Title 6 — Banks and Banking

1. "Converted organization" means the banking institution, credit union, or other financial institution previously authorized by the commissioner to engage in the business of banking under the laws of this state and has been converted into a cooperative financial institution unde…

Fifteen or more originating members who intend to associate themselves by written agreement and a cooperative financial institution may, upon compliance with this title, become a cooperative financial institution, with all the powers and privileges and subject to the duties, rest…

A cooperative financial institution formed under this chapter shall have a capital structure the state banking board or commissioner determines is adequate. The cooperative financial institution shall comply with prompt corrective actions requirements of section 6-01-04.4. A coop…

1. Before the formation of a cooperative financial institution under this chapter, the originating members of the proposed cooperative financial institution shall execute a written agreement of association to form a cooperative financial institution. The written agreement of asso…

Before formation of a cooperative financial institution under this chapter, originating members who wish to associate themselves in a cooperative financial institution shall sign and execute an organization certificate on a form prescribed by the commissioner, which must state: 1…

1. At the hearing, the board shall inquire whether the originating members have the character, integrity, reputation, and financial standing shown by a detailed financial statement, to demonstrate the establishment of the proposed cooperative financial institution will be benefic…

1. If the state banking board votes to approve the application to organize a cooperative financial institution, the organization certificate and permission of the board must be recorded in the county where the cooperative financial institution will be established and must be tran…

1. Any banking institution, credit union, or financial institution authorized by the commissioner to engage in the business of banking under the laws of this state, laws of the United States, or laws of another state may be converted into a cooperative financial institution. 2. A…

1. A banking institution, credit union, or financial institution may be converted to a cooperative financial institution under this chapter through submission of an application, which must include: a. A statement of the results of the vote to approve the conversion, along with af…

1. A director or senior management official of a converted organization may not receive any economic benefit in connection with a conversion of the converted organization other than reasonable director fees, compensation, and other benefits paid to the directors or senior managem…

The commissioner may adopt rules necessary to carry out the conversion of a banking institution, credit union, or other financial institution to or from a cooperative financial institution under this chapter.

The commissioner shall review the process for the conversion member vote and procedures applicable to the member vote. The commissioner shall report the commissioner's findings to the state banking board. If the commissioner or the state banking board disapproves of the methods b…

1. Each member of the cooperative financial institution is entitled to one vote during regular or special meetings of the membership. 2. Voting may be conducted in-person or digital as outlined in the cooperative financial institution's bylaws. Proxy voting is permitted as author…