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Can you summarize NDCC Section 6-05-05?
Annuity, Safe Deposit, Surety, and Trust Companies > Certificate of deposit.
Short Summary
This legal document governs the issuance and management of certificates of deposit by corporations. When a corporation assigns and transfers the required securities to the commissioner or a designated agent, they receive a certificate of deposit. The commissioner or agent holds these securities as collateral for the depositors and creditors of the corporation, as well as for the execution of any lawfully imposed trusts. The corporation can withdraw the securities by depositing other securities of equal value. The commissioner or agent is responsible for collecting and paying the interest and dividends on the deposited securities to the corporation. Corporations with excess deposits can withdraw the excess amount. This document does not specify any penalties or exemptions.
Whom does it apply to?
Corporations
What does it govern?
Certificate of deposit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
North Dakota