§ 10-33-124 — Certified nonprofit development corporation - Application

1. For the purposes of this section:
a. "Certified nonprofit development corporation" means a corporation organized
under this chapter which meets the following requirements:
(1) Is certified by the secretary of state under this section;
(2) Invests a majority of its funds in primary sector businesses; and
(3) No part of the income is distributable to its members, directors, or officers.
b. "Primary sector business" has the meaning provided in section 1-01-49.
2. A corporation may apply to the secretary of state to become a certified nonprofit
development corporation by submitting an application executed by an officer of the
corporation containing:
a. The name of the corporation and the address of its principal executive office;
b. The names and addresses of the officers and directors of the corporation; and
c. A statement that the corporation has adopted a resolution to invest a majority of
membership payments, dues, or contributions received in primary sector
businesses. A copy of the resolution must be submitted with the application to the
secretary of state together with the fees provided in section 10-33-140.
3. Upon receipt by the secretary of state of the completed application and fee, the
secretary of state shall certify the applicant as a certified nonprofit development
corporation.