North Dakota Code 15-62.1-08 – Contract with united student aid funds, incorporated, or similar nonprofit corporation
The agency is authorized to appoint the united student aid funds, incorporated, or similar nonprofit corporation, as agent of the state, to assist in performing the administrative functions of the state under and subject to the terms and provisions of this chapter and to perform such other duties as may be prescribed by the agency for the proper administration of the guarantee loan program. The agency shall pay fees to the united student aid funds, incorporated, or similar nonprofit corporation, as it may determine necessary for the administration of such program. In the event that the agency has entered into an agreement with united student aid funds, incorporated, or a similar nonprofit corporation and at a later date determines that it can administer the program more economically and efficiently than can such nonprofit corporation, it shall upon proper notice terminate the agreement with such nonprofit corporation.
Terms Used In North Dakota Code 15-62.1-08
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49