A BILL for an Act to create and enact a new section to chapter 21-06 of the North Dakota Century Code, relating to prohibiting natural asset companies; and to provide a penalty.
What changed between versions
The definition of 'natural asset company' was expanded to include corporations that hold rights to ecological performance and explicitly includes affiliated companies, controlled companies, or companies under common control.
The definition now includes the authority to manage areas for conservation, restoration, or sustainable management, and adds the ability to monetize the value of natural assets and ecosystem services.
The list of prohibited state activities was reorganized. Provisions about private placements and partnerships were moved to a new subsection 3, and the secretary of state's duties were condensed into two subsections, removing redundant language about filing fees and good standing.
A new subsection 8 was added stating that any contract entered in violation of the section is void.
The original requirement for the secretary of state to reject filing fees and permit companies to operate was removed, as it was considered redundant with the prohibition on accepting charters or amendments.
