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North Dakota Century Code Title 10. Corporations § 10-30-01. Organization

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

1. Any ten or more natural persons who are residents of this state may form a state development corporation by complying with the conditions prescribed in this chapter.

2. They shall subscribe and acknowledge a certificate specifying:

a. The name, the general nature of its business, and the principal place of transacting its business. The name must distinguish the corporation from all other corporations authorized to do business in the state and contain the words “state development corporation”.

b. The period of its duration, which must be perpetual.

c. The name and residence of each incorporator.

d. The names and addresses of those composing this board until the first election.

e. The highest amount of indebtedness or liability to which the corporation shall be subject.

3. The certificate may contain any other lawful provision defining and regulating the powers and business of the corporation, its officers, directors, members, and stockholders.

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Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-30-01. Organization - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-30-01/

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