North Dakota Century Code Title 6. Banks and Banking § 6-03-21. Impairment of capital--Dividends stopped--Action by board--Restoration

Whenever the capital of any state banking association becomes impaired or the capital stock reduced below the amount required by this title or by the articles of incorporation, no dividend may be declared nor distribution of profits made thereafter while any debts of the association remain unsatisfied, nor until the impairment or deficiency is made good. Whenever it appears that the capital of any state banking association has become impaired or its capital stock reduced, the commissioner shall report the same to the state banking board immediately. The commissioner thereupon shall issue and enforce the necessary order restraining the declaring of dividends and requiring that the impairment or deficiency be made good. The impairment or deficiency must be made good within sixty days thereafter, or the commissioner, upon the order or direction of the state banking board, may take charge of the state banking association and proceed to liquidate the association as in case of insolvency.