North Dakota § 10-33-95 Certain assets not to be diverted

North Dakota Statutes

§ 10-33-95 — Certain assets not to be diverted

North Dakota·Title 10 Corporations·Ch. 10-33 Nonprofit Corporations

If a corporation dissolves, merges, substantially changes the use or purposes for which the
corporation will use corporate assets, consolidates, transfers corporate assets, or grants a
mortgage or other security interest in corporate assets, assets of the corporation or a
constituent corporation and assets subsequently received by a single corporation after a merger
or consolidation may not be diverted from the uses and purposes for which the assets were
received and held or from the uses and purposes expressed or intended by the original donor.

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If a corporation dissolves, merges, substantially changes the use or purposes for which the
corporation will use corporate assets, consolidates, transfers corporate assets, or grants a
mortgage or other security interest in corporate assets, assets of the corporation or a
constituent corporation and assets subsequently received by a single corporation after a merger
or consolidation may not be diverted from the uses and purposes for which the assets were
received and held or from the uses and purposes expressed or intended by the original donor.

North Dakota § 10-33-95 (Certain assets not to be diverted) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.