N.D. Cent. Code § 6-07.1-01
Current through 2024 Legislative Session
The commissioner or board may close and liquidate a state trust company on finding that the interests of its clients and creditors are jeopardized by the state trust company's insolvency or imminent insolvency or that the best interests of clients and creditors would be served by requiring that the state trust company be closed and its assets liquidated. A majority of the state trust company's directors, managers, or managing participants may voluntarily close the state trust company and place it with the commissioner for liquidation.
N.D.C.C. § 6-07.1-01