N.D. Cent. Code § 10-30-12
This is the official text of N.D. Cent. Code § 10-30-12, 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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10-30-12. Loans - Investment by applicant
Official statutory text
10-30-12. Loans - Investment by applicant
Any person, firm, or limited liability company who applies for a loan or obtains money from
the development corporation shall be required to invest in the stock of the corporation in an
amount to be fixed by the board of directors of not less than two percent nor more than five
percent of the funds obtained. The requirement of this section may be waived by a majority vote
of the board of directors for unusual circumstances or when a loan or obligation is insured or
guaranteed in whole or in part by the state or federal government or any agency of either. The
board may provide for repurchase of a borrower's stock when the loan has been repaid in full.
Any person, firm, or limited liability company who applies for a loan or obtains money from
the development corporation shall be required to invest in the stock of the corporation in an
amount to be fixed by the board of directors of not less than two percent nor more than five
percent of the funds obtained. The requirement of this section may be waived by a majority vote
of the board of directors for unusual circumstances or when a loan or obligation is insured or
guaranteed in whole or in part by the state or federal government or any agency of either. The
board may provide for repurchase of a borrower's stock when the loan has been repaid in full.
Status: in_force · Read it on the official government site
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