§ 10-33-105 — Distribution of assets

North Dakota § 10-33-105

• Jurisdiction: North Dakota
• Title 10: Corporations
• Ch. 10-33: Nonprofit Corporations

Text

1. In performing the duties under section 10-33-100, the board, or the officers acting
under the direction of the board, shall distribute the assets of the corporation in the
following order of priority:
a. Distribution of assets received and held for a special use or purpose under
subsection 2;
b. Payment of costs and expenses of the dissolution proceedings, including
attorney's fees and disbursements;
c. Payment of debts, obligations, and liabilities of the corporation;
d. Distribution of assets pursuant to articles or bylaws of the dissolving corporation
or the rules or canons of another organization under subsection 3; and
e. Distribution of remaining assets under subsection 4.
2. Assets of the corporation may not be diverted from the uses and purposes for which
the assets have been received and held or from the uses and purposes expressed or
intended by the original donor.
3. When the articles or bylaws of the dissolving corporation, or the rules or canons of
another organization by which the dissolving corporation is bound, provide for a
particular distribution of the assets of the dissolving corporation, the assets must be
distributed accordingly.
4. The distribution of assets held for or devoted to a charitable or public use or purpose is
subject to section 59-20-01.