Title 4 — Economic Resources

115 chapters · 1,861 sections in this title.

64 sectionsFiltered byTitle 4 Ch 7

4 CMC § 10701 Public Debt Authorization
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TITLE 4: ECONOMIC RESOURCES DIVISION 10: COMMONWEALTH ECONOMIC DEVELOPMENT AUTHORITY § 10701. Public Debt Authorization. This article is a bond authorization act within the meaning of PL 11-3 (4 CMC §§ 10451 et seq.). The Commonwealth Economic Development Authority (CEDA) on beha…
4 CMC § 1701 Application of the Internal Revenue Code, In General
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1701. Application of the Internal Revenue Code, In General. (a) The United States Internal Revenue Code (“Internal Revenue Code” or “IRC”), made applicable by this chapter, is a statute adopted as a local territorial …
4 CMC § 1702 Internal Revenue Code Adopted
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1702. Internal Revenue Code Adopted. (a) Definition: Internal Revenue Code. “Internal Revenue Code” means the following provisions of the Internal Revenue Code of 1986 as further amended as below specified, where not …
4 CMC § 1703 Nonretroactivity of Tax on Commonwealth Sourced Income
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1703. Nonretroactivity of Tax on Commonwealth Sourced Income. In regard to the taxation under the NMTIT of income accruing on or prior to January 1, 1985, the NMTIT shall in all cases be interpreted as subjecting to t…
4 CMC § 1704 Anti-Avoidance
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1704. Anti-Avoidance. Deductions and Credits. In order to prevent the mismatching of income and corresponding deductions and credits, which, in a start-up setting, would result in complete avoidance and not just defer…
4 CMC § 1705 Clarifying Provisions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1705. Clarifying Provisions. (a) The accelerated cost recovery system shall be applicable to all qualified fresh-start assets, which shall be treated as used property for all NMTIT purposes. (b) No credit under NMTIT …
4 CMC § 1706 Disincentives to Off-island Investment
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1706. Disincentives to Off-island Investment. (a) The amount of any deduction allowed to any taxpayer under the NMTIT sections enumerated in subsection (d) of this section shall be deemed additional gross business rev…
4 CMC § 1707 Private Letter Ruling Procedures
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1707. Private Letter Ruling Procedures. (a) A ruling is a written statement issued to a taxpayer or his authorized representative by the Secretary of Finance which interprets and applies the tax law to a specific set …
4 CMC § 1708 Tax Relief
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TITLE 4: ECONOMIC RESOURCES § 1708 DIVISION 1: REVENUE AND TAXATION § 1708. Tax Relief. (a) General Rule. Every person subject to the NMTIT shall be entitled to a rebate in the amount determined under subsection (b) of this section. Every taxpayer shall be entitled to apply all o…
4 CMC § 1709 Tax on Overpayments
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1709. Tax On Overpayments. There is imposed on every person who is subject to the NMTIT and who has an overpayment arising from any excessive credit, other than a credit relating to taxes withheld at the source, such …
4 CMC § 1710 Foreign Sales Corporations Special Rule
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1710. Foreign Sales Corporations Special Rule. To the extent provided in chapter 6 of this division [4 CMC § 1601 et seq.], a foreign sales corporation is exempt from taxation under this chapter. Source: PL 9-22, § 1 …
4 CMC § 1711 Rebate Offset Procedure
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1711. Rebate Offset Procedure. (a) Amounts properly subject to rebate offset under 4 CMC § 1708 shall be rebated by filing a timely income tax return which includes the claim for rebate offset form for the taxable yea…
4 CMC § 1712 Special Sourcing Rules of Certain United States Individuals
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1712. Special Sourcing Rules of Certain United States Individuals. (a) For any United States individual moving to the Commonwealth from Guam, American Samoa, and/or the United States, irrespective of any other provisi…
4 CMC § 1713 Interest on Overpayments
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1713. Interest on Overpayments. Interest as allowed by NMTIT Section 6611 on an overpayment shall be calculated only on the amount not already rebated. Source: PL 9-22, § 1 (§ 1713).
4 CMC § 1714 Special Rebate Trust Account
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1714. Special Rebate Trust Account. At least 50 percent of all amounts paid to the government with respect to taxes imposed under this chapter shall not be placed into the General Fund or commingled with other funds, …
4 CMC § 1715 Shortfall in Trust Account
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1715. Shortfall in Trust Account. With regard to the trust accounts created and authorized by 4 CMC § 1714, if the Secretary of Finance deems it necessary because there are insufficient trust account proceeds, he may …
4 CMC § 1716 Exemption From Rebate Limitation
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1716. Exemption From Rebate Limitation. Notwithstanding the rebate limitation set forth in 4 CMC § 1708(d)(1), the rebate offset amount shall be allowed on any income tax paid on interest income received by the financ…
4 CMC § 1717 Special Rebate Trust Account for Business Located Within Economic Incentive District(s)
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TITLE 4: ECONOMIC RESOURCES § 1717 DIVISION 1: REVENUE AND TAXATION § 1717. Special Rebate Trust Account for Business Located Within Economic Incentive District(s). One hundred percent of all amounts paid to the government by Economic Incentive District licensees with respect to …
4 CMC § 4391 Annual Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4391. Annual Meeting. (a) A corporation shall hold annually at a time in or fixed in accordance with the bylaws a meeting of shareholders. (b) Annual shareholders’ meetings may be held in or out…
4 CMC § 4392 Special Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4392. Special Meeting. (a) A corporation shall hold a special meeting of shareholders: (1) On call of its board of directors or the person or persons authorized to do so by the articles of incor…
4 CMC § 4393 Court-Ordered Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4393. Court-Ordered Meeting. (a) The Commonwealth Superior Court may summarily order a meeting to be held: (1) On application of any shareholder of the corporation entitled to participate in ann…
4 CMC § 4394 Action Without Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4394. Action Without Meeting. (a) Action required or permitted by this part to be taken at a shareholders’ meeting may be taken without a meeting if the action is taken by all the shareholders e…
4 CMC § 4395 Notice of Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4395. Notice of Meeting. (a) A corporation shall notify shareholders of the date, time, and place of each annual and special shareholder’s meeting no fewer than 10 nor more than 60 days before t…
4 CMC § 4396 Waiver of Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4396. Waiver of Notice. (a) A shareholder may waive any notice required by this part, the articles of incorporation, or bylaws before or after the date and time stated in the notice. The waiver …
4 CMC § 4397 Record Date
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4397. Record Date. (a) The bylaws may fix or provide the manner of fixing the record date for one or more voting groups in order to determine the shareholders entitled to notice of a shareholder…
4 CMC § 4401 Shareholders' List for Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4401. Shareholders’ List for Meeting. (a) After fixing a record date for a meeting, a corporation shall prepare an alphabetical list of the names of all its shareholders who are entitled to noti…
4 CMC § 4402 Voting Entitlement of Shares
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4402. Voting Entitlement of Shares. (a) Except as provided in subsections (b) and (c) of this section or unless the articles of incorporation provide otherwise, each outstanding share, regardles…
4 CMC § 4403 Proxies
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4403. Proxies. (a) A shareholder may vote his share in person or by proxy. (b) A shareholder may appoint a proxy to vote or otherwise act for him by signing an appointment form, either personall…
4 CMC § 4404 Shares Held by Nominees
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4404. Shares Held by Nominees. (a) A corporation may establish a procedure by which the beneficial owner of shares that are registered in the name of a nominee is recognition may be determined i…
4 CMC § 4405 Corporation's Acceptance of Votes
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4405. Corporation’s Acceptance of Votes. (a) If the name signed on a vote, consent, waiver, or proxy appointment corresponds to the name of a shareholder, the corporation if acting in good faith…
4 CMC § 4406 Quorum and Voting Requirements for Voting Groups
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4406. Quorum and Voting Requirements for Voting Groups. (a) Shares entitled to vote as a separate voting group may take action on a matter at a meeting only if a quorum of those shares exists wi…
4 CMC § 4407 Action by Single or Multiple Voting Groups
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4407. Action by Single and Multiple Voting Groups. (a) If the articles of incorporation or this part provide for voting by a single voting group on a matter, action on that matter is taken when …
4 CMC § 4408 Greater Quorum or Voting Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4408. Greater Quorum or Voting Requirements. (a) The articles of incorporation may provide for a greater quorum or voting requirement for shareholders (or voting groups of shareholders) than is …
4 CMC § 4409 Voting for Directors; Cumulative Voting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4409. Voting for Directors; Cumulative Voting. (a) Unless otherwise provided in the articles of incorporation, directors are elected by a plurality of the votes cast by the shares entitled to vo…
4 CMC § 4421 Voting Trusts
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4421. Voting Trusts. (a) One or more shareholders may create a voting trust, conferring on a trustee the right to vote or otherwise act for them, by signing an agreement setting out the provisio…
4 CMC § 4422 Voting Agreements
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4422. Voting Agreements. (a) Two or more shareholders may provide for the manner in which they will vote their shares by signing an agreement for that purpose. A voting agreement created under t…
4 CMC § 4431 Procedure in Derivative Proceedings
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4431. Procedure in Derivative Proceedings. (a) A person may not commence a proceeding in the right of a domestic or foreign corporation unless he was a shareholder of the corporation when the tr…
4 CMC § 4891 Company Purchase of Distributional Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4891. Company Purchase of Distributional Interest. (a) A limited liability company shall purchase a distributional interest of a: (1) Member of an at-will company for its fair value determined a…
4 CMC § 4892 Court Action to Determine Fair Value of Distributional Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4892. Court Action to Determine Fair Value of Distributional Interest. (a) In an action brought to determine the fair value of a distributional interest in a limited liability company, the court…
4 CMC § 4893 Dissociated Member's Power to Bind Limited Liability Company
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4893. Dissociated Member’s Power to Bind Limited Liability Company. For two years after a member dissociates without the dissociation resulting in a dissolution and winding up of a limited liabi…
4 CMC § 4894 Statement of Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4894. Statement of Dissociation. (a) A dissociated member or a limited liability company may file in the office of the Registrar of Corporations a statement of dissociation stating the name of t…
4 CMC § 5701 Definitions [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5701. Definitions [Repealed]. Source: PL 10-9, § 3 (§ 5601); amended by PL 11-73, § 8, modified; subsection (d) repealed and subsection (f) amended by PL 11-76, § 6 and 9(a) respectively; repealed by PL 17-1 § 6(C) (Ma…
4 CMC § 5702 Prohibition on Issuance of New Licenses. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5702. Prohibition on Issuance of New Licenses [Repealed]. Source: PL 10-9, § 3 (§ 5602); amended by PL 11-73, § 9; PL 12-11, § 3 a; repealed by PL 17-1 § 6(C) (March 22, 2010).* Commission Comment: With respect to the …
4 CMC § 5703 Restriction on Renewal of License. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5703. Restriction on Renewal of License [Repealed]. Source: PL 10-9, § 3 (§ 5603), modified; amended by PL 11-73, § 10; PL 12-11, § 3 b; amended by PL 14-82, § 3; repealed by PL 17-1 § 6(C) (March 22, 2010)* Commission…
4 CMC § 5704 Restriction on Issuance of Labor Certificates and Entry Permits. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5704. Restriction on Issuance of Labor Certificates and Entry Permits [Repealed]. Source: PL 10-9, § 3 (§ 5604); amended by PL 11-76, § 7, modified; subsection (d) added by PL 12-11, § 3 c; amended by global amendment …
4 CMC § 5705 Garment Worker Pool. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5705. Garment Worker Pool. [Repealed.] Source: PL 10-9, § 3 (§ 5605); repealed by PL 11-76, § 9(b). Commission Comment: PL 11-76 which repealed this section took effect on March 26, 1999. PL 11-76 contained findings an…
4 CMC § 5706 Reporting Requirements and Penalties. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5706. Reporting Requirements and Penalties. [Repealed] Source: PL 10-9, § 3 (§ 5606); repealed by PL 17-1 § 6(C) (March 22, 2010).* Commission Comment: *PL 17-1 contained the following section regarding the effective d…
4 CMC § 5707 Authority to Implement by Rules and Regulations. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5707. Authority to Implement by Rules and Regulations. [Repealed] Source: PL 10-9, § 3 (§ 5607), modified; repealed by PL 17-1 § 6(C) (March 22, 2010).* Commission Comment: According to PL 10-9, § 4: “Any procedural or…
4 CMC § 5708 Garment Manufacturing Industry Cap and Foreign National Worker Quota [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5708. Garment Manufacturing Industry Cap and Foreign National Worker Quota [Repealed]. Source: PL 11-76, § 2, modified; amended by PL 12-11, § 6 a; section title and subsection (a) amended by global amendment PL 15-108…
4 CMC § 5709 Prohibition on Manpower Hire. [Repealed]
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5709. Prohibition on Manpower Hire [Repealed]. Source: PL 11-76, § 5, modified; amended by PL 12-11, § 6 c; repealed by PL 17-1 § 6(C) (March 22, 2010).* Commission Comment: PL 11-76 which created this section took eff…