Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 1816 Authority to Administer Oaths and Certify; Authority to Regulate Practice
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1816. Authority to Administer Oaths and Certify; Authority to Regulate Practice. (a) Department of Finance Personnel. Every officer or employee of the Department of Finance designated by the Secretary for that purpose…
4 CMC § 1817 Closing Agreements; Compromises
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1817. Closing Agreements; Compromises. (a) Closing Agreements. The Secretary is authorized to enter into an agreement in writing with any person relating to the liability of such person (or of the person or estate for…
4 CMC § 1818 Jurisdiction of Superior Court as Tax Court
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1818. Jurisdiction of Superior Court as Tax Court. In addition to such other jurisdiction as the Superior Court of the Northern Mariana Islands has with respect to the NMTIT and Chapter 7 as the Tax Court of the Unite…
4 CMC § 1819 Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1819. Interest. In addition to the penalties imposed by 4 CMC §§ 18121-18151, interest at the rate and manner provided under NMTIT § 6621 shall be imposed on all unpaid taxes, penalties, fees and charges imposed by th…
4 CMC § 1820 Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1820. Regulations. The Secretary may adopt by regulation, interpretations, procedures, and regulations issued under the U.S. Internal Revenue Code (“IRC”) as adopted under Chapter 7, that are not clearly inconsistent …
4 CMC § 1821 Withholding of Wage and Salary Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1821. Withholding of Wage and Salary Tax. (a) Withholding by the Employer. The tax imposed by section 1201 of this Division shall be collected through deductions and withholdings upon the employee’s wages, as and when…
4 CMC § 1822 Withholding Earnings at the Source and Filing Returns
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1822. Withholding Earnings at the Source and Filing Returns. (a) Requirement of Withholding. (1) In General. A withholding tax at the maximum rate pursuant to 4 CMC § 1204 is imposed on earnings as defined by section …
4 CMC § 1823 Withholding on Real Estate Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1823. Withholding on Real Estate Transactions. (a) In General. In the case of any transfer of a CNMI real property interest, the tax imposed by section 1301 or 1202 of this Division, on the gross revenue of a transfer…
4 CMC § 1824 Regulations Requiring Returns on Magnetic Media
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1824. Regulations Requiring Returns on Magnetic Media. (a) In General. The Secretary shall prescribe regulations providing standards for determining which returns must be filed electronically or on magnetic media or i…
4 CMC § 1825 CNMI Tax Return Preparer Must Furnish Copy of Return to Taxpayer and Must Retain a Copy or List
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1825. CNMI Tax Return Preparer Must Furnish Copy of Return to Taxpayer and Must Retain a Copy or List. (a) Furnishing a copy to taxpayer. Any person who is a CNMI tax return preparer with respect to any return or clai…
4 CMC § 1831 Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1831. Authority. The Secretary of Finance or his delegate is authorized to make inquiries, determinations and assessments of all taxes (including interest, additional amounts, additions to the tax, and penalties) impo…
4 CMC § 1832 Erroneous Prepayment Credits
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1832. Erroneous Prepayment Credits. If on any return or claim for refund of taxes imposed by this Division, there is an overstatement of the credit for tax withheld at the source, or of the amount paid as estimated ta…
4 CMC § 1833 Taxes Assessed
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1833. Taxes Assessed. The Secretary shall assess all taxes determined by the Secretary as to which returns, schedules, lists or entry certificates are required to be made. Taxes and all other amounts indicated as due …
4 CMC § 1834 Method of Assessment
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1834. Method of Assessment. Secretary’s assessments shall be made by recording the liability of the taxpayer in the Office of the Secretary in accordance with rules or regulations prescribed by the Secretary. Upon req…
4 CMC § 1835 Supplemental Assessments
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1835. Supplemental Assessments. The Secretary may, at any time within such periods as may be prescribed for assessments, make such supplemental or additional assessment whenever it is ascertained that any assessment i…
4 CMC § 1836 Assessment: No Return Filed
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1836. Assessment: No Return Filed. (a) Notice. Upon the failure of any person to make and file a return required by this Division within the time and the manner and form prescribed, or upon failure to pay any amount d…
4 CMC § 1837 Assessment: Erroneous Return Filed
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1837. Assessment: Erroneous Return Filed. In the event any taxpayer makes and files a return, schedule or list required by this Division, and the Secretary determines that said return, schedule or list is untrue, erro…
4 CMC § 1838 Termination Assessment
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1838. Termination Assessment. (a) In General. If the Secretary believes that a taxpayer designs quickly to depart from the Commonwealth or to remove his property therefrom, or to conceal himself or his property therei…
4 CMC § 1839 Notice of Assessment
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1839. Notice of Assessment. If the Secretary determines that there is a deficiency in respect of any tax imposed by this Division, he is authorized to send notice of assessment to the taxpayer by certified mail or reg…
4 CMC § 1840 Abatement
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1840. Abatement. The Secretary is authorized to abate the unpaid portion of the assessment of any tax or any liability in respect thereof, which: (a) Is excessive in amount; (b) Is assessed after the expiration of the…
4 CMC § 1841 Commencement of Proceedings
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1841. Commencement of Proceedings. (a) Civil Actions. (1) The Attorney General shall have the authority to commence civil actions to collect any taxes assessed under this Division either in the name of the Commonwealt…
4 CMC § 1842 Transferred Assets
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1842. Transferred Assets. (a) Method of Collection. The amounts of Non-NMTIT liabilities, at law or in equity, of a transferee of property shall, except as hereinafter provided in this section, be assessed, paid and c…
4 CMC § 4441 Requirement for and Duties of Board of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4441. Requirement for and Duties of Board of Directors. (a) Except as provided in subsection (c) of this section, each corporation must have a board of directors. (b) All corporate powers shall …
4 CMC § 4442 Qualifications of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4442. Qualifications of Directors. The articles of incorporation or bylaws may prescribe qualifications for directors. A director need not be a resident of the Commonwealth or a shareholder of t…
4 CMC § 4443 Number and Election of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4443. Number and Election of Directors. (a) If a board of directors has power to fix or change the number of directors, the board may increase or decrease by 30 percent or less the number of dir…
4 CMC § 4444 Election of Directors by Certain Classes of Shareholders
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4444. Election of Directors by Certain Classes of Shareholders. If the articles of incorporation authorize dividing the shares into classes, the articles may also authorize the election of all o…
4 CMC § 4445 Terms of Directors Generally
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4445. Terms of Directors Generally. (a) The terms of the initial directors of a corporation expire at the first shareholders’ meeting at which directors are elected. (b) The terms of all other d…
4 CMC § 4446 Staggered Terms for Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4446. Staggered Terms for Directors. If there are nine or more directors, the articles of incorporation may provide for staggering their terms by dividing the total number of directors into two …
4 CMC § 4447 Resignation of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4447. Resignation of Directors. (a) A director may resign at any time by delivering written notice to the board of directors, its chairman, or to the corporation. (b) A resignation is effective …
4 CMC § 4448 Removal of Directors by Shareholders
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4448. Removal of Directors by Shareholders. (a) The shareholders may remove one or more directors with or without cause unless the articles of incorporation provide that directors may be removed…
4 CMC § 4449 Removal of Directors by Judicial Proceeding
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4449. Removal of Directors by Judicial Proceeding. (a) The Commonwealth Superior Court may remove a director of the corporation from office in a proceeding commenced either by the corporation or…
4 CMC § 4450 Vacancy on Board
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4450. Vacancy on Board. (a) Unless the articles of incorporation provide otherwise, if a vacancy occurs on a board of directors, including a vacancy resulting from an increase in the number of d…
4 CMC § 4451 Compensation of Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4451. Compensation of Directors. Unless the articles of incorporation or bylaws provide otherwise, the board of directors may fix the compensation of directors. Source: PL 10-7, § 1 (Bus. Corp. …
4 CMC § 4461 Meetings
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4461. Meetings. (a) The board of directors may hold regular or special meetings in or out of the Commonwealth. (b) Unless the articles of incorporation or bylaws provide otherwise, the board of …
4 CMC § 4462 Action Without Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4462. Action Without Meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, action required or permitted by this part to be taken at a board of director’s meeting may be …
4 CMC § 4463 Notice of Meeting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4463. Notice of Meeting. (a) Unless the articles of incorporation or bylaws provide otherwise, regular meetings of the board of directors may be held without notice of the date, time, place, or …
4 CMC § 4464 Waiver of Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4464. Waiver of Notice. (a) A director 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. Except as prov…
4 CMC § 4465 Quorum and Voting
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4465. Quorum and Voting. (a) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of: (1) A majority of the fixed number of director…
4 CMC § 4466 Committees
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4466. Committees. (a) Unless the articles of incorporation or bylaws provide otherwise, a board of directors may create one or more committees and appoint members of the board of directors to se…
4 CMC § 4471 General Standards for Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4471. General Standards for Directors. (a) A director shall discharge his duties as a director, including his duties as a member of a committee: (1) In good faith; (2) With the care an ordinaril…
4 CMC § 4472 Director Conflict of Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4472. Director Conflict of Interest. (a) A conflict of interest transaction is a transaction with the corporation in which a director of the corporation has a direct or indirect interest. A conf…
4 CMC § 4473 Loans to Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4473. Loans to Directors. (a) Except as provided by subsection (c) of this section, a corporation may not lend money to or guarantee the obligation of a director of the corporation unless: (1) T…
4 CMC § 4474 Liability for Unlawful Distributions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4474. Liability for Unlawful Distributions. (a) A director who votes for or assents to a distribution made in violation of 4 CMC § 4381 or the articles of incorporation is personally liable to t…
4 CMC § 4481 Required Officers
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4481. Required Officers. (a) A corporation has the officers described in its bylaws or appointed by the board of directors in accordance with the bylaws. (b) A duly appointed officer may appoint…
4 CMC § 4482 Duties of Officers
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4482. Duties of Officers. Each officer has the authority and shall perform the duties set forth in the bylaws or, to the extent consistent with the bylaws, the duties prescribed by the board of …
4 CMC § 4483 Standards of Conduct for Officers
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4483. Standards of Conduct for Officers. (a) An officer with discretionary authority shall discharge his duties under that authority: (1) In good faith; (2) With the care an ordinarily prudent p…
4 CMC § 4484 Resignation and Removal of Officers
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4484. Resignation and Removal of Officers. (a) An officer may resign at any time by delivering notice to the corporation. A resignation is effective when the notice is delivered unless the notic…
4 CMC § 4485 Contract Rights of Officer
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4485. Contract Rights of Officers. (a) The appointment of an officer does not itself create contract rights. (b) An officer’s removal does not affect the officer’s contract rights, if any, with …
4 CMC § 4491 Article Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4491. Article Definitions. (a) “Corporation” includes any domestic or foreign predecessor entity of a corporation in a merger or other transaction in which the predecessor’s existence ceased upo…
4 CMC § 4492 Authority to Indemnify
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4492. Authority to Indemnify. (a) Except as provided in subsection (d) of this section, a corporation may indemnify an individual made a party to a proceeding because he is or was a director aga…