North Dakota Code 10-30-01 – Organization
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.
Terms Used In North Dakota Code 10-30-01
- 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.
- 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
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.