North Dakota § 61-13-04 Assessments may be levied upon capital stock

North Dakota Statutes

§ 61-13-04 — Assessments may be levied upon capital stock

North Dakota·Title 61 Waters·Ch. 61-13 Organization of Corporations for Irrigation Purposes

Any corporation or limited liability company organized for irrigation purposes, unless
otherwise provided in its articles of incorporation or bylaws, may levy assessments upon its
capital stock whether or not such stock is paid in full. If any shares of stock of any such
corporation or membership interests of any such limited liability company, which have been
made appurtenant to any land as provided in section 61-13-03, become delinquent in the
payment of assessments, the right to receive water thereunder or through dividends on such
stock or membership interests may be denied and such shares or membership interests may be
forfeited to the corporation or limited liability company.

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Any corporation or limited liability company organized for irrigation purposes, unless
otherwise provided in its articles of incorporation or bylaws, may levy assessments upon its
capital stock whether or not such stock is paid in full. If any shares of stock of any such
corporation or membership interests of any such limited liability company, which have been
made appurtenant to any land as provided in section 61-13-03, become delinquent in the
payment of assessments, the right to receive water thereunder or through dividends on such
stock or membership interests may be denied and such shares or membership interests may be
forfeited to the corporation or limited liability company.

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