Title 4 — Economic Resources

TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1901. Regulations. (a) Authorization. The Secretary is authorized to prescribe all needful rules and regulations to carry out the intent and purpose of this Division including Chapter 7, and for purposes of tax admini…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4921. Definitions. In this Chapter: (a) “Corporation” means a corporation under Division 4, Title 4 CMC § 4291(e) of the Commonwealth Code, a predecessor law, or comparable law of another jurisd…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4922. Conversion of Partnership or Limited Partnership to Limited Liability Company. (a) A partnership or limited partnership may be converted to a limited liability company pursuant to this sec…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4923. Effect of Conversion; Entity Unchanged. (a) A partnership or limited partnership that has been converted pursuant to this Article is for all purposes the same entity that existed before th…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4924. Merger of Entities. (a) Pursuant to a plan of merger approved under subsection (c), a limited liability company may be merged with or into one or more limited liability companies, foreign …

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4925. Articles of Merger. (a) After approval of the plan of merger under section 4924(c), unless the merger is abandoned under section 4924(d), articles of merger must be signed on behalf of eac…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4926. Effect of Merger. (a) When a merger takes effect: (1) The separate existence of each limited liability company and other entity that is a party to the merger, other than the surviving enti…

TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4927. Chapter Not Exclusive. This Chapter does not preclude an entity from being converted or merged under other law. Source: PL 14-11, § 2 (907), modified. Commission Comment: See the comment t…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5901. Definitions. For the purposes of this chapter, the following definitions shall apply: (a) "Alien" means any person who is not a citizen or national of the United States, or not a permanent resident of the Commonw…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5902. Foreign Investment Policy. The secretary makes the following declarations: (a) It is declared that all investments in the Commonwealth by foreign nationals shall fall under the classification of foreign investmen…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5903. Transfer of Authority. The responsibilities of the Department of Labor and Immigration over the processing, approval, issuance and renewal of regular term business entry permits under section 706A of the Immigrat…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5904. Certification. The secretary or his or her designee shall certify that an alien investor has met the requirements for a commerce certificate before a business license may be processed by the Secretary of Finance.…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5911. Foreign Investment Review Committee; Created; Composition. There is hereby created a Foreign Investment Review Committee (hereafter “review committee”) composed of the secretary or his or her designee and the Att…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5912. Foreign Investment Review Committee; Duties. The review committee shall review all applications for or renewals of regular term business certificates, long term business certificates, and foreign investor certifi…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5913. Foreign Investment Review Committee; Procedures. The review committee shall establish in writing standard operating procedures for the review of all applications for a commerce certificate and other applications …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5914. Foreign Investment Review Committee; Appeal. The applicant whose permit has been disapproved shall have up to seven working days in which to appeal the decision of the review committee. The request for appeal sha…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5915. Foreign Investment Review Committee; Authority to Request for Documents, Interviews, and Public Hearings. The review committee shall have the authority to request the applicant to provide documents to substantiat…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5916. Classification. The review committee may classify an alien who owns an interest in a foreign corporation that incorporates in the Commonwealth as an alien investor if the alien satisfactorily establishes his or h…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5931. Regular Term Business Certificate; Conditions [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901A., modified); repealed…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5932. Regular Term Business Certificate; Standard of Review [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901B., modified); …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5933. Regular Term Business Certificate; Application Process [Repealed]. Source: PL 10-44, § 7 (“Part II - Foreign Investments” regulations (Commonwealth Register, Vol. 17, No. 01, January 15, 1995) § 901C., modified; …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5941. Long Term Business Certificate; Conditions. (a) A holder of a long term business certificate is entitled to lawfully engage in business in the Commonwealth for a period of two years; provided, however, that the h…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5942. Long Term Business Certificate; Standard of Review. (a) Approved Investment - General Standard. An approved investment is one which the review committee finds that the alien has invested or is actively in the pro…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5943. Long Term Business Certificate; Application Process. (a) The applicant shall file an application for a long term business certificate with the secretary. The application will not be accepted without the necessary…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5944. Renewal of Long Term Business Certificate (two year and one year term business permits/certificate). The holder of a long term business certificate has no absolute right to renewal of the certificate. An applicat…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5951. Foreign Investment Certificate; Conditions. (a) A certificate of Foreign Investment is a certificate issued to an alien who has met all the standards and conditions enumerated in this part as proof of the holder’…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5952. Foreign Investment Certificate; Standard of Review. An approved investment for the purposes of section means an investment approved by the secretary, which approval shall be subject to the following standards: (a…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5953. Foreign Investment Certificate; Application Process. (a) Issuance of Certificates of Foreign Investment. (1) The alien investor shall submit an application for an approved investment subject to the standards and …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5954. Foreign Investment Certificate; Duration of Certificate. The duration of the certificate of foreign investment shall be perpetual; provided that the approved investment continues to comply with the standards of i…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5955. Foreign Investment Certificate; Annual report. The holder of a certificate of foreign investment must submit to the secretary an annual report of investment activities in the Commonwealth on or before January of …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5956. Foreign Investment Certificate; Fees. An application for a certificate of foreign investment shall be accompanied by a non-refundable fee of $10,000 for the processing of the application. Source: PL 10-44, § 7 (“…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5957. Foreign Investment Certificate; Revocation of Certificate. (a) The secretary, after permitting the certificate holder (or his authorized representative) to appear before him, in person, and finding, upon a prepon…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5958. Certificate Renewal. No person who, on the effective date of this act, is a current holder of a business or investment certificate issued under Chapter 9, Division 5, of Title 4 of the Commonwealth Code shall be …

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5971. Other Foreign Investment. Nothing in this chapter shall preclude foreign investment in the Commonwealth; however, any other manner of foreign investment shall not entitle the alien investor to a commerce certific…

TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5972. Fee Schedule. (a) Regular Term Business Certificate $200; (b) Long Term Business Certificate $1,000; (c) Renewals of One Year Business Certificate $750; (d) Foreign Investment Visa (1) $2,500 to a holder of a For…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6901. Credit Union. Credit unions are permitted in the Commonwealth. Except where inconsistent with this chapter, the Secretary of the Department of Commerce, through the Banking Director, shall have the…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6921. Title. This article shall be known as the Commonwealth Government Employees’ Credit Union Act of 1995. Source: PL 9-52, § 1. Commission Comment: PL 9-52 took effect September 18, 1995. PL 9-52, § 3…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6922. Commonwealth Government Employees’ Credit Union. (a) There is established in the Commonwealth a nonprofit government corporation to be known as the Commonwealth Government Employees’ Credit Union (…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6923. Membership Restricted. Membership in the credit union shall be restricted to employees of the Commonwealth government, persons who have retired from the Commonwealth government, and their lawful sp…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6924. Administration of Credit Union. (a) Board of Directors. There shall be a board of directors of the credit union (hereafter “the credit union board” or “the board”). The board shall consist of five …

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6925. No Business Gross Revenue Tax Liability. The credit union shall not be liable for any business gross revenue tax. Source: PL 9-52, § 8.

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6926. Restriction on Loans and Deposits; Paycheck Allotments Authorized; Investment by Government Agencies; Garnishment. (a) The credit union may take deposits from, and issue loans to, its members only;…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6927. Audits. For as long as any obligation under a loan agreement between the fund and the credit union remains unsatisfied: (a) The board of trustees shall have free access to all accounts, books, and …

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6928. Legal Counsel. The credit union board may retain or engage private legal counsel. In addition, until the credit union is wholly privatized, the Attorney General, unless prevented by conflict from d…

TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6929. Bank Deposit and Safety Requirements. The credit union may, as it deems appropriate, make deposits of cash or other monetary instruments in banks which meet the requirements of 1 CMC § 7723, and in…

TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7901. Definitions. As used in this Chapter, unless the context requires otherwise: (a) “Captive insurance company” means: (1) a limited-purpose insurance subsidiary of a company with the specific objective of financing risks of …

TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7902. Licensing Authority. (a) Any captive insurance company, when permitted by its articles of association, or charter, may apply to the Commissioner for a license to do any and all insurance comprised in Title 4, Division 7, o…

TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7903. Names of Companies. No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered on CNMI. Source: PL 24-03…

TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7904. Minimum Capital. No pure captive insurance company, group captive insurance company incorporated as a stock insurer or industrial insured captive insurance company incorporated as a stock insurer, a rent-a-captive or a pro…

TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7905. Minimum Surplus; Letter of Credit. No captive insurance shall be issued a license unless it shall possess and thereafter maintain a free surplus of: (a) in the case of a pure captive insurance company, not less than One Hu…