North Dakota § 10-30-12 Loans - Investment by applicant

North Dakota Statutes

§ 10-30-12 — Loans - Investment by applicant

North Dakota·Title 10 Corporations·Ch. 10-30 Development Corporations

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.

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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.

North Dakota § 10-30-12 (Loans - Investment by applicant) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.