Benefit to directors or management
N.D. Cent. Code § 6-06.2-11
in effect6-06.2-11. Benefit to directors or management
1. A director or senior management official of a converted organization may not receive
any economic benefit in connection with a conversion of the converted organization
other than reasonable director fees, compensation, and other benefits paid to the
directors or senior management officials in the ordinary course of business.
2. For purposes of this section, "senior management official" means a chief executive
officer, an assistant chief executive officer, a chief financial officer, and any other
senior executive officer as may be defined by the state banking board.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c06-2.pdf#nameddest=6-06p2-11Fetched: 10/16/2026