Section 10-33-124 - Certified nonprofit development corporation - Application1. For the purposes of this section: a. "Certified nonprofit development corporation" means a corporation organized under this chapter which meets the following requirements: (1) Is certified by the secretary of state under this section;(2) Invests a majority of its funds in primary sector businesses; and(3) No part of the income is distributable to its members, directors, or officers.b. "Primary sector business" has the meaning provided in section 1-01-49.2. A corporation may apply to the secretary of state to become a certified nonprofit development corporation by submitting an application executed by an officer of the corporation containing: a. The name of the corporation and the address of its principal executive office;b. The names and addresses of the officers and directors of the corporation; andc. A statement that the corporation has adopted a resolution to invest a majority of membership payments, dues, or contributions received in primary sector businesses. A copy of the resolution must be submitted with the application to the secretary of state together with the fees provided in section 10-33-140.3. Upon receipt by the secretary of state of the completed application and fee, the secretary of state shall certify the applicant as a certified nonprofit development corporation.Amended by S.L. 2017, ch. 56 (HB 1044),§ 3, eff. 1/1/2017.Amended by S.L. 2017, ch. 85 (HB 1048),§ 1, eff. 1/1/2017.