Application for Charter

Application for Charter. (a) An association of persons seeking a charter as a corporation shall submit for the approval of the Governor articles of incorporation which shall provide at least the following information: (1) Proposed name of the corporation; (2) Principal office or place of business; (3) Proposed duration; (4) Purposes; (5) Powers; (6) Capitalization; (7) Names of incorporators; (8) Number of directors, which shall be not less than three, and proposed officers; (9) Names of directors and officers to serve until first election; (10) Provisions for management, if any; (11) Provisions for voting by members; (12) Provisions for shareholding, if any; (13) Disposition of financial surplus; (14) Provisions for liquidation; and (15) Provisions for amendment of articles of incorporation. (b) In addition to articles of incorporation, persons seeking a charter as a corporation shall submit for the approval of the Governor proposed bylaws governing the operation of the corporation. Source: 37 TTC § 3; amended by PL 3-11, § 506; subsection (c) repealed by PL 21-37, § 3 (Jan. 7, 2021). Commission Comment: With respect to the reference to the “Director of the Department of Finance,” see Executive Order 94-3 (effective Aug. 23, 1994), reorganizing the executive branch, changing agency names and official titles, and effecting other changes, set forth in the Commission comment to 1 CMC § 2001; see also the comment to 4 CMC § 4101. PL 21-37 repealed subsection (c); see also the comment to 4 CMC § 4205.