North Dakota Administrative Code
Title 13 - Department of Financial Institutions
Article 13-03 - Credit Unions
Chapter 13-03-22 - Investment Activities
Section 13-03-22-10 - Notice of noncompliant investments

Universal Citation: ND Admin Code ยง 13-03-22-10
Current through Supplement No. 392, April, 2024

A credit union's board of directors must receive notice as soon as possible, but no later than the next regularly scheduled board meeting, of any investment that either is outside of board policy after purchase or has failed a requirement of this chapter. The board of directors must document its action regarding the investment in the minutes of the board meeting, including a detailed explanation of any decision not to sell it. The credit union must notify in writing the commissioner of the department of financial institutions of an investment that has failed a requirement of this chapter within five days of the board meeting.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-06

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