6-09.12 Oil and Gas Development Loans
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<![CDATA[CHAPTER 6-09.12OIL AND GAS DEVELOPMENT LOANS6-09.12-01. Definitions. In this chapter, unless the context otherwise requires:1."Developer" means a resident of this state or a corporation generating fifty percent<br>or more of its income within this state.2."Oil and gas development" means oil and gas well reworking operations; oil and gas<br>well recompletion operations; oil and gas enhanced recovery operations, including<br>secondary and tertiary recovery operations; and purchase of producing oil and gas<br>wells.3."Oil and gas development project" means a project financed under this chapter.6-09.12-02. Bank of North Dakota may make loans for oil and gas developmentprojects. The North Dakota industrial commission shall establish a program through the Bank of<br>North Dakota for the purpose of participating in loans made by North Dakota financial institutions<br>for oil and gas development projects undertaken by developers within the state. The Bank's total<br>participation in any one loan may not exceed one hundred thousand dollars. The interest on a<br>loan may not be greater than the Bank's base rate as in effect from time to time and may float.Page No. 1Document Outlinechapter 6-09.12 oil and gas development loans]]>