Title 10 — Corporations
47 chapters · 661 sections in this title.
N.D.C.C. § 10-30.5-01 Definitions
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As used in this chapter, unless the context otherwise requires: 1. "Board of directors" means the board of directors of the corporation. 2. "Corporation" means the North Dakota development fund, incorporated, established under this chapter. 3. "North Dakota business" means a busi…
N.D.C.C. § 10-30.5-02 Purpose and fund uses
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1. It is the purpose of this chapter to create a statewide nonprofit development corporation that will have the authority to take equity positions in, to provide loans to, to form a management and operations entity related to the beyond visual line of sight uncrewed aircraft syst…
N.D.C.C. § 10-30.5-03 Organization
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A board of directors shall manage the corporation. The board of directors shall adopt and amend articles of incorporation and bylaws consistent with the purposes detailed in this chapter. The board of directors consists of eight members who shall serve three-year terms. The terms…
N.D.C.C. § 10-30.5-04 Powers
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The corporation must be organized as a nonprofit corporation. In addition to the powers in chapter 10-33, the corporation may: 1. Cooperate, contract with, and provide funding to any private or public entity. 2. Receive appropriations from the legislative assembly and other publi…
N.D.C.C. § 10-30.5-05 Management
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1. The director of the department of commerce division of economic development and finance shall appoint the chief executive officer of the corporation. The board of directors shall determine minimum qualifications of all other staff positions. 2. If the chief executive officer o…
N.D.C.C. § 10-30.5-06 Divestiture
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The board of directors shall establish a policy for divesting the corporation's interest in any business when certain levels of profitability are obtained.
N.D.C.C. § 10-30.5-07 Confidentiality of corporation records
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The following records of the corporation are confidential: 1. Commercial or financial information, whether obtained by the corporation directly or indirectly, of any entity in which an equity interest is purchased or considered for purchase, to which a loan has been made, or capi…
N.D.C.C. § 10-30.5-08 Annual audit
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The state auditor's office may conduct an annual audit of the financial statements of the corporation pursuant to this section. If the state auditor's office does not conduct the audit, the state auditor's office shall contract with a certified public accounting firm to audit ann…
N.D.C.C. § 10-30.5-09 Annual report
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The corporation shall prepare and publish an annual report of its activities for the information of the governor, the legislative assembly, and the public. The report must include audited financial statements of the corporation for the fiscal year covered by the report and must s…
N.D.C.C. § 10-30.5-10 North Dakota development fund - Continuing appropriation
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The North Dakota development fund is established from moneys appropriated from the general fund and transfers from other funds. This is a revolving fund, and all moneys transferred into the fund, interest upon fund moneys, and payments to the fund are hereby appropriated for the …
N.D.C.C. § 10-30.5-11 Economic development funds - Wage requirements
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Any political subdivision or economic development authority may adopt a minimum wage requirement for any new business or business expansion in which a majority of the capital is provided by the North Dakota development fund and its own local development funds. These wage requirem…
N.D.C.C. § 10-30.5-12 Entrepreneurship awards
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Expired under S.L. 2009, ch. 109, § 5.
N.D.C.C. § 10-30.5-13 Small business technology investment program
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Repealed by S.L. 2023, ch. 105, § 2.
N.D.C.C. § 10-30.5-14 Research North Dakota venture investment program
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Repealed by S.L. 2019, ch. 57, § 5.