Preferred stock - Rights of holders - Nonassessable
N.D. Cent. Code § 6-03-45
in effect6-03-45. Preferred stock - Rights of holders - Nonassessable
The holders of preferred stock are entitled to all rights and privileges and are subject to all
limitations and restrictions with respect to dividends, voting, conversion rights, control of
management, retirement and replacement of stock, rights and preferences in case of liquidation,
and such other rights or privileges as may be fixed and provided in the articles of incorporation
of the issuing institution. Preferred stock is nonassessable, and the holders thereof individually
are not responsible as such holders for any debts, contracts, or engagements of the bank.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c03.pdf#nameddest=6-03-45Fetched: 10/16/2026