North Dakota Code 51-06-02 – Retention of redemption funds
Any person, firm, corporation, limited liability company, or association furnishing trading stamps to retailers and agreeing to redeem trading stamps as provided in this chapter may not discontinue the redemption of trading stamps without first notifying the secretary of state of such intention to discontinue redemption. Upon such notice, the secretary of state shall direct that all funds set aside by the person, firm, corporation, limited liability company, or association for the redemption of trading stamps and such additional funds as in the judgment of the secretary of state may be necessary, be retained by such person, firm, corporation, limited liability company, or association responsible for the redemption of trading stamps for a period of six months for the purpose of redeeming outstanding stamps in merchandise or reimbursing the holders thereof in cash. The secretary of state may require the filing of an acceptable surety bond conditioned upon the redemption of outstanding trading stamps or the reimbursement of the holders thereof.
Terms Used In North Dakota Code 51-06-02
- 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.
- 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