Title 10 — Corporations

1. Any ten or more natural persons who are residents of this state may form a state development corporation by complying with the conditions prescribed in this chapter. 2. They shall subscribe and acknowledge a certificate specifying: a. The name, the general nature of its busine…

The purpose of the corporation is to assist, encourage, and through the cooperative efforts of the institutions and corporations which from time to time become members thereof, develop and advance the business prosperity and economic welfare of this state; to encourage and assist…

Upon the filing of the articles of incorporation with the secretary of state, the secretary of state shall issue to the corporation over the great seal of the state of North Dakota a certificate that the articles containing the required state of facts have been filed in the secre…

In furtherance of the purposes for which such corporation is organized, and in addition to the powers conferred by the general laws relating to business corporations, any such corporation shall, subject to the restrictions and limitations herein contained, have the power to: 1. B…

The provisions of chapter 10-19.1 apply to state development corporations as applicable and not inconsistent with this chapter.

The capital stock of the corporation is six thousand shares of no par value, which must be issued for fifty dollars per share in cash, and four thousand shares of no par value, which may be issued for the current book value in cash.

1. All the corporate powers of the corporation shall be exercised by a board of not less than fifteen elected directors who shall be residents of North Dakota and, except in the case of the first board, representative of the various sections of the state as determined in the byla…

1. The nonstockholder members of the corporation are those national or state banks, savings banks, savings and loan associations, trust companies, stock or mutual insurance companies, the Bank of North Dakota, credit unions, and other financial institutions that apply for members…

Each year, the corporation shall set apart all of its net earnings as retained earnings. The corporation shall hold part of the retained earnings as a reserve for bad debts. The corporation may use the rest of the retained earnings in the course of its business. The amount held a…

At no time shall the total obligations of the corporation exceed twenty times the amount of the paid-in capital and surplus, not including earned surplus.

The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors, exclusive of any director who is an officer or director of the depository so designated. The corpora…

Any person, firm, or limited liability company who applies for a loan or obtains money from the development corporation shall be required to invest in the stock of the corporation in an amount to be fixed by the board of directors of not less than two percent nor more than five p…

The holders of capital stock as such shall have no pre-emptive or preferential right to purchase or subscribe for any part of the unissued capital stock of the corporation of any class or for any new issue of stock of any class, whether now or hereafter authorized or issued, or t…

Notwithstanding any other statute, the notes or other interest-bearing obligations of a state development corporation, issued in accordance with this chapter and the articles of incorporation and the bylaws of the corporation, are legal investments for any banks, savings and loan…