North Dakota Code 10-33-95 – Certain assets not to be diverted
Current as of: 2023 | Check for updates
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If a corporation dissolves, merges, substantially changes the use or purposes for which the corporation will use corporate assets, consolidates, transfers corporate assets, or grants a mortgage or other security interest in corporate assets, assets of the corporation or a constituent corporation and assets subsequently received by a single corporation after a merger or consolidation may not be diverted from the uses and purposes for which the assets were received and held or from the uses and purposes expressed or intended by the original donor.
Terms Used In North Dakota Code 10-33-95
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Donor: The person who makes a gift.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.