Title 4, Economic Resources

Statement of Total Construction Costs; Administrative Fee. (a) Statement. Upon application for a building permit, a developer shall submit a statement of estimated total project cost and evidence of tax credits, pursuant to 4 CMC § 1943, to the building safety official, who shall…

Payment of Developer Tax. (a) Estimated Payment. Any person to whom the developer tax under this chapter applies shall pay an estimated payment of the tax based upon the statement of total project cost as verified by the building safety official. Such estimated payment must be pa…

Enforcement. (a) Administrative Review. Any appeal of the Director of Finance’s decision pursuant to this chapter shall be had in accordance with 1 CMC § 9101 et seq. (b) Judicial Review. Within 20 days after the final decision of the director is issued, a person aggrieved may ap…

Segregation of Funds. (a) The Director of Finance shall establish and maintain an interest-bearing trust account for each senatorial district into which developer tax payments collected pursuant to this chapter shall be deposited. Developer taxes shall be deposited into the trust…

Use of Funds. (a) All developer taxes collected pursuant to this chapter shall be used for infrastructure improvements for the benefit of the senatorial district in which the development shall be located. For the purposes of this chapter “infrastructure improvement” shall refer t…

Physical Development Plans. The Commonwealth Utilities Corporation shall prepare and present to the respective legislative delegations for adoption detailed physical development plans for the electrical, water, and sewerage systems for each senatorial district. Likewise, the Depa…

Appropriation Authority. The funds in the accounts established by the Secretary of the Department of Finance pursuant to this Chapter shall be appropriated by the respective legislative delegation in accordance with the procedures set forth in 1 CMC §§ 1403 and 1405. Source: PL 8…

Repayment of Infrastructure Loans. Dedicated funds may be appropriated and used as a pledge or collateral to repay or to secure external financing arrangements for infrastructure loans from private or public lending institutions or development authorities incurred after July 19, …

Tax Credits; Connection Fees; Voluntary Contributions. (a) Connection Fees. Connection fees, in excess of actual costs of connection to Commonwealth Utilities Corporation utilities charged to a developer prior to July 19, 1993, by the Commonwealth Utilities Corporation and paid p…

Connection Fees. Nothing in this chapter shall be construed to limit the authority of the Commonwealth Utilities Corporation to impose connection fees for power, water, or sewer services, nor to limit the amount of those connection fees; except that no connection fee may be charg…

Coastal Resources Management Office Fees. Nothing in this chapter shall be construed to limit the authority of the Coastal Resources Management office to impose administrative fees; except that the Coastal Resources Management office shall not require permit applicants to make co…

Rules and Regulations. The director, in consultation with the building safety official, shall promulgate reasonable rules and regulations within 120 days after July 19, 1993, to carry out the intent and purpose of this chapter. Source: PL 8-23, § 20. Commission Comment: With resp…

Authority to Amend. (a) A corporation may amend its articles of incorporation at any time to add or change a provision that is required or permitted in the articles of incorporation or to delete a provision not required in the articles of incorporation. Whether a provision is req…

Amendment by Board of Directors. Unless the articles of incorporation provide otherwise, a corporation’s board of directors may adopt one or more amendments to the corporation’s articles of incorporation without shareholder action: (a) To extend the duration of the corporation if…

Amendment by Board of Directors and Shareholders. (a) A corporation’s board of directors may propose one or more amendments to the articles of incorporation for submission to the shareholders. (b) For the amendment to be adopted: (1) The board of directors must recommend the amen…

Voting on Amendments by Voting Groups. (a) The holders of the outstanding shares of a class are entitled to vote as a separate voting group (if shareholder voting is otherwise required by this part) on a proposed amendment if the amendment would: (1) Increase or decrease the aggr…

Amendment Before Issuance of Shares. If a corporation has not yet issued shares, its incorporators or board of directors may adopt one or more amendments to the corporation’s articles of incorporation. Source: PL 10-7, § 1 (Bus. Corp. Reg. § 10.05).

Articles of Amendment. A corporation amending its articles of incorporation shall deliver to the Registrar of Corporations for filing articles of amendment setting forth: (1) The name of the corporation; (2) The text of each amendment adopted; (3) If an amendment provides for an …

Restated Articles of Incorporation. (a) A corporation’s board of directors may restate its articles of incorporation at any time with or without shareholder action. (b) The restatement may include one or more amendments to the articles. If the restatement includes an amendment re…

Amendment Pursuant to Reorganization. (a) A corporation’s articles of incorporation may be amended without action by the board of directors or shareholders to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute if the a…

Effect of Amendment. An amendment to articles of incorporation does not affect a cause of action existing against or in favor of the corporation, a proceeding to which the corporation is a party, or the existing rights of persons other than shareholders of the corporation. An ame…

Amendment by Board of Directors or Shareholders. (a) A corporation’s board of directors may amend or repeal the corporation’s bylaws unless: (1) The articles of incorporation or this part reserve this power exclusively to the shareholders in whole or in part; or (2) The sharehold…

Bylaws Increasing Quorum or Voting Requirement for Shareholders. (a) If authorized by the articles of incorporation, the shareholders may adopt or amend a bylaw that fixes a greater quorum or voting requirement for shareholders (or voting groups of shareholders) than is required …

Bylaw Increasing Quorum or Voting Requirement for Directors. (a) A bylaw that fixes a greater quorum or voting requirement for the board of directors may be amended or repealed: (1) If originally adopted by the shareholders, only by the shareholders; (2) If originally adopted by …

Law Governing Foreign Limited Liability Companies. (a) The laws of the state or other jurisdiction under which a foreign limited liability company is organized govern its organization and internal affairs and the liability of its managers, members, and their transferees. (b) A fo…

Application for Certificate of Authority. (a) A foreign limited liability company may apply for a certificate of authority to transact business in the Commonwealth by delivering an application to the Registrar of Corporations for filing. The application must set forth: (1) The na…

Activities Not Constituting Transacting Business. (a) Activities of a foreign limited liability company that do not constitute transacting business in the Commonwealth within the meaning of this Article include: (1) Maintaining, defending, or settling an action or proceeding; (2)…

Issuance of Certificate of Authority. Unless the Registrar of Corporations determines that an application for a certificate of authority fails to comply as to form with the filing requirements of this Act, the Registrar of Corporations, upon payment of all filing fees, shall file…

Name of Foreign Limited Liability Company. (a) If the name of a foreign limited liability company does not satisfy the requirements of section 4806, the company, to obtain or maintain a certificate of authority to transact business in the Commonwealth, must use a fictitious name …

Revocation of Certificate of Authority. (a) A certificate of authority of a foreign limited liability company to transact business in the Commonwealth may be revoked by the Registrar of Corporations in the manner provided in subsection (b) if: (1) The company fails to: (i) Pay an…

Cancellation of Authority. A foreign limited liability company may cancel its authority to transact business in the Commonwealth by filing in the office of the Registrar of Corporations a certificate of cancellation. Cancellation does not terminate the authority of the Registrar …

Effect of Failure to Obtain Certificate of Authority. (a) A foreign limited liability company transacting business in the Commonwealth may not maintain an action or proceeding in the Commonwealth unless it has a certificate of authority to transact business in the Commonwealth. (…

Action by Attorney General. The Attorney General may maintain an action to restrain a foreign limited liability company from transacting business in the Commonwealth in violation of this Article. Source: PL 14-11, § 2 (1009), modified. Commission Comment: See the comment to 4 CMC…

Application for Foreign Retiree Investment Certificate. An application to the Department of Commerce for a foreign retiree investment certificate shall be executed while the applicant is lawfully within the Commonwealth. As used in this Chapter, “department” means the Department …

Criteria for Eligibility. To be considered for eligibility for a foreign retiree investment certificate, an applicant shall submit proof as requested for the secretary’s review of the following: (a) That applicant is over the age of 55 years. (b) That the applicant has an interes…

Certification; Identification Card. After the alien applicant has submitted all documentation set forth in this Chapter, and fees as required, and is, based on a review of such documentation, determined by the secretary to be eligible for a foreign retiree investment certificate,…

Duration of Certificate. The duration of the foreign retiree investment certificate and visa issued pursuant thereto shall be five years; provided that the alien continues to comply with the standards of issuance and maintains the approved residence investment. The foreign retire…

Revocation. The secretary may revoke a foreign retiree investment certificate and visa only after conducting a hearing at which the holder appears and may present evidence of continued eligibility and finding, upon clear and convincing evidence, that the alien holder no longer ma…

Death of Foreign Retiree. Upon the death of the primary holder of a foreign retiree investment certificate and visa, the dependents of the primary holder shall be allowed to stay in the Commonwealth for the remainder of the term of such certificate and visa, or one year from the …

Two-Year Foreign Retiree Investment Certificate. There is hereby established a pilot program to permit alien retirees to live in the Commonwealth not to exceed two years subject to the provisions of this section. (a) The pilot program is limited to Japanese nationals. The Legisla…

Regulations. The Department of Commerce and the Office of the Attorney General shall consult each other to promulgate rules and regulations to implement the intent and provisions of this act as it pertains to respective functions. Source: PL 15-16, § 5. Commission Comment: See th…

Definitions. As used in this chapter: (1) For open-end plans, “annual percentage rate” means the annual percentage rate determined under section 226.14(b) of Regulation Z. For all other loans, “annual percentage rate” means the annual percentage rate determined under section 226.…

Construction of Chapter. Nothing in this chapter shall be construed or held to limit the rights, powers or privileges granted to any person by any law of the Commonwealth or of the United States whereby the loaning of money or extending of credit is regulated, provided that such …

Short Title. This chapter may be cited as the “Regulated Loan Act of 2000.” Source: PL 12-36, § 1(6952).

Incomplete Promises to Pay Prohibited. No licensee shall take any note or promise to pay in which blanks are left to be filled in after execution. Source: PL 12-36, § 1(6954).

False Advertising Prohibited. No licensee or other person shall advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast in any manner whatsoever any statement or representation with r…