Certificate of deposit

N.D. Cent. Code § 6-05-05

in effect

6-05-05. Certificate of deposit Whenever any such corporation assigns, transfers, and delivers to the commissioner, or a designated agent, the securities described in section 6-05-04 and all evidences of such investment, the commissioner, or a designated agent, shall execute and deliver to the corporation a certificate of such deposit, and thereupon, the said corporation may commence and carry on business under the provisions of this chapter. The commissioner, or a designated agent, shall hold the said securities so deposited with the commissioner or agent as collateral security for the depositors and creditors of the corporation, and for the faithful execution of any trusts which may be imposed lawfully upon and accepted by such corporation. The corporation from time to time may withdraw the said securities or any part thereof from the commissioner, or a designated agent, upon depositing with the commissioner or agent other securities of equal amount and value and of the kinds specified in section 6-05-04. Until otherwise ordered by a court of competent jurisdiction, the said commissioner, or a designated agent, shall pay over to such corporation the interest and dividends which the commissioner or agent collects upon such securities. Any corporation having a larger deposit with the commissioner, or a designated agent, than is required by this chapter must be allowed at any time to withdraw its excess deposit.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c05.pdf#nameddest=6-05-05Fetched: 10/16/2026