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North Dakota Century Code Title 10. Corporations § 10-15-01. Definitions

Current as of January 01, 2024 | Updated by FindLaw Staff

As used in this chapter, unless the context requires otherwise, the term:

1. “Association” includes both cooperatives and foreign cooperatives.

2. “Cooperative” means an association incorporated under this chapter.

3. “Corporation” means all corporations not associations.

4. “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

5. “Electronic communication” means any form of communication, not directly involving the physical transmission of paper that:

a. Creates a record that may be retained, retrieved, and reviewed by a recipient of the communication; and

b. May be directly reproduced in paper form by the recipient through an automated process.

6. “Electronic record” means a record created, generated, sent, communicated, received, or stored by electronic means.

7. “Electronic signature” means an electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.

8. “Filed with the secretary of state” means, except as otherwise permitted by law or rule:

a. That a document meeting the applicable requirements of this chapter together with the fees provided in section 10-15-54 was delivered or communicated to the secretary of state by a method or medium of communication acceptable by the secretary of state and was determined by the secretary of state to conform to law.

b. That the secretary of state shall then:

(1) Record the actual date on which the document is filed, and if different, the effective date of filing; and

(2) Record the document in the office of the secretary of state.

9. “Foreign cooperative” means an association incorporated under a cooperative law of another state which has members residing within this state and which is operating on the following cooperative bases:

a. Either no member of the foreign cooperative who is an individual is allowed more than one vote because of the amount of stock or membership capital the member owns therein, or the foreign cooperative does not pay dividends on stock or membership capital in excess of eight percent per annum.

b. The foreign cooperative shall not deal in the products of or for nonmembers to an amount greater in value than such as are handled by it for members.

c. The foreign cooperative distributes its proceeds according to either the law governing cooperatives of this state or the law of the state of its incorporation.

10. “Member” means a person who has been qualified and accepted for membership in an association.

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Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-15-01. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-15-01/

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