N.D. Cent. Code § 10-33-95
This is the official text of N.D. Cent. Code § 10-33-95, 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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10-33-95. Certain assets not to be diverted
Official statutory text
10-33-95. Certain assets not to be diverted
If a corporation dissolves, merges, substantially changes the use or purposes for which the
corporation will use corporate assets, consolidates, transfers corporate assets, or grants a
mortgage or other security interest in corporate assets, assets of the corporation or a
constituent corporation and assets subsequently received by a single corporation after a merger
or consolidation may not be diverted from the uses and purposes for which the assets were
received and held or from the uses and purposes expressed or intended by the original donor.
If a corporation dissolves, merges, substantially changes the use or purposes for which the
corporation will use corporate assets, consolidates, transfers corporate assets, or grants a
mortgage or other security interest in corporate assets, assets of the corporation or a
constituent corporation and assets subsequently received by a single corporation after a merger
or consolidation may not be diverted from the uses and purposes for which the assets were
received and held or from the uses and purposes expressed or intended by the original donor.
Status: in_force · Read it on the official government site
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