Go to previous versions of this Chapter
2023 (you are here)
2022
2021
2020
2019
Other previous versions

2023 North Dakota Century Code
Title 4.1 - Agriculture
Chapter 4.1-60 - Uniform Accounting for Public Elevators and Warehouses

Previous Next

Download as PDF
CHAPTER 04.1-60 UNIFORM ACCOUNTING FOR PUBLIC ELEVATORS AND WAREHOUSES 4.1-60-01. Public elevators and warehouses - Commissioner may require uniform accounting system. The commissioner may require every association, copartnership, corporation, or limited liability company conducting a public elevator or warehouse in this state to adopt a uniform accounting system established by the commissioner. 4.1-60-02. Examination of financial accounts of elevator or warehouse by competent examiner - Request by percentage of stockholders. The commissioner may install, and if requested by not less than fifteen percent of the partners, stockholders, or members of any association, copartnership, corporation, or limited liability company conducting the public elevator or warehouse, shall install, the uniform system of accounting provided for in section 4.1-60-01. The commissioner on the commissioner's own motion may, or on request of the required percentage of partners, stockholders, or members, the commissioner shall, send a competent examiner to examine the books and financial accounts of the elevator or warehouse. If a request for the examination of the accounts of any association, copartnership, corporation, or limited liability company has been made to the commissioner, as provided for in this section, subsequent examinations must be made at least once every year until the commissioner is requested to discontinue the examination by resolution adopted by the partners, stockholders, or members at any annual meeting. If the examination has been made, the examiner shall report immediately the results of the examination to the president and the secretary of the association, copartnership, corporation, or limited liability company and to the commissioner. 4.1-60-03. Certificate issued by commissioner after examination of accounts. 1. If the commissioner is satisfied from the commissioner's examination that the association, copartnership, corporation, or limited liability company examined is solvent and the method of doing business is likely to be beneficial to all its members or persons interested therein, the commissioner shall issue a certificate, countersigned by the examiner, to the agent or manager. The certificate must be kept posted conspicuously in the warehouse or elevator of the association, copartnership, corporation, or limited liability company and must state: a. That the methods of doing business are sound. b. That the association, copartnership, corporation, or limited liability company is solvent. c. That its books and accounts are kept properly. 2. If the affairs and methods of doing business of the association, copartnership, corporation, or limited liability company do not seem sound or satisfactory to the commissioner, the commissioner shall issue a certificate or statement, countersigned by the person that made the examination, stating in what particular and in what respect the business methods practiced or methods of keeping books and accounts of the association, copartnership, corporation, or limited liability company are not deemed safe. The commissioner shall mail a copy of the statement or certificate to each of the shareholders or stockholders as may have requested the commissioner to make the examination. The commissioner also shall send a copy to the president and the secretary of the association, copartnership, corporation, or limited liability company. 4.1-60-04. Fees of examiner for installing and examining accounting system. For installing a uniform accounting system and examining the financial accounts of an elevator or public warehouse, an association, copartnership, corporation, or limited liability company shall pay the examiner a reasonable fee, as determined by the commissioner. If an association, copartnership, corporation, or limited liability company wrongfully refuses or neglects to pay the fees, the commissioner may cancel the license to do business. All fees must Page No. 1 be paid into the state treasury. The expenses incurred by the examiner under this chapter must be paid out of the appropriations made by the legislative assembly for this purpose and the expenses must be audited and paid in the same manner as other expenses are audited and paid. Page No. 2
Previous Next
Disclaimer: These codes may not be the most recent version. North Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.