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Can you summarize NDCC Section 6-08-30?
General Provisions > Limitation on control of deposits.
Short Summary
This legal document governs the limitation on the ownership or control of deposits in North Dakota. It applies to financial institutions and financial institution holding companies operating in the state. The document prohibits any financial institution or financial institution holding company from acquiring direct or indirect ownership or control of more than twenty-five percent of North Dakota deposits through the acquisition of another financial institution. Additionally, they are not allowed to purchase the assets and liabilities of a banking house or facility if it results in exceeding the twenty-five percent limit. Furthermore, a financial institution cannot establish a facility outside the corporate city limits of its main banking house or authorized facility if it already has a direct or indirect interest in, ownership of, or control over more than twenty-five percent of North Dakota deposits. The term ‘North Dakota deposits’ is defined as per section 6-08.3-01 of the North Dakota Century Code.
Whom does it apply to?
Financial institutions and financial institution holding companies
What does it govern?
Control of deposits
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
North Dakota