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115 chapters · 1,834 sections in this title.
4 CMC § 6601 License Required
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License Required. (a) Before any person may operate an offshore bank in the Commonwealth, a written license issued by the director shall be obtained, except as specifically exempted by subsection (b) of this section. Knowing and willful violation of this section is punishable by …
4 CMC § 6602 Requirements for Issuance of License
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Requirements for Issuance of License. The director shall promptly issue an offshore banking license when the applicant has met the following requirements: (a) It is duly incorporated under the laws of the Commonwealth and has filed with the director a certified copy of its articl…
4 CMC § 6603 Duty to Report Transfer
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Duty to Report Transfer. Upon any transfer of stock in an offshore bank which results in the ownership of more than 10 percent of the stock by a person for whom a report pursuant to 4 CMC § 6602(e) has not been done within the calendar year preceding the transfer, the offshore ba…
4 CMC § 6604 Reporting Requirements: Preservation of Confidences
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Reporting Requirements: Preservation of Confidences. (a) Each offshore bank shall submit to the director a report of its condition as of January 1 and June 1 of each year. The reports shall contain the names and addresses of the bank’s beneficial shareholders and such other infor…
