13-03-04-02. Procedure for investment in building.

Any state-chartered credit union planning to construct or purchase a building shall follow and comply with the following procedure:

1. The board of directors shall adopt a resolution to invest in a building, and stating the maximum funds to be invested in a lot and building.

2. If the resolution is adopted by a majority of the board of directors, and if the resolution involves an investment, which exceeds the maximum investment established in section 13-03-04-01, the board of directors shall then make application to the North Dakota state credit union board for permission to invest in a building. If the investment is within the limit established by section 13-03-04-01, the board of directors and management will proceed with the project as approved by the board of directors.

History: Amended effective June 1, 1984; January 1, 2007; April 1, 2022.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-06