North Dakota Code 10-33-124 – Certified nonprofit development corporation – Application
1. For the purposes of this section:
Terms Used In North Dakota Code 10-33-124
- 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.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. 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. “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.