§ 10-31-04 — Purpose for which created - Minority ownership

North Dakota § 10-31-04

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-31: Professional Organizations Act

Text

1. A professional organization may be created pursuant to this chapter only for the
purpose of rendering one specific type of professional service and services ancillary
thereto or for the purpose of rendering two or more kinds of professional services that
are specifically authorized to be practiced in combination under the licensing laws of
each of the professional services to be practiced by a licensed individual or
partnership of licensed individuals and ancillary services. This subsection does not
preclude an organization created pursuant to this chapter from rendering more than
one specific type of professional service if the services rendered are set forth in
chapters 43-03 and 43-19.1 or if the services rendered are set forth in chapters
43-26.1 and 43-40.
2. A professional organization may not engage in any business other than rendering the
professional service for which it was created to render and services ancillary to that
professional service. However, a professional organization may own real and personal
property necessary or appropriate for rendering the type of professional services it was
created to render and may invest its funds in real estate mortgages, stocks, bonds,
membership interests, and any other type of investment.
3. If expressly authorized under this subsection, a professional organization may have a
minority ownership by one or more minority owners. A professional organization
created under this chapter for the purpose of providing professional services as set
forth in chapters 43-02.2 and 43-03 is expressly authorized to have minority owners.