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Current as of January 01, 2024 | Updated by Findlaw Staff
1. For the purposes of this section:
a. “Certified nonprofit development corporation” means a corporation organized under this chapter which meets the following requirements:
(1) Is certified by the secretary of state under this section;
(2) Invests a majority of its funds in primary sector businesses; and
(3) No part of the income is distributable to its members, directors, or officers.
b. “Primary sector business” has the meaning provided in section 1-01-49.
2. A corporation may apply to the secretary of state to become a certified nonprofit development corporation by submitting an application executed by an officer of the corporation containing:
a. The name of the corporation and the address of its principal executive office;
b. The names and addresses of the officers and directors of the corporation; and
c. A statement that the corporation has adopted a resolution to invest a majority of membership payments, dues, or contributions received in primary sector businesses. A copy of the resolution must be submitted with the application to the secretary of state together with the fees provided in section 10-33-140.
3. Upon receipt by the secretary of state of the completed application and fee, the secretary of state shall certify the applicant as a certified nonprofit development corporation.
Cite this article: FindLaw.com - North Dakota Century Code Title 10. Corporations § 10-33-124. Certified nonprofit development corporation--Application - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-10-corporations/nd-cent-code-sect-10-33-124/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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