Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 1981 MPLT Line of Credit
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1981 § 1981. MPLT Line of Credit. Pursuant to N.M.I. CONST. ART. X Section 3, the CNMI Legislature authorizes a public debt and obligation to the Marianas Public Land Trust for Governor Arnold I. Palacios, through the…
4 CMC § 4561 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4561. Definitions. In this chapter: (a) “Beneficial shareholder” means the person who is a beneficial owner of shares held in a voting trust or by a nominee as the record shareholder. (b) “Corpo…
4 CMC § 4562 Right to Dissent
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4562. Right to Dissent. (a) A shareholder is entitled to dissent from, and obtain payment of the fair value of his shares in the event of, any of the following corporate actions: (1) Consummatio…
4 CMC § 4563 Dissent by Nominees and Beneficial Owners
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4563. Dissent by Nominees and Beneficial Owners. (a) A record shareholder may assert the dissenter’s right as to fewer than all the shares registered in his name only if he dissents with respect…
4 CMC § 4571 Notice of Dissenter's Rights
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4571. Notice of Dissenters’ Rights. (a) If proposed corporate action creating dissenters’ rights under 4 CMC § 4562 is submitted to a vote at a shareholders’ meeting, the meeting notice must sta…
4 CMC § 4572 Notice of Intent to Demand Payment
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4572. Notice of Intent to Demand Payment. (a) If proposed corporate action creating dissenters’ rights under 4 CMC § 4562 is submitted to a vote at a shareholders’ meeting, a shareholder who wis…
4 CMC § 4573 Dissenters' Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4573. Dissenters’ Notice. (a) If proposed corporate action creating dissenters’ rights under 4 CMC § 4562 is authorized at a shareholders’ meeting, the corporation shall deliver a written dissen…
4 CMC § 4574 Duty to Demand Payment
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4574. Duty to Demand Payment. (a) A shareholder sent a dissenters’ notice described in 4 CMC § 4573 must demand payment, certify whether he acquired beneficial ownership of the shares before the…
4 CMC § 4575 Share Restrictions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4575. Share Restrictions. (a) The corporation may restrict the transfer of uncertificated shares from the date the demand for their payment is received until the proposed corporate action is tak…
4 CMC § 4576 Payment
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4576. Payment. (a) Except as provided in 4 CMC § 4578, as soon as the proposed corporate action is taken, or upon receipt of a payment demand, the corporation shall pay each dissenter who compli…
4 CMC § 4577 Failure to Take Action
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4577. Failure to Take Action. (a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment and depositing share certificates, the corporation …
4 CMC § 4578 After-Acquired Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4578. After-Acquired Shares. (a) A corporation may elect to withhold payment required by 4 CMC § 4576 from a dissenter unless he was the beneficial owner of the shares before the date set forth …
4 CMC § 4579 Procedure if Shareholder Dissatisfied with Payment of Offer
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4579. Procedure if Shareholder Dissatisfied with Payment of Offer. (a) A dissenter may notify the corporation in writing of his own estimate of the fair value of his shares and amount of interes…
4 CMC § 4591 Court Action
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4591. Court Action. (a) If a demand for payment under 4 CMC § 4579 remains unsettled, the corporation shall commence a proceeding within 60 days after receiving the payment demand and petition t…
4 CMC § 4592 Court Costs and Counsel Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4592. Court Costs and Counsel Fees. (a) The court in an appraisal proceeding commenced under 4 CMC § 4591 shall determine all costs of the proceeding, including the reasonable compensation and e…
4 CMC § 50201 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION 50201. Definitions. Where they appear in this Act the following terms have the following meanings: (a) “Qualifying Certificate.” A “Qualifying Certificate” is a contract valid for a given period of time, executed by the …
4 CMC § 50202 Eligibility
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50202. Eligibility. (a) Any business which is either a trust, a partnership, a sole proprietorship, a corporation, a limited liability corporation or a limited liability partnership is eligible to apply for a Qualifyin…
4 CMC § 50203 Minimum Investment
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50203. Minimum Investment. A minimum capital investment, including public benefit contributions, in a new business or expansion of an existing business of a Qualifying Certificate applicant is as follows: New Expansion…
4 CMC § 50204 Tax Abatements and Tax Rebates
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50204. Tax Abatements and Tax Rebates. Subject to the provisions of this Chapter, the Governor is authorized to issue a Qualifying Certificate prospectively, from the date of issuance, abating the following taxes or es…
4 CMC § 50205 Submission to Governor
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50205. Submission to Governor. If the Commonwealth Economic Development Authority Board recommends issuance of the Qualifying Certificate to the Governor, the draft Qualifying Certificate and supporting documentation, …
4 CMC § 50206 Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50206. Requirements. Each applicant for a Qualifying Certificate must submit the following to the Commonwealth Economic Development Authority: 1. A completed Qualifying Certificate application together with the applica…
4 CMC § 50207 Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50207. Fees. (a) Application fee. All application fees are non-refundable. Non-refundable application fees are as follows: a. b. c. d. e. f. g. h. i. j. k. l. m. n. Activity Franchise restaurant Water park Aquarium Cul…
4 CMC § 50208 Review
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50208. Review. The application shall be reviewed and analyzed in detail by the Commonwealth Economic Development Authority and such outside consultants as may be necessary. When necessary, the Commonwealth Economic Dev…
4 CMC § 50209 Nature of Tax Benefits
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50209. Nature of Tax Benefits. A Qualifying Certificate, once issued, shall be a contract between the Government of the Northern Mariana Islands and the Beneficiary, and the tax rebates or abatements or both set out in…
4 CMC § 50210 Findings on Applications
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50210. Findings on Applications. In making its recommendation to the Governor, the Board in consultation with the Director of Revenue and Taxation or his or her designee shall consider and make specific findings on the…
4 CMC § 50211 Conditions of Benefits
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50211. Conditions of Benefits. In its recommendation of specific tax benefits, the Commonwealth Economic Development Authority in consultation with the Division of Revenue and Taxation shall consider the following as p…
4 CMC § 50212 Grounds for Suspension or Revocation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50212. Grounds for Suspension or Revocation. A Qualifying Certificate may be suspended or revoked by the Governor of the Commonwealth upon the recommendation of the Commonwealth Economic Development Authority Board for…
4 CMC § 50213 Procedure for Suspension, Revocation or Falure to Issue a Certificate of Compliance
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50213. Procedure for Suspension, Revocation or Failure to Issue a Certificate of Compliance. No recommendation for suspension or revocation of a Qualifying Certificate or failure to issue a Certificate of Compliance sh…
4 CMC § 50214 Retroactive Suspension or Revocation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50214. Retroactive Suspension or Revocation. The suspension or revocation of a Qualifying Certificate may be retroactive to the time of the act or omission giving rise to the suspension or revocation, or for any shorte…
4 CMC § 50215 Business License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50215. Business License Required. A Qualifying Certificate shall not be issued to any applicant who has not first obtained a license to do business in the Commonwealth of the Northern Mariana Islands. Source: PL 12-32,…
4 CMC § 50216 Conflicts of Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50216. Conflicts of Interest. No employee, consultant employed for review of an application, or board member of the Commonwealth Economic Development Authority or his immediate family and no corporation or any other le…
4 CMC § 50217 Recommendations
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50217. Recommendations. All recommendations of the Commonwealth Economic Development Authority Board for modification, revocation or suspension of Qualifying Certificates shall be forwarded to the Governor of the Commo…
4 CMC § 50218 Transmission to the Director of Revenue and Taxation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50218. Transmission to the Director of Revenue and Taxation. When the Commonwealth Economic Development Authority Board forwards its recommendations to the Governor regarding a Qualifying Certificate, it shall transmit…
4 CMC § 50219 Certificate of Compliance
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50219. Certificate of Compliance. The Commonwealth Economic Development Authority shall monitor the activities of the Beneficiary and its compliance with all of the terms and conditions of the Qualifying Certificate an…
4 CMC § 50220 Abatement of Tax for other than NMTIT Tax Obligations
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50220. Abatement of Tax for other than NMTIT Tax Obligations. When the return for the abated tax is accompanied by a corresponding Certificate of Compliance for the applicable tax period, then the actual payment of the…
4 CMC § 50221 Rebate of Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50221. Rebate of Tax. In the case of tax rebate, when the return for the rebatable tax is accompanied by a corresponding Certificate of Compliance for the applicable tax period, then the Beneficiary shall pay the tax i…
4 CMC § 50222 Tax Redetermination
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50222. Tax Redetermination. In the case of any Beneficiary that, in accordance with the applicable laws of the Commonwealth, shall have applied for and been granted a redetermination of tax liability or taxes payable o…
4 CMC § 50223 Implementation by the Director of Revenue and Taxation and Commonwealth Economic Development Authority Board
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50223. Implementation by the Director of Revenue and Taxation and Commonwealth Economic Development Authority Board. The Director of Revenue and Taxation and Commonwealth Economic Development Authority Board are hereby…
4 CMC § 50224 Application
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 50224. Application. Any business which is either a trust, a partnership, a sole proprietorship, a corporation, a limited liability corporation or a limited liability partnership may apply for a Qualifying Certificate i…