2016 North Dakota Century Code Title 6 Banks and Banking Chapter 6-09.12 Oil and Gas Development Loans
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CHAPTER 6-09.12
OIL AND GAS DEVELOPMENT LOANS
6-09.12-01. Definitions.
In this chapter, unless the context otherwise requires:
1. "Developer" means a resident of this state or a corporation generating fifty percent or
more of its income within this state.
2. "Oil and gas development" means oil and gas well reworking operations; oil and gas
well recompletion operations; oil and gas enhanced recovery operations, including
secondary and tertiary recovery operations; and purchase of producing oil and gas
wells.
3. "Oil and gas development project" means a project financed under this chapter.
6-09.12-02. Bank of North Dakota may make loans for oil and gas development
projects.
The North Dakota industrial commission shall establish a program through the Bank of
North Dakota for the purpose of participating in loans made by North Dakota financial
institutions for oil and gas development projects undertaken by developers within the state. The
Bank's total participation in any one loan may not exceed one hundred thousand dollars. The
interest on a loan may not be greater than the Bank's base rate as in effect from time to time
and may float.
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