Page:1995 North Dakota Session Laws.pdf/117

 in  10-19.1-48   and fix their compensation.

SECTION 2. AMENDMENT. Subsection 2 of section 10-19.1-50 of the 1993 Supplement to the North Dakota Century Code is amended and reenacted as follows:

2. A director is entitled to rely on information, opinions. reports, of statements, including financial statements and other financial data, in each case prepared or presented by:

a. One or more officers or employees of the corporation whom the director reasonably believes to be reliable and competent in the matters presented;

b. Counsel, public accountants, or other persons as to matters that the director reasonably believes are within the person’s professional or expert competence; or

c. A committee of the board upon which the director does not serve, duly established in accordance with  10-19.1-48   as to matters within its designated authority, if the director reasonably believes the committee to merit confidence.

SECTION 3. AMENDMENT. Section 10-19.1-105 of the North Dakota Century Code is amended and reenacted as follows:

10-19.1-105. Methods of dissolution. A corporation may be dissolved:

1. By the incorporators pursuant to section 10-19.1-106;

2. By the shareholders pursuant to sections 10-19.1-107 through ; or

3. By order of a court pursuant to sections 10-19.1-14 through 10-19.1-122.

SECTION 4. AMENDMENT. Subsection 3 of section 10-19.1-116 of the 1993 Supplement to the North Dakota Century Code is amended and reenacted as follows:

3. The assets of the corporation or the proceeds resulting from a sale, lease, transfer, or other disposition must be applied in the following order of priority to the payment and discharge

a. The costs and expenses of the proceedings, including attorneys’ fees and disbursements;

b. Debts, taxes, and assessments due the United States, this state and its subdivisions, and other states and their subdivisions, in that order;

c. Claims duly proved and allowed to employees under title 65. Claims under this subdivision may not be allowed if the corporation carried workers’ compensation insurance, as provided by law, at the time the injury was sustained;