Section 13-03-15-04 - Application to establish a branch1. A credit union wishing to establish a branch shall comply with the following: a. Approval to establish the branch must be given by the board of directors of the credit union by a majority of that board; andb. After approval by the credit union's board of directors, application must be made to the state credit union board or to the commissioner to establish the branch. The necessary forms for "application to establish a branch", including the business plan and the financial impact to the credit union, may be secured from the department of financial institutions2. The state credit union board or commissioner, when considering the branching of a credit union, shall consider the following:a. If the branch is for an open charter, and if the application to establish the branch is accompanied by an application to expand the field of membership, the exact geographical boundaries, expressed by city, county, township, or highway boundaries, or a stated radius from the branch office, must be clearly spelled out;b. Whether the credit union has demonstrated the ability to succeed with the branch; and c. Any other factor that the state credit union board or commissioner deems pertinent.3. If the commissioner's decision with respect to an application is unfavorable, the applicant credit union may appeal the decision to the state credit union board by filing a notice of appeal with the commissioner within twenty days after the commissioner has notified the applicant credit union of the decision.N.D. Admin Code 13-03-15-04
Effective April 1, 1988; amended effective June 1, 2002; January 1, 2007; January 1, 2013.Amended by Administrative Rules Supplement 371, January 2019, effective 1/1/2019.Amended by Administrative Rules Supplement 2022-384, April 2022, effective 4/1/2022.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06