Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 4301 Incorporators
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4301. Incorporators. One or more persons may act as the incorporator or incorporators of a corporation by delivering articles of incorporation to the Registrar of Corporations for filing. Source…
4 CMC § 4302 Article of Incorporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4302. Articles of Incorporation. (a) The articles of incorporation must set forth: (1) A corporate name for the corporation that satisfies the requirements of 4 CMC § 4321; (2) The number of sha…
4 CMC § 4303 Incorporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4303. Incorporation. (a) Unless a delayed effective date is specified, the corporate existence begins when the articles of incorporation are filed. (b) The Registrar of Corporation’s filing of t…
4 CMC § 4304 Liability for Pre-Incorporation Transactions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4304. Liability for Pre-Incorporation Transactions. All persons purporting to act as or on behalf of a corporation, knowing there was no incorporation under this part, are jointly and severally …
4 CMC § 4305 Organization of Corporation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4305. Organization of Corporation. (a) After incorporation: (1) If initial directors are named in the articles of incorporation, the initial directors shall hold an organizational meeting, at th…
4 CMC § 4306 Bylaws
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4306. Bylaws. (a) The incorporators or board of directors of a corporation shall adopt initial bylaws for the corporation. (b) The bylaws of a corporation may contain any provisions for managing…
4 CMC § 4307 Emergency Bylaws
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4307. Emergency Bylaws. (a) Unless the articles of incorporation provide otherwise, the board of directors of a corporation may adopt bylaws to be effective only in an emergency defined in subse…
4 CMC § 4821 Limited Liability Corporation as Legal Entity
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4821. Limited Liability Company as Legal Entity. A limited liability company is a legal entity distinct from its members. Source: PL 14-11, § 2 (201). Commission Comment: See the comment to 4 CM…
4 CMC § 4822 Organization
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4822. Organization. (a) One or more persons may organize a limited liability company, consisting of one or more members, by delivering articles of organization to the office of the Registrar of …
4 CMC § 4823 Articles of Organization
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4823. Articles of Organization. (a) Articles of organization of a limited liability company must set forth: (1) The name of the company; (2) The address of the initial designated office; (3) The…
4 CMC § 4824 Amendment or Restatement of Article of Organization
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4824. Amendment or Restatement of Articles of Organization. (a) Articles of organization of a limited liability company may be amended at any time by delivering articles of amendment to the Regi…
4 CMC § 4825 Signing of Records
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4825. Signing of Records. (a) Except as otherwise provided in this Act, a record to be filed by or on behalf of a limited liability company in the office of the Registrar of Corporations must be…
4 CMC § 4826 Filing in Office of Registrar of Corporations
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4826. Filing in Office of Registrar of Corporations. (a) Articles of organization or any other record authorized to be filed under this chapter must be in a medium permitted by the Registrar of …
4 CMC § 4827 Correcting Filed Record
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4827. Correcting Filed Record. (a) A limited liability company or foreign limited liability company may correct a record filed by the Registrar of Corporations if the record contains a false or …
4 CMC § 4828 Certificate of Existence or Authorization
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4828. Certificate of Existence or Authorization. (a) A person may request the Registrar of Corporations to furnish a certificate of existence for a limited liability company or a certificate of …
4 CMC § 4829 Liability for False Statement in Filed Record
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4829. Liability for False Statement in Filed Record. If a record authorized or required to be filed under this chapter contains a false statement, one who suffers loss by reliance on the stateme…
4 CMC § 4830 Filing By Judicial Act
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4830. Filing by Judicial Act. If a person required by section 4825 to sign any record fails or refuses to do so, any other person who is adversely affected by the failure or refusal may petition…
4 CMC § 4831 Annual Report for Registrar of Corporations
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4831. Annual Report for Registrar of Corporations. (a) A limited liability company, and a foreign limited liability company authorized to transact business in the Commonwealth, shall deliver to …
4 CMC § 5201 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5201. Definitions. As used in this chapter, “person or persons” includes an individual or individuals, corporations, firms, partnerships or any other association existing under or authorized by the law of the Commonwea…
4 CMC § 5202 Prohibited Activities
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5202. Prohibited Activities. It is illegal for one or more persons to create or use an existing combination of capital, skill or acts the effect of which is: (a) To create or carry out restrictions in trade or commerce…
4 CMC § 5203 Leases, Sales, Contracts, Conditions, Agreements or Understandings to Lessen Competition
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5203. Leases, Sales, Contracts, Conditions, Agreements or Understandings to Lessen Competition. It is unlawful for any person to lease or make a sale or contract for the sale of goods, merchandise, machinery, supplies,…
4 CMC § 5204 Contracts or Agreements in Violation of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5204. Contracts or Agreements in Violation of Chapter. Any contract or agreement in violation of this chapter is, to that extent, void and not enforceable at law or equity. Source: 33 TTC § 304.
4 CMC § 5205 Competitive Agreements
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5205. Competitive Agreements. It is not unlawful to enter into agreements or form an association or combination the purposes and effect of which is to promote, encourage or increase competition in any trade or industry…
4 CMC § 5206 Criminal and Civil Liabilities of Violators
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TITLE 4: ECONOMIC RESOURCES DIVISION 5: BUSINESS REGULATION § 5206. Criminal and Civil Liabilities of Violators. (a) Any person who violates 4 CMC §§ 5202 or 5203 is guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than $50 nor more tha…
4 CMC § 6201 Applicability of Article
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6201. Applicability of Article. Unless otherwise specified, this article applies only to Commonwealth banks. For purposes of this article, “bank” means a bank chartered by the Commonwealth. Source: PL 3-…
4 CMC § 6202 General Corporate Powers
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6202. General Corporate Powers. (a) A Commonwealth bank may be organized to exercise the powers provided in this division and such general corporate powers as are appropriate to its purpose and contained…
4 CMC § 6203 Capital Structure
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6203. Capital Structure. A bank shall at all times have paid-in-cash capital of not less than $500,000. Source: PL 3-104, § 203.
4 CMC § 6204 Incorporators
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6204. Incorporators. A Commonwealth bank may be organized by three or more persons acting on their own behalf or by an attorney licensed to practice in the Commonwealth. Source: PL 3-104, § 204.
4 CMC § 6205 Shareholders. [Repealed by PL 8-3.]
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6205. Shareholders. [Repealed.] Source: PL 8-3, § 2 (repealing PL 3-104, § 204).
4 CMC § 6206 Notice of Intention
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6206. Notice of Intention. (a) The incorporators shall file with the director a notice of intention to organize a Commonwealth bank. The notice shall state: (1) The name, residence and occupation of each…
4 CMC § 6207 Organization Expenses
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6207. Organization Expenses. (a) Each subscriber at the time he or she subscribes to the stock of a proposed Commonwealth bank shall pay in cash a sum at least equal to five percent of the par value of t…
4 CMC § 6208 Application for Charter
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6208. Application for Charter. (a) After the capital stock has been fully subscribed, the incorporators may apply to the director for the charter. The incorporators shall submit: (1) A proposed charter i…
4 CMC § 6209 Public Hearing
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6209. Public Hearing. If there are objections to the application based on the fact the applicant does not meet the requirements of this division, the director shall hold a hearing limited to issues neces…
4 CMC § 6210 Determination on Application for Charter
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6210. Determination on Application for Charter. (a) When an application for a charter has been filed with the director, the director shall make or cause to be made a careful investigation and examination…
4 CMC § 6211 Reimbursement of Officer, Director or Employee for Expenses in Defending Suits
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6211. Reimbursement of Officer, Director or Employee for Expenses in Defending Suits. The bylaws of a Commonwealth bank may provide that it shall indemnify every officer, director or employee, and his or…
4 CMC § 6212 Banking License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6212. Banking License. (a) It is unlawful for a Commonwealth bank to perform any act other than to perfect its organization, obtain and equip a place of business and otherwise prepare to do business befo…
4 CMC § 6213 Amendment of Charter; Change of Location
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6213. Amendment of Charter; Change of Location. (a) A Commonwealth bank may apply to the director to amend its charter. (b) An application for an amendment of the charter changing the authorized capital …
4 CMC § 6214 Directors and Officers
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6214. Directors and Officers. (a) The affairs of a Commonwealth bank shall be managed by a board of directors which shall exercise its powers and be responsible for the discharge of its duties. The numbe…
4 CMC § 6215 Deposit Insurance: Membership in Federal Reserve System
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6215. Deposit Insurance: Membership in Federal Reserve System. Except for those banks covered by 4 CMC § 6216, a Commonwealth bank which is also a retail bank shall obtain insurance of its deposits by th…
4 CMC § 6216 Transition Provision
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6216. Transition Provision. (a) Commonwealth banks which have a valid banking license meeting the present requirements of regulations issued by the Department of Commerce and Labor covering bank licensin…
4 CMC § 6221 Banking License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6221. Banking License Required. (a) No person may operate a bank or engage in banking business from within the Commonwealth, whether or not the business is carried on in the Commonwealth, without having …
4 CMC § 6222 State, National, Micronesian, and Foreign Banks
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6222. State, National, Micronesian, and Foreign Banks. Subject to the approval of the director pursuant to this division, a state, national, Micronesian, or foreign bank may establish an office in the Co…
4 CMC § 6223 Qualifications for Issuance: State or National Bank License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6223. Qualifications for Issuance: State or National Bank License. The director shall issue a banking license when a state or national bank has complied with the following requirements: (a) The director …
4 CMC § 6224 Qualifications for Issuance: Foreign Bank License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6224. Qualifications for Issuance: Foreign Bank License. The qualifications, fees, and conditions of a foreign bank license shall be pursuant to chapter 3 of this division [4 CMC § 6311 et seq.]. Source:…
4 CMC § 6225 Qualifications for Issuance: Commonwealth Bank License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6225. Qualifications for Issuance: Commonwealth Bank License. The qualifications, fees, and conditions for a Commonwealth bank license shall be pursuant to 4 CMC § 6212. Source: PL 3-104, § 234.
4 CMC § 6226 Application for Banking License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6226. Application for Banking License. Except as otherwise specifically provided in 4 CMC §§ 6212 and 6234, an application for any type of banking license shall be made to the director on forms furnished…
4 CMC § 6227 Transition of Existing License
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6227. Transition of Existing License. (a) Every state and national bank which has a valid Commonwealth banking license, has at least five resident employees, and is actively conducting business on Februa…
4 CMC § 6228 Exception to any Requirement of Deposit Insurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6228. Exception to any Requirement of Deposit Insurance. Notwithstanding the provisions of 4 CMC §§ 6215 and 6232, no bank shall be required to obtain deposit insurance as a condition of obtaining a char…
4 CMC § 6229 Loans
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6229. Loans. At least 50 percent of the amount of all Commonwealth loans a bank annually makes to borrowers shall be made for projects, purposes and uses represented by the borrower to occur in the Commo…
4 CMC § 6231 Retail Banking License Required
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6231. Retail Banking License Required. (a) Any Commonwealth-chartered or state, national, Micronesian or foreign bank otherwise licensed to do banking business in the Commonwealth may apply for a retail …