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North Dakota Century Code Title 6. Banks and Banking § 6-05-29. Duty of commissioner when examination discloses violation of law

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If it appears to the commissioner from any examination made by the commissioner that any such corporation has committed a violation of the law or that it is conducting its business in an unsafe or unauthorized manner, or that the deposit made by it with the department of financial institutions, as hereinbefore provided, is insufficient to protect the interests of all concerned, the commissioner, by an order addressed to such corporation, shall direct the discontinuance of such illegal or unsafe practice, and order it to conform with the requirements of the law or to make a further deposit with the department of financial institutions in an amount sufficient to insure the safety of its trusts, deposits, and liabilities.  Whenever any corporation refuses to comply with any such order, or whenever it appears to the commissioner that it is unsafe or inexpedient for any such corporation to continue to transact business, the commissioner shall communicate the facts to the attorney general, who thereupon shall institute such proceedings against any such corporation as the case may require.

Cite this article: FindLaw.com - North Dakota Century Code Title 6. Banks and Banking § 6-05-29. Duty of commissioner when examination discloses violation of law - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-6-banks-and-banking/nd-cent-code-sect-6-05-29/


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