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Northern Mariana Islands Statutes, Title 4

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Title 4, Economic Resources

115 chapters · 1,835 sections in this title.

All chapters in Title 41,835 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 Authority128 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

1,835 sections·Filtered byTitle 4✕

4 CMC § 4852 Member's Liability for Contributions
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Member’s Liability for Contributions. (a) A member’s obligation to contribute money, property, or other benefit to, or to perform services for, a limited liability company is not excused by the member’s death, disability, or other inability to perform personally. If a member does…
4 CMC § 4853 Member's and Manager's Rights to Payments and Reimbursement
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Member’s and Manager’s Rights to Payments and Reimbursement. (a) A limited liability company shall reimburse a member or manager for payments made and indemnify a member or manager for liabilities incurred by the member or manager in the ordinary course of the business of the com…
4 CMC § 4854 Management of Limited Liability Company
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Management of Limited Liability Company. (a) In a member-managed company: (1) Each member has equal rights in the management and conduct of the company’s business; and (2) Except as otherwise provided in subsection (c), any matter relating to the business of the company may be de…
4 CMC § 4855 Sharing of and Right to Distributions

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Sharing of and Right to Distributions. (a) Any distributions made by a limited liability company before its dissolution and winding up must be in equal shares. (b) A member has no right to receive, and may not be required to accept, a distribution in kind. (c) If a member becomes…

4 CMC § 4856 Limitations on Distributions

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Limitations on Distributions. (a) A distribution may not be made if: (1) The limited liability company would not be able to pay its debts as they become due in the ordinary course of business; or (2) The company’s total assets would be less than the sum of its total liabilities p…

4 CMC § 4857 Liability for Unlawful Distributions

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Liability for Unlawful Distributions. (a) A member of a member-managed company or a member or manager of a manager-managed company who votes for or assents to a distribution made in violation of section 4856, the articles of organization, or the operating agreement is personally …

4 CMC § 4858 Member's Right to Information

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Member’s Right to Information. (a) A limited liability company shall provide members and their agents and attorneys access to its records, if any, at the company’s principal office or other reasonable locations specified in the operating agreement. The company shall provide forme…

4 CMC § 4859 General Standards of Member's and Manager's Conduct

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General Standards of Member’s and Manager’s Conduct. (a) The only fiduciary duties a member owes to a member-managed company and its other members are the duty of loyalty and the duty of care imposed by subsections (b) and (c). (b) A member’s duty of loyalty to a member-managed c…

4 CMC § 4860 Actions by Members

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Actions by Members. (a) A member may maintain an action against a limited liability company or another member for legal or equitable relief, with or without an accounting as to the company’s business, to enforce: (1) The member’s rights under the operating agreement; (2) The memb…

4 CMC § 4861 Continuation of Term Company After Expiration of Specified Term

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Continuation of Term Company After Expiration of Specified Term. (a) If a term company is continued after the expiration of the specified term, the rights and duties of the members and managers remain the same as they were at the expiration of the term except to the extent incons…

4 CMC § 5411 Definitions

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Definitions. When used in this chapter: (a) “Commodity in package form” means a commodity put up or packaged in any manner in advance of sale in units suitable for either wholesale or retail sale, exclusive, however, of any auxiliary shipping container enclosing packages that ind…

4 CMC § 5412 System of Weights and Measures

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System of Weights and Measures. The system of weights and measures in customary use in the United States and the metric system of weights and measures are jointly recognized, and one or the other of these systems shall be used for all commercial purposes in the Commonwealth. The …

4 CMC § 5413 Definitions of Special Units of Measure

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Definitions of Special Units of Measure. (a) “Barrel,” when used in connection with fermented liquor, means a unit of 31 gallons. (b) “Cord,” when used in connection with wood intended for fuel purposes, means the amount of wood that is contained in a space of 128 cubic feet when…

4 CMC § 5414 Standards of Weight and Measure

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Standards of Weight and Measure. Such weights and measures in conformity with the standards of the United States as have been supplied to the Commonwealth for use as standards shall, upon being certified as satisfactory for use as such by the National Bureau of Standards, be the …

4 CMC § 5415 Field Standards and Equipment

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Field Standards and Equipment. In addition to the standards provided for in 4 CMC § 5414, the Governor shall supply such field standards and equipment as may be found necessary to carry out this chapter. The field standards shall be verified upon their initial receipt and at leas…

4 CMC § 5421 Governor: Power and Duties

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Governor: Power and Duties. The Governor shall have custody of the standards of weights and measures and other equipment provided for by this chapter, shall keep accurate records of the same, and shall enforce this chapter. The Governor shall have and keep a general supervision o…

4 CMC § 5422 Governor: Specific Powers and Duties; Regulations

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Governor: Specific Powers and Duties; Regulations. (a) The Governor shall issue reasonable regulations for the enforcement of this chapter, which regulations shall have the force and effect of law. (b) These regulations may include: (1) Rules governing the technical and reporting…

4 CMC § 5423 General Testing

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General Testing. (a) When not otherwise provided by law, the Governor may inspect and test, to ascertain if they are correct, all weights and measures kept, offered, or exposed for sale. The Governor shall, at least annually, inspect and test, to ascertain if they are correct, al…

4 CMC § 5424 Investigations

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Investigations. The Governor shall investigate complaints concerning violations of this chapter, and may, upon the Governor’s own initiative, conduct such investigations as are deemed appropriate and advisable to develop information on prevailing procedures in commercial quantity…

4 CMC § 5425 Inspection of Packages

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Inspection of Packages. (a) The Governor shall, from time to time, weigh or measure and inspect packages or amounts of commodities kept, offered, or exposed for sale, sold, or in the process of delivery to determine whether the same contain the amount represented and whether they…

4 CMC § 5426 Stop-Use, Stop-Removal, and Removal Orders

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Stop-Use, Stop-Removal, and Removal Orders. (a) The Governor may issue stop-use orders, stop-removal orders, and removal orders with respect to weights and measures being commercially used, and issue stop-removal orders and removal orders with respect to packages or amounts of co…

4 CMC § 5427 Disposition of Correct and Incorrect Apparatus

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Disposition of Correct and Incorrect Apparatus. The Governor shall approve for use and seal or mark with appropriate devices such weights and measures as the Governor finds upon inspection and test to be “correct” as defined in 4 CMC § 5423, and shall reject and mark or tag as “r…

4 CMC § 5428 Right of Entry and Inspection

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Right of Entry and Inspection. In performance of official duties, the Governor may enter and go into or upon, at any reasonable time, without formal warrant, any structure or premise, or any other place where commercial transactions are being conducted. Source: DL 5-20, § 13. Com…

4 CMC § 5429 Delegation of Power and Duties

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Delegation of Power and Duties. The Governor may delegate any of his powers and duties as the Governor deems necessary and proper to carry out this chapter. Source: DL 5-20, § 14. Commission Comment: See the comment to 4 CMC § 5414.

4 CMC § 5430 Duties of Owners of Incorrect Apparatus

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Duties of Owners of Incorrect Apparatus. Weights and measures that have been rejected under authority of the Governor shall remain subject to the control of the rejecting authority until such time as suitable repair or disposition of them has been made as required by this section…

4 CMC § 5431 Hindering or Obstructing Officer; Penalties

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Hindering or Obstructing Officer; Penalties. Any person who hinders or obstructs any person in any way in the performance of his or her official duties under this chapter shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than $2…

4 CMC § 5432 Offenses and Penalties

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Offenses and Penalties. Any person who, personally or by a servant or agent, or as the servant or agent of another person, performs any of the acts enumerated in subsections (a) through (i) of this section shall be guilty of a misdemeanor and, upon a first conviction thereof, sha…

4 CMC § 5433 Injunction

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Injunction. In addition to any other remedy provided by law, the Governor may apply to the Commonwealth Trial Court for, and the court upon hearing, and for cause shown may grant, a temporary or permanent injunction restraining any person from violating this chapter. Source: DL 5…

4 CMC § 5441 Metric System Authorized; Conversion Tables

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Metric System Authorized; Conversion Tables. The metric system of measurement of lengths and areas may be employed within the Commonwealth. No contract or dealing, or pleading in any court shall be deemed invalid or liable to objection because the measures expressed or referred t…

4 CMC § 5442 Markers: Payment

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Markers: Payment. The Chief of Lands and Surveys shall collect and deposit with the Commonwealth Treasurer the reasonable cost of land markers furnished by the Department of Natural Resources. Source: 57 TTC § 252. Commission Comment: With respect to the references to the “Chief …

4 CMC § 5443 Markers: Removal

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Markers: Removal. (a) It is unlawful for any person to willfully and maliciously deface, alter or remove any marker, monument or reference point which marks or determines the configuration or contour of any lot or tract of land, if erected by: (1) A licensed surveyor; (2) A priva…

4 CMC § 6411 Required Reports

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Required Reports. (a) Annual Report. The director may examine the condition of any bank conducting banking business from within the Commonwealth at any time. Each bank shall annually submit consolidated written financial statements and a separate annual report covering the financ…

4 CMC § 6412 Notice of Sale of Stock

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Notice of Sale of Stock. Every bank shall within 60 days notify the director of any sale or transfer of 10 percent or more of the voting stock in the bank and shall provide the information required in 4 CMC § 6226(e) as to the transferee of the shares. In addition, the bank must …

4 CMC § 6413 Audit Fees

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Audit Fees. The director shall charge an examination fee based on cost per hour per examiner and other related reasonable expenses for any banks examined by the director or his staff. These fees shall be established by regulation and shall be paid to the General Fund. Source: PL …

4 CMC § 6414 Powers and Duties of Director in Connection with Examinations

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Powers and Duties of Director in Connection with Examinations. (a) In the performance of his functions under this law and subject to the provisions of subsection (b) of this section, the director shall be entitled at all reasonable times to have access to the books, records, vouc…

4 CMC § 6415 Penalties for Violation of 4 CMC §§ 6411-6414

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Penalties for Violation of 4 CMC §§ 6411-6414. Any person who knowingly and wilfully fails to comply with any requirement of 4 CMC §§ 6411 through 6414 may be found guilty of a misdemeanor punishable by a fine not exceeding $50,000 and imprisonment for a term not exceeding one ye…

4 CMC § 6416 Preservation of Bank Records

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Preservation of Bank Records. (a) Every bank shall retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this section. (b) Each bank shall retain permanently the minute books of meetings of its stockholders and directors, i…

4 CMC § 6451 Confidentiality of Information

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Confidentiality of Information. All information not required to be published elsewhere by any other authority to whose jurisdiction a licensee shall be subject, and all information other than that required by the provisions of this division to be made public by the director or wh…

4 CMC § 6452 Disclosure by the Director

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Disclosure by the Director. The director shall make the following disclosure of information supplied to it by an applicant or a licensee: (a) The annual audited financial statements of each bank by publishing same in a newspaper of general circulation in the Commonwealth on or be…

4 CMC § 6453 Right to Privacy

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Right to Privacy. The right to privacy and the right to financial privacy protected by the Covenant, incorporating the terms of Constitution of the United States, and N.M.I. Const. art. I, § 10, of every customer of every bank shall be respected by each director, officer, agent, …

4 CMC § 6454 Financial Privacy Act Adopted

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Financial Privacy Act Adopted. (a) Financial Privacy Act Adopted. The United States Right to Financial Privacy Act of 1978 (12 U.S.C. §§ 3401 et seq.), is adopted as a statute of the Commonwealth in its entirety except that for purposes of application as a Commonwealth statute “g…

4 CMC § 7401 Short title

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Short title. This chapter may be cited as the Uniform Insurers Liquidation Act. Source: PL 3-107, § 23, modified. Commission Comment: PL 3-107, § 23, the Uniform Insurers Liquidation Act, was originally codified entirely at 4 CMC § 7401. In the January 1997 revision, the Commissi…

4 CMC § 7402 Definitions

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Definitions. For the purpose of this chapter: (a) “Ancillary state” means any state other than a domiciliary state; (b) “Court” means the Commonwealth Trial Court; (c) “Delinquency proceeding” means any proceeding commenced against an insurer for the purpose of liquidating, rehab…

4 CMC § 7403 Conduct of Delinquency Proceedings Against Insurers Domiciled in the Commonwealth

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Conduct of Delinquency Proceedings Against Insurers Domiciled in the Commonwealth. (a) Whenever, under the laws of the Commonwealth, a receiver is to be appointed in delinquency proceedings for an insurer domiciled in the Commonwealth, the court shall appoint a competent receiver…

4 CMC § 7404 Conduct of Delinquency Proceedings Against Insurers Not Domiciled in the Commonwealth

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Conduct of Delinquency Proceedings Against Insurers Not Domiciled in the Commonwealth. (a) Whenever under the laws of the Commonwealth an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in the Commonwealth, the commissioner shall file…

4 CMC § 7405 Filing and Proving of Claims of Nonresidents Against Delinquent Insurers Domiciled in the Commonwealth

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Filing and Proving of Claims of Nonresidents Against Delinquent Insurers Domiciled in the Commonwealth. (a) In a delinquency proceeding begun in the Commonwealth against an insurer domiciled in the Commonwealth, claimants residing in reciprocal states may file claims either with …

4 CMC § 7406 Filing and Proving of Claims of Residents Against Delinquent Insurers Domiciled in Reciprocal States

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Filing and Proving of Claims of Residents Against Delinquent Insurers Domiciled in Reciprocal States. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within the Commonwealth may file claims…

4 CMC § 7407 Priority of Preferred Claims

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Priority of Preferred Claims. (a) In a delinquency proceeding against an insurer domiciled in the Commonwealth, claims owing to residents of ancillary states shall be preferred claims, if like claims are preferred under the laws of the Commonwealth. All such claims, whether owing…

4 CMC § 7408 Priority of Special Deposit Claims

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Priority of Special Deposit Claims. The owners of special deposit claims against an insurer for which a receiver is appointed in any state shall be given priority against their several special deposits in accordance with the provisions of the statutes governing the creation and m…

4 CMC § 7409 Priority of Secured Claims

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Priority of Secured Claims. The owner of a secured claim against an insurer for which a receiver has been appointed in any state may surrender his or her security and file a claim as a general creditor, or the claim may be discharged by resort to the security, in which case the d…