North Dakota § 43-02.2-06.1 Permit to practice - Firm wholly owned by qualified plan

North Dakota Statutes

§ 43-02.2-06.1 — Permit to practice - Firm wholly owned by qualified plan

North Dakota § 43-02.2-06.1

Title 43Occupations and Professions

Ch. 43-02.2Accountants

This text of North Dakota § 43-02.2-06.1 (Permit to practice - Firm wholly owned by qualified plan) 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 § 43-02.2-06.1 (2026).

Text

1. A firm may be wholly owned by a qualified plan as described and defined in sections 401(a) and 4975(e)(7) of the Internal Revenue Code [26 U.S.C. 401(a) and 4975(e)

(7)], including an employee stock ownership plan, if an applicant for initial issuance or renewal of a permit to practice shows: a. Fifty-one percent or more of the beneficial ownership of the plan belongs to certified public accountants or licensed public accountants of the state or other recognized jurisdiction; b. All certified public accountants or licensed public accountants associated with the firm whose principal place of business is in this state and who perform professional services in this state hold a valid certificate or license issued by this state; and c. A simple majority of the board of directors of the firm

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1. A firm may be wholly owned by a qualified plan as described and defined in sections
401(a) and 4975(e)(7) of the Internal Revenue Code [26 U.S.C. 401(a) and 4975(e)
(7)], including an employee stock ownership plan, if an applicant for initial issuance or
renewal of a permit to practice shows:
a. Fifty-one percent or more of the beneficial ownership of the plan belongs to
certified public accountants or licensed public accountants of the state or other
recognized jurisdiction;
b. All certified public accountants or licensed public accountants associated with the
firm whose principal place of business is in this state and who perform
professional services in this state hold a valid certificate or license issued by this
state; and
c. A simple majority of the board of directors of the firm are certified public
accountants or licensed public accountants of the state or other recognized
jurisdiction.