N.D. Cent. Code § 10-06.1-16
This is the official text of N.D. Cent. Code § 10-06.1-16, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-06.1-16. Share and membership interest transfer records
Official statutory text
10-06.1-16. Share and membership interest transfer records
1. a. Every corporation owning or leasing farmland or ranchland or engaged in the
business of farming or ranching shall keep a record of transfers of shares or
transfers of interests in the corporation.
b. Every limited liability company owning or leasing farmland or ranchland or
engaged in the business of farming or ranching shall keep a record of transfers of
membership interests in the limited liability company.
2. a. If a corporation, the corporation's secretary shall cause to be recorded in the
record all transfers of shares or transfers of interests among and between the
corporation and its respective shareholders or holders of interest.
b. If a limited liability company, the limited liability company's secretary shall cause
to be recorded in the record all transfers of membership interests among and
between the limited liability company and its respective members.
3. The record must contain at least the following: the names of the transferor and
transferee, their relationship, the date of the transfer and, if a corporation, the number
of shares or the percentage of interests transferred or, if a limited liability company, the
number or percentage of membership interests transferred.
1. a. Every corporation owning or leasing farmland or ranchland or engaged in the
business of farming or ranching shall keep a record of transfers of shares or
transfers of interests in the corporation.
b. Every limited liability company owning or leasing farmland or ranchland or
engaged in the business of farming or ranching shall keep a record of transfers of
membership interests in the limited liability company.
2. a. If a corporation, the corporation's secretary shall cause to be recorded in the
record all transfers of shares or transfers of interests among and between the
corporation and its respective shareholders or holders of interest.
b. If a limited liability company, the limited liability company's secretary shall cause
to be recorded in the record all transfers of membership interests among and
between the limited liability company and its respective members.
3. The record must contain at least the following: the names of the transferor and
transferee, their relationship, the date of the transfer and, if a corporation, the number
of shares or the percentage of interests transferred or, if a limited liability company, the
number or percentage of membership interests transferred.
Status: in_force · Read it on the official government site
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