North Dakota § 15-68-04 Trust management

North Dakota Statutes

§ 15-68-04 — Trust management

North Dakota § 15-68-04

Title 15Education

Ch. 15-68Indian Cultural Education Trust

This text of North Dakota § 15-68-04 (Trust management) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 15-68-04 (2026).

Text

The board must be reimbursed from trust proceeds for all reasonable costs and expenses in
managing land and investing trust proceeds. Such reimbursements are to be placed in the state
lands maintenance fund. The net income derived from the land and money donated to the trust
must be used for trust purposes, except the donor agreement may dedicate a percentage of the
net income to trust principal.
The lands placed in the trust may be leased by the board only for grazing or haying
purposes.
The board may maintain separate accounts in the trust if a donor agreement requires.
The donor agreement must designate the tribe entitled to receive trust proceeds. The net
income from each account must be remitted annually to the designated tribe. The designated
tribe is responsible for disbursements of

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The board must be reimbursed from trust proceeds for all reasonable costs and expenses in
managing land and investing trust proceeds. Such reimbursements are to be placed in the state
lands maintenance fund. The net income derived from the land and money donated to the trust
must be used for trust purposes, except the donor agreement may dedicate a percentage of the
net income to trust principal.
The lands placed in the trust may be leased by the board only for grazing or haying
purposes.
The board may maintain separate accounts in the trust if a donor agreement requires.
The donor agreement must designate the tribe entitled to receive trust proceeds. The net
income from each account must be remitted annually to the designated tribe. The designated
tribe is responsible for disbursements of trust proceeds. A dispute over a tribe's use of the
disbursements must be resolved by the government of the designated tribe to which the
disbursement has been made.