North Dakota Code 21-03.1-01 – Definitions
As used in this chapter, the following terms have the following meanings:
Terms Used In North Dakota Code 21-03.1-01
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Individual: means a human being. See North Dakota Code 1-01-49
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. 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
- Statute: A law passed by a legislature.
1. “Authorized officer” means any individual required or permitted, alone or with others, by any provision of law or by the issuing public entity, to execute on behalf of the public entity a certificated registered public obligation or a writing relating to an uncertificated registered public obligation.
2. “Certificated registered public obligation” means a registered public obligation which is represented by an instrument.
3. “Code” means the Internal Revenue Code of 1954, as amended.
4. “Financial intermediary” means a bank, broker, clearing corporation, or other person or the nominee of any of them, which in the ordinary course of its business maintains registered public obligation accounts for its customers, when so acting.
5. “Issuer” means a public entity which issues an obligation.
6. “Obligation” means an agreement of a public entity to pay principal and any interest thereon, and includes a share, participation, or other interest in any such agreement.
7. “Official actions” means the actions by statute, order, ordinance, resolution, contract, or other authorized means by which the issuer provides for issuance of a registered public obligation.
8. “Official or official body” means the officer that is empowered under the laws of this state to provide for original issuance of an obligation of the issuer, by defining the obligation and its terms, conditions, and other incidents, the successor or successors of any such official or official body, and such other person or group of persons as shall be assigned duties of such official or official body with respect to a registered public obligation under applicable law from time to time.
9. “Public entity” means any entity, department, or agency which is empowered under the laws of this state to issue obligations any interest with respect to which may, under any provision of law, be provided an exemption from the income tax referred to in the Code.
10. “Registered public obligation” means an obligation issued by a public entity pursuant to a system of registration.
11. “System of registration” and its variants means a plan that provides:
a. With respect to a certificated registered public obligation, that:
(1) The certificated registered public obligation specify a person entitled to the registered public obligation and the rights it represents; and
(2) Transfer of the certificated registered public obligation and the rights it represents may be registered upon books maintained for that purpose by or on behalf of the issuer.
b. With respect to an uncertificated registered public obligation, that:
(1) Books maintained by or on behalf of the issuer for the purpose of registration of the transfer of a registered public obligation specify a person entitled to the registered public obligation and the rights evidenced thereby; and (2) Transfer of the uncertificated registered public obligation and the rights evidenced thereby be registered upon such books.
12. “Uncertificated registered public obligation” means a registered public obligation which is not represented by an instrument.