Title 10 — Corporations
47 chapters · 661 sections in this title.
N.D.C.C. § 10-30.6-01 Organization
1.0K chars
1. To the extent permitted by federal law, any one or more banks may form a community development corporation by complying with the conditions prescribed in this chapter and subscribing and acknowledging a certificate specifying: a. The name, the general nature of its business, a…
N.D.C.C. § 10-30.6-02 Purposes
0.5K chars
This chapter is intended to allow all banks, including state-chartered banks, the right to form community development corporations, as defined by the federal office of the comptroller of the currency and the federal reserve. The purpose of the corporation is to assist communities…
N.D.C.C. § 10-30.6-03 Incorporation
0.3K chars
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 a certificate that the articles containing the required documents have been filed in the secretary of state's offic…
N.D.C.C. § 10-30.6-04 Powers of investment corporations
2.8K chars
In furtherance of the purposes for which the corporation is organized, and in addition to the powers conferred by the general laws relating to business corporations, a corporation may: 1. Borrow money and otherwise incur indebtedness for any of the purposes of the corporation and…
N.D.C.C. § 10-30.6-05 Board of directors
0.8K chars
1. All the corporate powers of the corporation must be exercised by a board of no fewer than five elected directors who must be residents of this state. The number of directors and their term of office must be determined in the bylaws. If any vacancy occurs in the board of direct…
N.D.C.C. § 10-30.6-06 Earned surplus
0.6K chars
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…
N.D.C.C. § 10-30.6-07 Obligation limitation
0.1K chars
The total obligations of the corporation may not exceed twenty times the amount of the paid-in capital and surplus, not including earned surplus.
N.D.C.C. § 10-30.6-08 Deposit of funds - Loans
0.5K chars
The corporation may not deposit any of its funds in any financial institution unless the 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 corporat…
N.D.C.C. § 10-30.6-09 Pre-emptive right not authorized
0.4K chars
The holders of capital stock as such 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 to purc…
N.D.C.C. § 10-30.6-10 Notes or obligations - Legal investments
0.3K chars
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 bank that becomes a mem…