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Can you summarize NDAC Chapter 13-02-17?
Banking and Savings and Loan Associations > Sale or Purchase of Associations, Banking Institutions, or Holding Companies
Short Summary
This legal document governs the sale or purchase of associations, banking institutions, or holding companies. It requires the secretary of the board to publish a notice of the application in the official newspaper of the county where the entity is located. The notice must include the entity’s name, the number of shares to be sold or purchased, and the total number of outstanding shares. It also provides information on how written comments can be submitted to the board and how the application can be requested or reviewed. Parties interested in submitting written comments must do so within ten days of the publication date. The notice may be included with any similar application submitted to the federal deposit insurance corporation or the federal reserve board. The document was implemented on June 1, 1994, and is based on the authority provided by NDCC 6-01-04 and implemented by NDCC 6-08-08.1(2).
Whom does it apply to?
Entities involved in the sale or purchase of associations, banking institutions, or holding companies
What does it govern?
Sale or purchase of associations, banking institutions, or holding companies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
North Dakota