Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 10601 MIHA-CEDA Loan Write-off
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10601. MIHA-CEDA Loan Write-off. The CEDA shall write-off approximately $6,635,588 of the principal and any and all interest that has accrued and/or will accrue on that portion of the principal…
4 CMC § 10602 CUC-CEDA Loan and Interest Waiver
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10602. CUC-CEDA Loan and Interest Waiver. Pursuant to the Memorandum of Agreement between the CEDA and the Commonwealth Utilities Corporation [CUC], CEDA may waive $16,068,750.00 of the princip…
4 CMC § 10603 CEDA-CUC Loan Principal and Interest Write-off
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10603. CEDA-CUC Loan Principal and Interest Write-off. The Commonwealth Economic Development Authority (CEDA) is hereby authorized to waive the sum of $45,500,000.00 of the principal amount owe…
4 CMC § 1601 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1601. Definitions. For the purpose of this chapter: (a) A “foreign sales corporation” or “FSC” means a Commonwealth domestic corporation which is: (1) An FSC or small FSC as defined in Section 922 of the United States…
4 CMC § 1602 Tax Exemptions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1602. Tax Exemptions. (a) In accordance with Section 927(e)(5) of the United States Internal Revenue Code of 1986, as amended, and notwithstanding any other law to the contrary, no tax shall be imposed by the Commonwe…
4 CMC § 1603 FSC License
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1603. FSC License. In order to qualify for the tax exemptions of 4 CMC § 1602(b), an FSC shall first obtain a license from the Secretary of Finance. The FSC license shall be issued upon application by the FSC and paym…
4 CMC § 1604 Informational Returns
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1604. Informational Returns. Even if no tax is due, an FSC shall file an informational tax return with the Chief of the Division of Revenue and Taxation, Department of Finance. The informational tax returns shall be f…
4 CMC § 1605 License Revocation or Cancellation
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1605. License Revocation or Cancellation. (a) So long as a licensed FSC pays its annual license fee and otherwise complies with 4 CMC § 1603, an FSC shall be presumed to be validly licensed. (b) In the event the Secre…
4 CMC § 1606 One Hundred Percent Rebate Offset of Mirror Tax Procedure
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1606. One Hundred Percent Rebate Offset of Mirror Tax Procedure. (a) Rebate Offset. To the extent any foreign trade income, or interest, dividends, royalties and other investment income and carrying charges, received …
4 CMC § 1607 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1607. Regulations. The secretary or his designee may issue regulations consistent with the purposes of this chapter. Source: PL 9-22, § 1 (§ 1607). Commission Comment: With respect to the reference to the “secretary” …
4 CMC § 4341 Authorized Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4341. Authorized Shares. (a) The articles of incorporation must prescribe the classes of shares and the number of shares of each class that the corporation is authorized to issue. If more than o…
4 CMC § 4342 Terms of Class or Series Determined by Board of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4342. Terms of Class or Series Determined by Board of Directors. (a) If the articles of incorporation so provide, the board of directors may determine, in whole or part, the preferences, limitat…
4 CMC § 4343 Issued and Outstanding Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4343. Issued and Outstanding Shares. (a) A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding …
4 CMC § 4344 Fractional Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4344. Fractional Shares. (a) A corporation may: (1) Issue fractions of a share or pay in money the value of fractions of a share; (2) Arrange for disposition of fractional shares by the sharehol…
4 CMC § 4351 Subscription for Shares Before Incorporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4351. Subscription for Shares Before Incorporation. (a) A subscription for shares entered into before incorporation is irrevocable for six months unless the subscription agreement provides a lon…
4 CMC § 4352 Issuance of Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4352. Issuance of Shares. (a) The powers granted in this section to the board of directors may be reserved to the shareholders by the articles of incorporation. (b) The board of directors may au…
4 CMC § 4353 Liability of Shareholders
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4353. Liability of Shareholders. (a) A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration…
4 CMC § 4354 Share Dividends
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4354. Share Dividends. (a) Unless the articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation’s shareholders or to the shareholder…
4 CMC § 4355 Share Options
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4355. Share Options. A corporation may issue rights, options, or warrants for the purchase of shares of the corporation. The board of directors shall determine the terms upon which the rights, o…
4 CMC § 4356 Form and Content of Certificates
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4356. Form and Content of Certificates. (a) Shares may but need not be represented by certificates. Unless this part or another statute expressly provides otherwise, the rights and obligations o…
4 CMC § 4357 Shares Without Certificates
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4357. Shares Without Certificates. (a) Unless the articles of incorporation or bylaws provide otherwise, the board of directors of a corporation may authorize the issue of some or all of the sha…
4 CMC § 4358 Restriction on Transfer of Shares and Other Securities
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4358. Restriction on Transfer of Shares and Other Securities. (a) The articles of incorporation, bylaws, an agreement among shareholders, or an agreement between shareholders and the corporation…
4 CMC § 4359 Expense of Issue
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4359. Expense of Issue. A corporation may pay the expenses of selling or underwriting its shares, and of organizing or reorganizing the corporation, from the consideration received for shares. S…
4 CMC § 4371 Shareholder's Preemptive Rights
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4371. Shareholder’s Preemptive Rights. (a) The shareholders of a corporation do not have a preemptive right to acquire the corporation’s unissued shares except to the extent the articles of inco…
4 CMC § 4372 Corporation's Acquisition of its Own Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4372. Corporation’s Acquisition of its Own Shares. (a) A corporation may acquire its own shares and shares so acquired constitute authorized but unissued shares. (b) If the articles of incorpora…
4 CMC § 4381 Distributions to Shareholders
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4381. Distributions to Shareholders. (a) A board of directors may authorize and the corporation may make distributions to its shareholders subject to restriction by the articles of incorporation…
4 CMC § 4881 Events Causing Member's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4881. Events Causing Member’s Dissociation. A member is dissociated from a limited liability company upon the occurrence of any of the following events: (1) The company’s having notice of the me…
4 CMC § 4882 Member's Power to Dissociate; Wrongful Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4882. Member’s Power to Dissociate; Wrongful Dissociation. (a) Unless otherwise provided in the operating agreement, a member has the power to dissociate from a limited liability company at any …
4 CMC § 4883 Effect of Member's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4883. Effect of Member’s Dissociation. (a) Upon a member’s dissociation: (1) In an at-will company, the company must cause the dissociated member’s distributional interest to be purchased under …
4 CMC § 5611 Business License Fees
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5611. Business License Fees. (a) Business License Required. Before engaging in or continuing in a business, a person shall first obtain from the Secretary of the Department of Finance a license to engage in or conduct …
4 CMC § 5612 Authority to Make Inquiry
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5612. Authority to Make Inquiry. (a) The Secretary of Finance is authorized to enter the premises of any establishment conducting business within the CNMI to make any inquiry into the establishment’s compliance with th…
4 CMC § 5613 Penalty for Violation of Business License Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5613. Penalty for Violation of Business License Requirements. (a) Any person found operating or engaging in a business to sell merchandise, goods, or commodities, or providing services for compensation without a valid …
4 CMC § 5614 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5614. Regulations. The Secretary of Finance shall promulgate any necessary rules and regulations necessary to carry out the intent of this act as it relates to the duties conferred upon the Secretary of Finance. Source…
4 CMC § 5631 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5631. Definitions. For purposes of this article: (a) “Business” means any individual, estate, firm, company, partnership, joint venture, association, trust, receiver, club, syndicate, cooperative association, corporati…
4 CMC § 5632 Business Licenses Authorized
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5632. Business Licenses Authorized. Licenses for commercial farming and fishing as defined in 3 CMC § 4331(e) are authorized for any business which is at least 75 percent owned and controlled by persons lawfully residi…
4 CMC § 5633 Productions for Feeding Own Employees Prohibited
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5633. Production for Feeding Own Employees Prohibited. No business employing more than ten persons shall engage in farming or fishing for the purpose of feeding employees of the business or the employees of any other b…
4 CMC § 5641 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5641. Definitions. In this article: (a) “Department” means the CNMI Department of Commerce. (b) “Licensee” means a person issued a pawnbrokers license. (c) “Pawnbroker” means a person who lends money by requiring the b…
4 CMC § 5642 Pawnbroker Business License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5642. Pawnbroker Business License Required. (a) No person shall engage in or conduct business as a pawnbroker, or advertise, transact, or solicit business as a pawnbroker except as authorized by this article and only a…
4 CMC § 5643 Duty to Record and Report Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5643. Duty to Record and Report Transactions. (a) A licensee shall maintain, wherever its business is conducted, a complete record of each pawnbroker transaction, legibly written in the English language, containing the…
4 CMC § 5644 Revocation and Suspension of License
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5644. Revocation and Suspension of License. (a) The secretary may revoke or suspend, by written order, any license issued under this article after issuing an order to show cause to the licensee giving the licensee and …
4 CMC § 5645 Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5645. Transactions. (a) For each pawnbroker transaction, the licensee shall require proper identification from each borrower or pledger. “Proper identification” shall mean a government issued photographic identificatio…
4 CMC § 5646 Holding Period, Disposal of Property by Pawnbroker
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5646. Holding Period, Disposal of Property by Pawnbroker. (a) (1) A licensee may sell an article pawned after expiration of 90 days from the maturity of the loan, provided that not less than 10 days before making the s…
4 CMC § 5647 Stolen Goods; Seizure of Goods
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5647. Stolen Goods; Seizure of Goods. (a) If a licensee has reasonable cause to believe that any property being pledged as security or already pledged as security is lost or stolen property, the licensee shall promptly…
4 CMC § 5648 Prohibited Acts and Practices
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5648. Prohibited Acts and Practices. It is unlawful for a licensee or any employee thereof to: (a) Knowingly engage in a pawnbroker transaction with: (1) Any individual who is under the influence of drug or alcohol whe…
4 CMC § 5649 Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5649. Penalties. (a) Unless otherwise provided herein, a person who knowingly or willfully violates any provision of this article shall be guilty of a misdemeanor and be punishable by a term of imprisonment not to exce…
4 CMC § 5650 Distribution of Collected Fines and Penalties
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5650. Distribution of Collected Fines and Penalties. Notwithstanding any law to the contrary, the Secretary of Finance shall deposit all fines and penalties collected under this article as follows: (a) Eighty percent s…
4 CMC § 5651 Rule making
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5651. Rule making. The secretary shall adopt rules and regulations necessary to implement the provisions of this article. Source: PL 11-65, § 4 (5630), modified.
4 CMC § 5661 Business License Application Task Force
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5661. Business License Application Task Force. There is hereby created within the government of the CNMI a Business License Application Task Force, consisting of one representative from each of the agencies or departme…
4 CMC § 5662 Responsibilities and Authority of Task Force
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5662. Responsibilities and Authority of Task Force. The responsibilities and authority of the Task Force shall be to: (a) Prepare, through the expertise and analysis of the Task Force’s members, a comprehensive plan wi…
4 CMC § 5663 Cooperation of Government Agencies
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5663. Cooperation of Government Agencies. All agencies, departments, boards, commissions and other instrumentalities of the government of the CNMI which are involved in the process of providing approvals or clearances …