Borrowings of directors and committee members limited - Repayment of loans
N.D. Cent. Code § 6-06-20
in effect6-06-20. Borrowings of directors and committee members limited - Repayment of
loans.
A director or member of any committee may not borrow from the credit union in which the
director or member holds office more than one hundred thousand dollars plus pledged shares
and deposits less any loan balance therein, unless the application is approved by three-fourths
of the other members of the board of directors. The director or member may guarantee or
endorse paper for other borrowers. A borrower may repay the borrower's loan in whole or in part
on any day that the office of the credit union is open for business.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c06.pdf#nameddest=6-06-20Fetched: 10/16/2026