No existing corporation or limited liability company is dissolved on account of the repeal of any statute pursuant to which it was organized, nor may the powers specified in its charter, certificate, articles of incorporation, or articles of organization be impaired or limited thereby. No repeal impairs, annuls, diverts, or disturbs any vested rights, privileges, or powers actually    exercised and enjoyed in or by any corporation or limited liability company under such repealed laws.

Terms Used In North Dakota Code 1-02-29

  • 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.
  • 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
  • Statute: A law passed by a legislature.