Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 3108 Board of Professional Licensing; Liability
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TITLE 4: ECONOMIC RESOURCES DIVISION 3: BUSINESSES AND PROFESSIONS § 3108. Board of Professional Licensing; Liability. No member of the Board and no member of the Board’s staff shall be held liable for action or inaction attributable to the lawful exercise of their responsibiliti…
4 CMC § 3109 Board of Professional Licensing Exceptions to License Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 3: BUSINESSES AND PROFESSIONS § 3109. Board of Professional Licensing Exceptions to License Requirements. Notwithstanding section 3101, the hiring of unlicensed apprentices, trainees or helpers is not prohibited so long as they practice under …
4 CMC § 3110 Board of Professional Licensing Staff
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TITLE 4: ECONOMIC RESOURCES DIVISION 3: BUSINESS AND PROFESSIONS § 3110. Board of Professional Licensing Staff. The Board may, subject to budgetary appropriation, employ staff as required to assist it in performing its duties. The executive director shall be exempt from civil ser…
4 CMC § 3111 Revolving Fund
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TITLE 4: ECONOMIC RESOURCES DIVISION 3: BUSINESSES AND PROFESSIONS § 3111. Revolving Fund. (a) The Board of Professional Licensing Revolving Fund (BPLRF) is hereby established. The Department of Finance shall maintain all funds generated under this chapter in a segregated, restri…
4 CMC § 3112 Meetings; Meetings by Electronic Means
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TITLE 4: ECONOMIC RESOURCES DIVISION 3: BUSINESS AND PROFESSIONS § 3112. Meetings; Meetings by Electronic Means. (a) In general: (1) The Board shall act at its meetings, or as otherwise provided by law. (2) The Board shall make provision for the attendance of members by electroni…
4 CMC § 40101 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40101. Definitions. In this chapter: (a) "Business" includes every trade, occupation, and profession. (b) "Debtor in bankruptcy" means a person who is the subject of: (1) An order for relief und…
4 CMC § 40102 Knowledge and Notice
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40102. Knowledge and Notice. (a) A person knows a fact if the person has actual knowledge of it. (b) A person has notice of a fact if the person: (1) knows of it; (2) has received a notification…
4 CMC § 40103 Effect of Partnership Agreement; Nonwaivable Provisions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40103. Effect of Partnership Agreement; Nonwaivable Provisions. (a) Except as otherwise provided in subsection (b), relations among the partners and between the partners and the partnership are …
4 CMC § 40104 Supplemental Principles of Law
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40104. Supplemental Principles of Law. (a) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter. (b) If an obligation to pay intere…
4 CMC § 40105 Execution, Filing, and Recording of Statements
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 40105. Execution, Filing, and Recording of Statements. (a) A statement may be filed in the office of the Registrar of Corporations. A certified copy of a statement that is filed in an office in another state may be fi…
4 CMC § 40106 Governing Law
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40106. Governing Law. (a) Except as otherwise provided in subsection (b), the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners a…
4 CMC § 40107 Partnership Subject to Amendment or Repeal of Chapter
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40107. Partnership Subject to Amendment or Repeal of Chapter. A partnership governed by this chapter is subject to any amendment to or repeal of this chapter. Source: PL 15-88, § 2(107), modifie…
4 CMC § 40111 Partnership As Entity
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40111. Partnership As Entity. (a) A partnership is an entity distinct from its partners. (b) A limited liability partnership continues to be the same entity that existed before the filing of a s…
4 CMC § 40112 Formation of Partnership
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40112. Formation of Partnership. (a) Except as otherwise provided in subsection (b), the association of two or more persons to carry on as co-owners a business for profit forms a partnership, wh…
4 CMC § 40113 Partnership Property
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40113. Partnership Property. Property acquired by a partnership is property of the partnership and not of the partners individually. Source: PL 15-88, § 2(203).
4 CMC § 40114 When Property is Partnership Property
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40114. When Property ss Partnership Property. (a) Property is partnership property if acquired in the name of (1) the partnership; or (2) one or more partners with an indication in the instrumen…
4 CMC § 40121 Partner Agent of Partnership
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40121. Partner Agent of Partnership. Subject to the effect of a statement of partnership authority under 4 CMC § 40123: (a) Each partner is an agent of the partnership for the purpose of its bus…
4 CMC § 40122 Transfer of Partnership Property
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40122. Transfer of Partnership Property. (a) Partnership property may be transferred as follows: (1) Subject to the effect of a statement of partnership authority under 4 CMC § 40123, partnershi…
4 CMC § 40123 Statement of Partnership Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40123. Statement of Partnership Authority. (a) A partnership may file a statement of partnership authority, which: (1) must include: (i) the name of the partnership; (ii) the street address of i…
4 CMC § 40124 Statement of Denial
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40124. Statement of Denial. A partner or other person named as a partner in a filed statement of partnership authority or in a list maintained by an agent pursuant to 4 CMC § 40123(b) may file a…
4 CMC § 40125 Partnership Liable For Partner's Actionable Conduct
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40125. Partnership Liable for Partner's Actionable Conduct. (a) A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omissio…
4 CMC § 40126 Partner's Liability
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40126. Partner's Liability. (a) Except as otherwise provided in subsections (b) and (c), all partners are liable jointly and severally for all obligations of the partnership unless otherwise agr…
4 CMC § 40127 Action By and Against Partnership and Partners
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40127. Actions By and Against Partnership and Partners. (a) A partnership may sue and be sued in the name of the partnership. (b) An action may be brought against the partnership and, to the ext…
4 CMC § 40128 Liability of Purported Partner
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40128. Liability of Purported Partner. (a) If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or m…
4 CMC § 40131 Partner's Rights and Duties
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40131. Partner's Rights and Duties. (a) Each partner is deemed to have an account that is: (1) credited with an amount equal to the money plus the value of any other property, net of the amount …
4 CMC § 40132 Distributions in Kind
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40132. Distributions in Kind. A partner has no right to receive, and may not be required to accept, a distribution in kind. Source: PL 15-88, § 2(402).
4 CMC § 40133 Partner's Right and Duties with Respect to Information
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40133. Partner's Rights and Duties with Respect to Information. (a) A partnership shall keep its books and records, if any, at its chief executive office. (b) A partnership shall provide partner…
4 CMC § 40134 General Standards of Partner's Conduct
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40134. General Standards of Partner's Conduct. (a) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in su…
4 CMC § 40135 Actions by Partnership and Partners
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40135. Actions by Partnership and Partners. (a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnershi…
4 CMC § 40136 Continuation of Partnership Beyond Definite Term or Particular Undertaking
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40136. Continuation of Partnership Beyond Definite Term or Particular Undertaking. (a) If a partnership for a definite term or particular undertaking is continued, without an express agreement, …
4 CMC § 40141 Partner Not Co-Owner of Partnership Property
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40141. Partner Not Co-owner of Partnership Property. A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily …
4 CMC § 40142 Partner's Transferable Interest in Partnership
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40142. Partner's Transferable Interest in Partnership. The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the …
4 CMC § 40143 Transfer of Partner's Transferable Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40143. Transfer of Partner's Transferable Interest. (a) A transfer, in whole or in part, of a partner's transferable interest in the partnership: (1) is permissible; (2) does not by itself cause…
4 CMC § 40144 Partner's Transferable Interest Subject to Charging Order
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40144. Partner's Transferable Interest Subject to Charging Order. (a) On application by a judgment creditor of a partner or of a partner's transferee, a court having jurisdiction may charge the …
4 CMC § 40151 Events Causing Partner's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40151. Events Causing Partner's Dissociation. A partner is dissociated from a partnership upon the occurrence of any of the following events: (a) The partnership's having notice of the partner's…
4 CMC § 40152 Partner's Power to Dissociate: Wrongful Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40152. Partner's Power to Dissociate: Wrongful Dissociation. (a) A partner has the power to dissociate at any time, rightfully or wrongly, by express will pursuant to 4 CMC § 40151(a). (b) A par…
4 CMC § 40153 Effects of Partner's Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40153. Effect of Partner's Dissociation. (a) If a partner's dissociation results in a dissolution and winding up of the partnership business, article 8 applies; otherwise, article 7 applies. (b)…
4 CMC § 40155 Purchase of Dissociated Partner's Interest
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40155. Purchase of Dissociated Partner's Interest. (a) If a partner is dissociated from a partnership without resulting in a dissolution and winding up of the partnership business under 4 CMC § …
4 CMC § 40156 Dissociated Partner's Power to Bind and Liability to Partnership
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40156. Dissociated Partner's Power to Bind and Liability to Partnership. (a) For two years after a partner dissociates without resulting in a dissolution and winding up of the partnership busine…
4 CMC § 40157 Dissociated Partner's Liability to Other Persons
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40157. Dissociated Partner's Liability to Other Persons. (a) A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred before dissociati…
4 CMC § 40158 Statement of Dissociation
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40158. Statement of Dissociation. (a) A dissociated partner or the partnership may file a statement of dissociation stating the name of the partnership and that the partner is dissociated from t…
4 CMC § 40159 Continued Use of Partnership Name
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40159. Continued Use of Partnership Name. Continued use of a partnership name, or a dissociated partner's name as part thereof, by partners continuing the business does not of itself make the di…
4 CMC § 40161 Events Causing Dissolution and Winding Up of Partnership Business
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40161. Events Causing Dissolution and Winding Up of Partnership Business. A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events: …
4 CMC § 40162 Partnership Continues After Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40162. Partnership Continues After Dissolution. (a) Subject to subsection (b), a partnership continues after dissolution only for the purpose of winding up its business. The partnership is termi…
4 CMC § 40163 Right to Wind Up Partnership Business
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40163. Right to Wind Up Partnership Business. (a) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of …
4 CMC § 40164 Partner's Power to Bind Partnership After Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40164. Partner's Power to Bind Partnership After Dissolution. Subject to 4 CMC § 40165, a partnership is bound by a partner's act after dissolution that: (a) Is appropriate for winding up the pa…
4 CMC § 40165 Statement of Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40165. Statement of Dissolution. (a) After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution stating the name of the partnership and that the partners…
4 CMC § 40166 Partner's Liability to Other Partners After Dissolution
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40166. Partner's Liability to Other Partners After Dissolution. (a) Except as otherwise provided in subsection (b) and 4 CMC § 40126, after dissolution a partner is liable to the other partners …
4 CMC § 40167 Settlement of Accounts and Contributions Among Partners
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40167. Settlement of Accounts and Contributions Among Partners. (a) In winding up a partnership's business, the assets of the partnership, including the contributions of the partners required by…
4 CMC § 40171 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 40171. Definitions. In this article: (a) "General partner" means a partner in a partnership and a general partner in a limited partnership. (b) "Limited partner" means a limited partner in a lim…