Additional Banking Powers of the Director

Additional Banking Powers of the Director. In addition to the powers conferred by 4 CMC § 6106, the director may require a bank to: (a) Maintain its accounts in accordance with such regulations as the director may prescribe having regard to the size of the organization. (b) Observe methods and standards which the director may prescribe for determining the value of various types of assets. (c) Charge off the whole or part of an asset which at the time of the director’s action could not lawfully be acquired. (d) Write down an asset to its market value. (e) Record liens and other interests in property. (f) Obtain a financial statement from a prospective borrower to the extent that the bank can do so. (g) Obtain insurance against damage to real estate taken as security. (h) Search, or obtain insurance for, the title to real estate taken as security. (i) Maintain adequate insurance against such other risks as the director may determine to be necessary and appropriate for the protection of depositors and the public. Source: PL 3-104, § 105. Commission Comment: With respect to the references to the “director” of the Department of Commerce and Labor, see Executive Order 94-3 (effective August 23, 1994), reorganizing the executive branch, changing agency names and official titles, and effecting other changes, set forth in the Commission comment to 1 CMC § 2001.