AGO 85-34.

• Court: North Dakota

North Dakota Attorney General Opinions 1985. AGO 85-34. Office of the Attorney General State of North Dakota Opinion No. 85-34Date Issued: September 10, 1985Requested by: Peter A. Quist Securities Commissioner--QUESTIONS PRESENTED-- .Whether the term 'issued' and its cognates as used in 1985 N.D. Sess. Laws 119 are synonymous with the term 'sale.' Whether foreign banks are prohibited by 1985 N.D. Sess. Laws 119 from issuing or selling certificates of deposit in North Dakota. Whether the answer to question II is dependent upon whether the bank is covered by FDIC insurance. Whether federally chartered banks are prohibited by 1985 N.D. Sess. Laws 119 from issuing or selling certificates of deposit in North Dakota. V. Whether under 1985 N.D. Sess. Laws 119 foreign and federally chartered financial institutions other than banks can issue or sell certificates of deposit in North Dakota as long as they are federally insured--ATTORNEY GENERAL'S OPINION-- It is my opinion that the term 'issued' and its cognates as used in 1985 N.D. Sess. Laws 119 are not synonymous with the term 'sale.' It is my further opinion that foreign banks are not prohibited by 1985 N.D. Sess. Laws 119 from issuing or selling certificates of deposit in North Dakota. It is my further opinion that the answer to question II is not dependent upon whether the bank is covered by FDIC insurance. It is my further opinion that federally chartered banks are not prohibited by 1985 N.D. Sess. Laws 119 from issuing or selling certificates of deposit in North Dakota. V. It is my further opinion that federally insured foreign and federally chartered financial institutions other than banks are not prohibited by 1985 N.D. Sess. Laws 119 from issuing or selling certificates of deposit in North Dakota. --ANALYSES-- This opinion cites the law in question as 1985 N.D. Sess. Laws 119, rather than by reference to House Bill 1372 as used in the request for an opinion, since the Session Laws were published after the request but before the issuance of the opinion. This opinion does not cite each individual chapter of the Century Code affected by the bill as it is more expedient and less confusing to refer to the Session Laws throughout. I. To sell is 'to exchange or deliver for money or its equivalent . . ..' The American Heritage Dictionary, (New College Edition, 1981). That same...