N.D. Cent. Code § 4.1-60-03
This is the official text of N.D. Cent. Code § 4.1-60-03, 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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4.1-60-03. Certificate issued by commissioner after examination of accounts
Official statutory text
4.1-60-03. Certificate issued by commissioner after examination of accounts
1. If the commissioner is satisfied from the commissioner's examination that the
association, copartnership, corporation, or limited liability company examined is
solvent and the method of doing business is likely to be beneficial to all its members or
persons interested therein, the commissioner shall issue a certificate, countersigned
by the examiner, to the agent or manager. The certificate must be kept posted
conspicuously in the warehouse or elevator of the association, copartnership,
corporation, or limited liability company and must state:
a. That the methods of doing business are sound.
b. That the association, copartnership, corporation, or limited liability company is
solvent.
c. That its books and accounts are kept properly.
2. If the affairs and methods of doing business of the association, copartnership,
corporation, or limited liability company do not seem sound or satisfactory to the
commissioner, the commissioner shall issue a certificate or statement, countersigned
by the person that made the examination, stating in what particular and in what
respect the business methods practiced or methods of keeping books and accounts of
the association, copartnership, corporation, or limited liability company are not deemed
safe. The commissioner shall mail a copy of the statement or certificate to each of the
shareholders or stockholders as may have requested the commissioner to make the
examination. The commissioner also shall send a copy to the president and the
secretary of the association, copartnership, corporation, or limited liability company.
1. If the commissioner is satisfied from the commissioner's examination that the
association, copartnership, corporation, or limited liability company examined is
solvent and the method of doing business is likely to be beneficial to all its members or
persons interested therein, the commissioner shall issue a certificate, countersigned
by the examiner, to the agent or manager. The certificate must be kept posted
conspicuously in the warehouse or elevator of the association, copartnership,
corporation, or limited liability company and must state:
a. That the methods of doing business are sound.
b. That the association, copartnership, corporation, or limited liability company is
solvent.
c. That its books and accounts are kept properly.
2. If the affairs and methods of doing business of the association, copartnership,
corporation, or limited liability company do not seem sound or satisfactory to the
commissioner, the commissioner shall issue a certificate or statement, countersigned
by the person that made the examination, stating in what particular and in what
respect the business methods practiced or methods of keeping books and accounts of
the association, copartnership, corporation, or limited liability company are not deemed
safe. The commissioner shall mail a copy of the statement or certificate to each of the
shareholders or stockholders as may have requested the commissioner to make the
examination. The commissioner also shall send a copy to the president and the
secretary of the association, copartnership, corporation, or limited liability company.
Status: in_force · Read it on the official government site
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