6-08.3-07. Divestiture - Cease and desist.
96 words·~1 min read·
/nd/title-06/chapter-6-08-3-reciprocal-interstate-banking/6-08-3-07·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. If a reciprocating state bank holding company makes an acquisition other than in full
compliance with the requirements and procedures of this chapter, the board may, by
order:
a. Immediately require the reciprocating state bank holding company to divest itself
of its direct or indirect ownership or control of any bank located in this state; or
b. Require the reciprocating state bank holding company to cease and desist the
violations by a certain date.
2. The order is subject to the procedures applicable to cease and desist proceedings
under section 6-01-04.2 and any applicable rules.