N.D. Cent. Code § 10-31-07.4
This is the official text of N.D. Cent. Code § 10-31-07.4, 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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10-31-07.4. Issuance and transfer of shares, membership interests, and partnership interests - Exception for minority owners
Official statutory text
10-31-07.4. Issuance and transfer of shares, membership interests, and partnership
interests - Exception for minority owners.
Notwithstanding sections 10-31-07, 10-31-07.2, and 10-31-07.3, if minority owners are
expressly authorized under subsection 3 of section 10-31-04, a professional organization may
issue shares and membership interests to minority members and an owner may transfer shares
or membership interests to minority owners. In the case of issuance or transfer of shares or
membership interests to a minority owner, the organization is exempt from the certificate filing
requirement under sections 10-31-07, 10-31-07.2, and 10-31-07.3. However, if a professional
organization has minority owners, an issuance or transfer of shares or membership interests
may not result in minority owners having a majority ownership in the organization.
interests - Exception for minority owners.
Notwithstanding sections 10-31-07, 10-31-07.2, and 10-31-07.3, if minority owners are
expressly authorized under subsection 3 of section 10-31-04, a professional organization may
issue shares and membership interests to minority members and an owner may transfer shares
or membership interests to minority owners. In the case of issuance or transfer of shares or
membership interests to a minority owner, the organization is exempt from the certificate filing
requirement under sections 10-31-07, 10-31-07.2, and 10-31-07.3. However, if a professional
organization has minority owners, an issuance or transfer of shares or membership interests
may not result in minority owners having a majority ownership in the organization.
Status: in_force · Read it on the official government site
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