Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
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…
4 CMC § 1991 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1991 § 1991. Definitions. For the purposes of this Chapter: (a) “Construction” means any activity that creates, installs, alters, repairs, improves, maintains, or demolishes any building, structure, facility, infrastru…
4 CMC § 1992 Tax Imposition on Gross Revenues from Qualifying Construction Projects
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1992 § 1992. Tax Imposition on Gross Revenues from Qualifying Construction Projects. (a) In addition to the tax imposed under Chapter 3 of Division 1 of Title 4 of the Commonwealth Code and unless expressly exempted he…
4 CMC § 1993 Non-refundable Tax Credit
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1993 § 1993. Non-refundable Tax Credit. (a) A person may take the tax imposed on gross revenue under Section 1992 as a non-refundable tax credit against any taxes imposed on Commonwealth source income under Subtitle A …
4 CMC § 1994 Returns and Payment of Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1994 § 1994. Returns and Payment of Tax. (a) In General. Every person subject to this Chapter shall file a return and pay the tax, if any, on a monthly basis. The Secretary of Finance shall by regulation prescribe mont…
4 CMC § 1995 Special Gross Revenues from Qualifying Construction GRQC Account
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1995 § 1995. Special Gross Revenues from Qualifying Construction GRQC Account. (a) The Secretary of Finance shall establish a special Gross Revenues from Qualifying Construction (GRQC) account separate from the General…
4 CMC § 1996 Applicability; Transitional Rule
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION §1996 § 1996. Applicability; Transitional Rule. (a) The tax imposed under Section 1992(a) applies beginning on the first day of the following calendar month in which this Act becomes law. The tax does not apply to gross…
4 CMC § 4601 Dissolution by Incorporators or Initial Directors
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4601. Dissolution by Incorporators or Initial Directors. A majority of the incorporators of initial directors of a corporation that has not issued shares or has not commenced business may dissol…
4 CMC § 4602 Dissolution by Board of Directors and Shareholders
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4602. Dissolution by Board of Directors and Shareholders. (a) A corporation’s board of directors may propose dissolution for submission to the shareholders. (b) For a proposal to dissolve to be …
4 CMC § 4603 Article of Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4603. Articles of Dissolution. (a) At any time after dissolution is authorized, the corporation may dissolve by delivering to the Registrar of Corporations for filing articles of dissolution set…
4 CMC § 4604 Revocation of Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4604. Revocation of Dissolution. (a) A corporation may revoke its dissolution within 120 days of its effective date. (b) Revocation of dissolution must be authorized in the same manner as the di…
4 CMC § 4605 Effect of Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4605. Effect of Dissolution. (a) A dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and aff…
4 CMC § 4606 Known Claims Against Dissolved Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4606. Known Claims Against Dissolved Corporation. (a) A dissolved corporation may dispose of the known claims against it by following the procedure described in this section. (b) The dissolved c…
4 CMC § 4607 Unknown Claims Against Dissolved Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4607. Unknown Claims Against Dissolved Corporation. (a) A dissolved corporation may also publish notice of its dissolution and request that persons with claims against the corporation present th…
4 CMC § 4611 Grounds for Administrative Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4611. Grounds for Administrative Dissolution. (a) The Registrar of Corporations may commence a proceeding under 4 CMC § 4612 to administratively dissolve a corporation if: (1) The corporation do…
4 CMC § 4612 Procedure for and Effect of Administrative Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4612. Procedure for and Effect of Administrative Dissolution. (a) If the Registrar of Corporations determines that one or more grounds exist under 4 CMC § 4611 for dissolving a corporation, he s…
4 CMC § 4613 Reinstatement Following Administrative Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4613. Reinstatement Following Administrative Dissolution. (a) A corporation administratively dissolved under 4 CMC § 4612 may apply to the Registrar of Corporations for reinstatement within two …
4 CMC § 4614 Appeal From Denial of Reinstatement
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4614. Appeal From Denial of Reinstatement. (a) If the Registrar of Corporations denies a corporation’s application for reinstatement following administrative dissolution, he shall serve the corp…
4 CMC § 4621 Grounds for Judicial Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4621. Grounds for Judicial Dissolution. The Commonwealth Superior Court may dissolve a corporation: (a) In a proceeding by the Attorney General if it is established that: (1) The corporation obt…
4 CMC § 4622 Procedure for Judicial Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4622. Procedure for Judicial Dissolution. (a) It is not necessary to make shareholders parties to proceedings to dissolve a corporation unless relief is sought against them individually. (b) A c…
4 CMC § 4623 Receivership or Custodianship
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4623. Receivership or Custodianship. (a) The court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodian…
4 CMC § 4624 Decree of Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4624. Decree of Dissolution. (a) If after a hearing the court determines that one or more grounds for judicial dissolution described in 4 CMC § 4621 exist, it may enter a decree dissolving the c…
4 CMC § 4631 Deposit With Director of the Department of Finance
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4631. Deposit With Director of the Department of Finance. Assets of a dissolved corporation that should be transferred to a creditor, claimant, or shareholder of the corporation who cannot be fo…
4 CMC § 51101 Definitions
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§ 51101 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51101. Definitions. As used in this Act, unless the context clearly indicates otherwise: (a) “Authority” means the Commonwealth Economic Incentive Authority established by this Act. (b) “Board” means the Board …
4 CMC § 51102 Free Trade Zones Created
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TITLE 4: ECONOMIC RESOURCES § 51102 DIVISION 5: BUSINESS REGULATION § 51102. Economic Incentive Districts Created. (a) There are hereby created economic incentive districts in the following locations in the Commonwealth: (1) Twenty hectares of land belonging to the Commonwealth P…
4 CMC § 51103 Admission of Raw Materials and Merchandise; Treatment; Shipment to Customs Territory; Shipment from Customs Territory
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51103. Admission of Raw Materials and Merchandise; Treatment; Shipment to Customs Territory; Shipment from Customs Territory. Foreign and domestic merchandise of every description, except such as is prohibited by law, …
4 CMC § 51104 Procurement
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51104. Procurement. The Board shall promulgate procurement regulations for itself that ensure open and competitive procurement procedures. The purchase of all supplies, materials, and construction work with an expendit…
4 CMC § 51105 Applicability of Other Laws; Coordination by the Authority
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§ 51105 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51105. Applicability of Other Laws; Coordination by the Authority. (a) Except to the extent made specifically inapplicable under this Act, all provisions of Commonwealth and federal criminal and civil law and r…
4 CMC § 51106 Movement of Goods In and Out of Free Trade Zone
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51106. Movement of Goods In and Out of Economic Incentive District. (a) The Secretary of Finance shall, after consultation with the Authority, make regulations relating to: (1) the entry, removal, importation and expor…
4 CMC § 51107 Establishment of Customs Posts in Free Trade Zone
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§ 51107 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51107. Establishment of Customs Posts in Economic Incentive District. (a) The Secretary of Finance shall, after consultation with the Authority, establish and staff customs posts in the economic incentive distr…
4 CMC § 51108 Applicable Law
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51108. Applicable Law. The Commonwealth law shall apply to any contract between the Authority and a licensee, as well as to the conduct and operations of any business or enterprise, and generally for good order and man…
4 CMC § 51109 Disclosure of Proprietary Information to Unauthorized Persons Prohibited
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§ 51109 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51109. Disclosure of Proprietary Information to Unauthorized Persons Prohibited. Except with the consent of a licensee or as authorized by law, no officer, agent, consultant, employee or attorney of the Authori…
4 CMC § 51120 Commonwealth Economic Incentive Authority
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§ 51120 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51120. Commonwealth Economic Incentive Authority. There is in the Commonwealth government a public corporation called the Commonwealth Economic Incentive Authority to be governed by a Board of Directors. Its fu…
4 CMC § 51121 Commonwealth Economic Incentive Authority: Powers and Duties
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51121. Commonwealth Economic Incentive Authority: Powers and Duties. In addition to the powers and duties elsewhere conferred or imposed, the Authority shall have the following powers and duties: (a) The Authority shal…
4 CMC § 51122 Board of Directors: Composition; Terms
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51122. Board of Directors: Composition; Terms. (a) All powers vested in the Authority shall be exercised by a board of directors composed of nine members appointed by the Governor with the advice and consent of the Sen…
4 CMC § 51123 Board of Directors: Organization and Quorum
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51123. Board of Directors: Organization and Quorum. The Board shall organize by electing one of its members as chairman and another as vice chairman. The Board shall designate a secretary to keep the minutes and record…
4 CMC § 51124 Board of Directors: Reimbursements
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51124. Board of Directors: Reimbursements. Members of the Board are entitled to reimbursement for actual expenses incurred in the performance of their official duties, upon approval by the Board. Source: PL 12-20, § 9.…
4 CMC § 51125 Executive Director: Appointment
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51125. Executive Director: Appointment. The Board shall appoint an executive director to be its chief executive officer. The executive director shall serve at the pleasure of, and be compensated as determined by, the B…
4 CMC § 51126 Executive Director: Powers and Duties
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§ 51126 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51126. Executive Director: Powers and Duties. The executive director shall have the following powers and duties: (a) to aggressively market and promote the CNMI economic incentive districts internationally to b…
4 CMC § 51127 Economic Incentive Districts Authority: Accounting and Reporting
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51127. Economic Incentive Authority: Accounting and Reporting. (a) The Board shall adopt and maintain a system of accounting which is in accordance with generally accepted accounting principles applicable to economic i…
4 CMC § 51128 Conflict of Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51128. Conflict of Interest. Members of the Board, employees and agents of the Authority shall be bound by the conflict of interest provisions of Public Law 8-11, the Government Ethics Code of 1992, as amended, 1 CMC §…
4 CMC § 51131 Public Land in Free Trade Zones: Lease Restricted to FTZ Licensees
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51131. Public Land in Economic Incentive Districts: Lease Restricted to FTZ Licensees. Public land within an Economic Incentive Districts shall not be leased for any purpose except to an Economic District licensee. Thi…
4 CMC § 51132 Private Land; Pre-existing Uses
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§ 51132 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51132. Private Land; Pre-existing Uses. Nothing in this Act shall be construed as imposing any restraint on the use of private land within any Economic Incentive Districts by persons other than a FTZ licensee. …
4 CMC § 51133 Lease of Public Land; Satisfaction of the Public Trust
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51133. Lease of Public Land; Satisfaction of the Public Trust. In any action in a court of competent jurisdiction challenging any lease of public land in an economic incentive district as contrary to the public interes…
4 CMC § 51134 Licenses to Operate Business in Free Trade Zone
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§ 51134 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51134. Licenses to Operate Business in Economic Incentive District. (a) A license issued by the Economic Incentive Authority is required for any business operating or planning to operate within a economic incen…
4 CMC § 51135 License Revocation
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51135. License Revocation. (a) No person shall establish and operate on any business, industrial or commercial activity within a economic incentive district except in conformity with all applicable laws and regulations…
4 CMC § 51136 Incentives to Licensed Industries
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§ 51136 TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51136. Incentives to Licensed Industries. Notwithstanding any other provision of Commonwealth law, licensed economic incentive district businesses shall be: (a) exempted from the payment of Business Gross Reven…
4 CMC § 51137 Insurance and Indemnification
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 51137. Insurance and Indemnification. (a) Every licensee shall undertake to hold the Authority free and harmless for any loss incurred by the licensee by reason of or ensuing from the failure in any service to the econ…