The association is exempt from the provisions of chapter 10-04 when in the performance of its authorized marketing functions. The exemption provided under this section also applies to any agency or instrumentality of the association and to any agent or employee of the association or any agency or instrumentality thereof.
N.D. Cent. Code § 54-18-04.1
Marketing functions exempt from Securities Act
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.