April, 2024

Any state-chartered credit union planning to construct or purchase a building shall follow and comply with the following procedure:

1. The board of directors shall adopt a resolution to invest in a building, and stating the maximum funds to be invested in a lot and building.

2. If the resolution is adopted by a majority of the board of directors, and if the resolution involves an investment, which exceeds the maximum investment established in section 13-03-04-01, the board of directors shall then make application to the North Dakota state credit union board for permission to invest in a building. If the investment is within the limit established by section 13-03-04-01, the board of directors and management will proceed with the project as approved by the board of directors.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-06

Disclaimer: These regulations may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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