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Northern Mariana Islands Statutes, Title 4

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Title 4, Economic Resources

115 chapters · 1,834 sections in this title.

All chapters in Title 41,834 Ch 1, General Provisions308 Ch 4, Finances and Management201 Ch 8, Administrative Provisions196 Ch 5, Irrevocable Trust Fund185 Ch 3, Board of Directors141 Ch 2, Powers of the Authority127 Ch 6, Loan Write-offs97 Ch 10, Developer Infrastructure Tax Act78 Ch 9, Other Administrative Provisions76 Ch 21, Taulamwaar Sensible CNMI Cannabis Ac…74 Ch 18, Statutory Liens64 Ch 7, Bond Authorizations55 Ch 14, Non-Residential Construction Tax47 Ch 13, MPLT Line of Credit39

1,834 sections·Filtered byTitle 4✕

4 CMC § 3108 Board of Professional Licensing; Liability
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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 responsibilities under this Chapter. Source: PL 1-8, ch. 5, § 6; amended by PL 11-99, § 3…
4 CMC § 3109 Board of Professional Licensing Exceptions to License Requirements
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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 the general supervision of a licensee which licensee is ultimately responsi…
4 CMC § 3110 Board of Professional Licensing Staff
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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 service and shall receive an annual salary as determined by the Board pursua…
4 CMC § 3111 Revolving Fund
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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, restricted special account within the general fund. (b) All monies received in pa…

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4 CMC § 3112 Meetings; Meetings by Electronic Means

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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 electronic means, if a member so requests. (3) Meetings shall be noticed as requir…

4 CMC § 40101 Definitions

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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 under Title 11 of the United States Code or a comparable order under a successor statute of gene…

4 CMC § 40102 Knowledge and Notice

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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 of it; or (3) has reason to know it exists from all of the facts known to the person at the …

4 CMC § 40103 Effect of Partnership Agreement; Nonwaivable Provisions

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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 governed by the partnership agreement. To the extent the partnership agreement does not other…

4 CMC § 40104 Supplemental Principles of Law

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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 interest arises under this chapter and the rate is not specified, the prevailing rate is that speci…

4 CMC § 40105 Execution, Filing, and Recording of Statements

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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 filed in the office of the Registrar of Corporations. Either filing has …

4 CMC § 40106 Governing Law

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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 and between the partners and the partnership. (b) The law of this Commonwealth governs relatio…

4 CMC § 40107 Partnership Subject to Amendment or Repeal of Chapter

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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), modified. Commission Comment: The Commission changed references to “this Act” to “this chapter” purs…

4 CMC § 40111 Partnership As Entity

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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 statement of qualification under 4 CMC § 40181. Source: PL 15-88, § 2(201), modified. Commissi…

4 CMC § 40112 Formation of Partnership

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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, whether or not the persons intend to form a partnership. (b) An association formed under a stat…

4 CMC § 40113 Partnership Property

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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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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 instrument transferring title to the property of the person's capacity as a partner or of the existenc…

4 CMC § 40121 Partner Agent of Partnership

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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 business. An act of a partner, including the execution of an instrument in the partnership name,…

4 CMC § 40122 Transfer of Partnership Property

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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, partnership property held in the name of the partnership may be transferred by an instrument of transfe…

4 CMC § 40123 Statement of Partnership Authority

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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 its chief executive office and of one office in this Commonwealth, if there is one; (iii) the …

4 CMC § 40124 Statement of Denial

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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 statement of denial stating the name of the partnership and the fact that is being denied, w…

4 CMC § 40125 Partnership Liable For Partner's Actionable Conduct

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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 omission, or other actionable conduct, of a partner acting in the ordinary course of business of the…

4 CMC § 40126 Partner's Liability

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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 agreed by the claimant or provided by law. (b) A person admitted as a partner into an existing p…

4 CMC § 40127 Action By and Against Partnership and Partners

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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 extent not inconsistent with 4 CMC § 40126, any or all of the partners in the same action or in …

4 CMC § 40128 Liability of Purported Partner

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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 more persons not partners, the purported partner is liable to a person to whom the representat…

4 CMC § 40131 Partner's Rights and Duties

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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 of any liabilities, the partner contributes to the partnership and the partner's share of the…

4 CMC § 40132 Distributions in Kind

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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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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 partners and their agents and attorneys access to its books and records. It shall provide former par…

4 CMC § 40134 General Standards of Partner's Conduct

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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 subsections (b) and (c) . (b) A partner's duty of loyalty to the partnership and the other part…

4 CMC § 40135 Actions by Partnership and Partners

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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 partnership, causing harm to the partnership. (b) A partner may maintain an action against the partners…

4 CMC § 40136 Continuation of Partnership Beyond Definite Term or Particular Undertaking

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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, after the expiration of the term or completion of the undertaking, the rights and duties of t…

4 CMC § 40141 Partner Not Co-Owner of Partnership Property

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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 or involuntarily. Source: PL 15-88, § 2(501).

4 CMC § 40142 Partner's Transferable Interest in Partnership

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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 partner's right to receive distributions. The interest is personal property. Source: PL 15-88…

4 CMC § 40143 Transfer of Partner's Transferable Interest

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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 the partner's dissociation or a dissolution and winding up of the partnership business; and …

4 CMC § 40144 Partner's Transferable Interest Subject to Charging Order

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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 transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a…

4 CMC § 40151 Events Causing Partner's Dissociation

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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 express will to withdraw as a partner or on a later date specified by the partner; (b) An ev…

4 CMC § 40152 Partner's Power to Dissociate: Wrongful Dissociation

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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 partner's dissociation is wrongful only if: (1) it is in breach of an express provision of the p…

4 CMC § 40153 Effects of Partner's Dissociation

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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) Upon a partner's dissociation: (1) the partner's right to participate in the management and …

4 CMC § 40155 Purchase of Dissociated Partner's Interest

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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 § 40161, the partnership shall cause the dissociated partner's interest in the partnership to b…

4 CMC § 40156 Dissociated Partner's Power to Bind and Liability to Partnership

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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 business, the partnership, including a surviving partnership under article 9, is bound by an act of…

4 CMC § 40157 Dissociated Partner's Liability to Other Persons

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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 dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociat…

4 CMC § 40158 Statement of Dissociation

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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 the partnership. (b) A statement of dissociation is a limitation on the authority of a dissoci…

4 CMC § 40159 Continued Use of Partnership Name

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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 dissociated partner liable for an obligation of the partners or the partnership continuing the …

4 CMC § 40161 Events Causing Dissolution and Winding Up of Partnership Business

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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: (a) In a partnership at will, the partnership's having notice from a partner, other than a pa…

4 CMC § 40162 Partnership Continues After Dissolution

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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 terminated when the winding up of its business is completed. (b) At any time after the dissolution…

4 CMC § 40163 Right to Wind Up Partnership Business

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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 any partner, partner's legal representative, or transferee, the Commonwealth Superior Court, …

4 CMC § 40164 Partner's Power to Bind Partnership After Dissolution

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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 partnership business; or (b) Would have bound the partnership under 4 CMC § 40121 before dissol…

4 CMC § 40165 Statement of Dissolution

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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 partnership has dissolved and is winding up its business. (b) A statement of dissolution cancels a fi…

4 CMC § 40166 Partner's Liability to Other Partners After Dissolution

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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 for the partner's share of any partnership liability incurred under 4 CMC § 40164. (b) A part…

4 CMC § 40167 Settlement of Accounts and Contributions Among Partners

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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 this section, must be applied to discharge its obligations to creditors, including, to the e…

4 CMC § 40171 Definitions

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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 limited partnership. (c) "Limited partnership" means a limited partnership created under the law…