Page:2015 North Dakota Session Laws.pdf/286

Rh ::6. "Banking institution" means any bank, trust company, or bank and trust company organized under the laws of this state.


 * 7. "Branch" means a place of business where deposits are received, checks paid, or money lent as a result of a bank that was merged into another bank pursuant to an interstate merger.


 * 8. "Commissioner" means the commissioner of financial institutions.


 * 9. "Corporate central credit union" means a credit union operated for the primary purpose of serving corporate accounts. A credit union is deemed to be a corporate central credit union when its total dollar amount of outstanding corporate loans plus corporate share and deposit holdings is equal to or greater than seventy-five percent of its outstanding loans plus share and deposit holdings.


 * 10. "Credit union" means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition.


 * 11. "Derivative transaction" means derivative transaction as defined in 12 U.S.C. 84(b)(3).


 * 12. "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.


 * 13. "Electronic communication" means any form of communication, not directly involving the physical transmission of paper that creates a record that may be retained, retrieved, and reviewed by a recipient of the communication and may be directly reproduced in paper form by the recipient through an automated process.


 * 14. "Electronic record" means a record created, generated, sent, communicated, received, or stored by electronic means.


 * 15. "Electronic signature" means an electronic sound, symbol, or process attached to or logically associated with a record and signed or adopted by a person with the intent to sign the record.


 * 16. "Financial corporation" means all entities regulated by the department of financial institutions, excluding financial institutions and credit unions.


 * 17. "Financial institution" means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States.


 * 18. "Market value! means the highest price for which property can be sold in the open market by a willing seller to a willing purchaser, neither acting upon compulsion and bother exercising reasonable judgment.


 * 19. "Merger" or "merge" means the merging or consolidation of two or more banks including the purchase of all or substantially all the assets and assumption of liabilities of a bank, facility, or branch.