North Dakota Code 40-01-04 – Vested rights
All rights and property of every kind and description vested in any municipal corporation previous to any change in its form of organization shall be vested in the same municipal corporation upon its being incorporated under a different type of organization as provided by this title. No rights or liabilities in favor of or against such corporation existing at the time of a change in the form of its organization, and no action or prosecution of any kind shall be affected by such change, but the same shall stand and progress as if no change had been made. When by reason of a change in the form of organization, there is made available a different remedy which is applicable to any right existing before such change became effective, such remedy shall be additional to the remedies theretofore provided.
Terms Used In North Dakota Code 40-01-04
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49