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Can you summarize NDCC Chapter 6-08.2?
Banks and Banking > Sale of Banking Institutions Owned by Charitable Trusts
Short Summary
The provided legal document content pertains to the sale of banking institutions owned by charitable trusts. It states that prior to any acquisition, the acquiring entity must present a plan to the state department of financial institutions, committing to capitalize each bank according to applicable banking laws and federal deposit insurance requirements. The document also outlines the requirements for bank holding companies owned by charitable trusts when selling or transferring stock, including the obligation to communicate with and offer to purchase the stock of minority stockholders. The offer must be made at least sixty days before the sale and must remain open for at least ninety days or for the same period as offered to minority stockholders in other states. The offer must be based on the same criteria, standards, and formula used for banks in other states. The document further states that charitable trusts divesting themselves of interest must file a commitment with the attorney general, continue making grants under the trust provisions, and report annually on the grants made. The secretary of state is designated as the agent for service of process. The document also includes provisions regarding the reselling, reassigning, merging, or transferring of stock or assets of acquired banks or bank holding companies, limitations on the sale or transfer of stock or assets by charitable trusts owning banks in Minnesota and North Dakota, and the invalidation of the entire chapter if any provision is determined to be invalid or unconstitutional. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Bank holding companies owned by charitable trusts, minority stockholders of banks or bank holding companies, charitable trusts divesting themselves of interest, and the attorney general
What does it govern?
Sale of Banking Institutions Owned by Charitable Trusts
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
North Dakota