N.D. Cent. Code § 10-13-08
10-13-08. Exemption from securities law
10-13-08. Exemption from securities law
The provisions of chapter 10-04 shall not apply to the issuance of membership certificates
in electric cooperatives organized under this chapter nor to obligations issued by any such
cooperative to secure the repayment of moneys borrowed by the cooperative from or allotted to
it by any federal agency.