N.D. Cent. Code § 10-33-124: Certified nonprofit development corporation - Application

1.For the purposes of this section:

a."Certified nonprofit development corporation" means a corporation organized under this chapter which meets the following requirements:

(1)Is certified by the secretary of state under this section;

(2)Invests a majority of its funds in primary sector businesses; and

(3)No part of the income is distributable to its members, directors, or officers.

b."Primary sector business" has the meaning provided in section 1-01-49.

2.A corporation may apply to the secretary of state to become a certified nonprofit development corporation by submitting an application executed by an officer of the corporation containing:

a.The name of the corporation and the address of its principal executive office;

b.The names and addresses of the officers and directors of the corporation; and

c.A statement that the corporation has adopted a resolution to invest a majority of membership payments, dues, or contributions received in primary sector businesses. A copy of the resolution must be submitted with the application to the secretary of state together with the fees provided in section 10-33-140.

3.Upon receipt by the secretary of state of the completed application and fee, the secretary of state shall certify the applicant as a certified nonprofit development corporation.