North Dakota Code 4.1-60-03 – Certificate issued by commissioner after examination of accounts
1. If the commissioner is satisfied from the commissioner’s examination that the association, copartnership, corporation, or limited liability company examined is solvent and the method of doing business is likely to be beneficial to all its members or persons interested therein, the commissioner shall issue a certificate, countersigned by the examiner, to the agent or manager. The certificate must be kept posted conspicuously in the warehouse or elevator of the association, copartnership, corporation, or limited liability company and must state:
Terms Used In North Dakota Code 4.1-60-03
- Commissioner: means the agriculture commissioner or the designee or authorized representative of the commissioner. See North Dakota Code 4.1-01-01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
a. That the methods of doing business are sound.
b. That the association, copartnership, corporation, or limited liability company is solvent.
c. That its books and accounts are kept properly.
2. If the affairs and methods of doing business of the association, copartnership, corporation, or limited liability company do not seem sound or satisfactory to the commissioner, the commissioner shall issue a certificate or statement, countersigned by the person that made the examination, stating in what particular and in what respect the business methods practiced or methods of keeping books and accounts of the association, copartnership, corporation, or limited liability company are not deemed safe. The commissioner shall mail a copy of the statement or certificate to each of the shareholders or stockholders as may have requested the commissioner to make the examination. The commissioner also shall send a copy to the president and the secretary of the association, copartnership, corporation, or limited liability company.