North Dakota Century Code Title 6. Banks and Banking § 6-03-43. Preferred stock authorized--Notice to and consent of stockholders

Any banking institution, with the consent of the commissioner and upon the written consent of all of its stockholders, or by vote of its stockholders owning a majority of the stock of such institution, may issue preferred stock of one or more classes in such amount, upon such conditions and limitations and with such par value as shall be approved by the commissioner. When it is necessary to call a meeting of the stockholders to approve the issuance of preferred stock, the board of directors of the institution shall cause notice of the meeting to be served on each stockholder by registered or certified mail addressed to the stockholder's last-known post-office address at least sixty days prior to the meeting. After an institution has been authorized to issue preferred stock, its board of directors may make necessary amendments to the articles of incorporation of the institution. Notice to and approval by the stockholders of an institution which has not issued common stock is not required before preferred stock may be issued.