An affiliated nonprofit organization that provides support to and is organized and operated for the benefit of an institution under the control of the state board of higher education may deposit money into an institution account in the Bank of North Dakota for the purpose of benefiting the mission and objectives of the institution. An expenditure made under this section is deemed to be made for a public purpose and may not be construed as a gift for purposes of section 18 of article X of the Constitution of North Dakota.

Terms Used In North Dakota Code 15-10-69

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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
  • 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
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