Legacy investment for technology committee - Membership - Meetings
N.D. Cent. Code § 6-09.18-02
in effect6-09.18-02. Legacy investment for technology committee - Membership - Meetings
1. The legacy investment for technology committee consists of:
a. The commissioner or the commissioner's designee who shall serve as the
chairperson of the committee and is a nonvoting member of the committee;
b. Three members representing active venture capital firms, private entities, or
angel capital funds;
c. One member with finance-related experience, knowledge, or education; and
d. Three members from the private sector with expertise in the diversification
sectors.
2. The commissioner, in consultation with the president of the Bank of North Dakota,
shall appoint the members of the committee. The term of office of the appointed
members of the committee is four years, and the terms must be staggered so that no
more than one of the members' terms appointed under subdivisions b and c of
subsection 1 expires each year, and so that no more than one of the members' terms
appointed under subdivision d of subsection 1 expires each year. Each term of office
commences on the first day of July. Members serve at the pleasure of the
commissioner and may be reappointed for additional terms. Members of the
committee may not invest or otherwise participate in applied research,
experimentation, or operational testing associated with a loan awarded under this
chapter. If a committee member appointed under subdivision b of subsection 1 ceases
to represent an active venture capital firm, private entity, or angel capital fund, that
individual's membership on the committee ceases immediately and the commissioner,
in consultation with the president of the Bank of North Dakota, shall appoint a new
member to the committee for the remainder of the term.
3. A committee member representing the private sector is eligible to receive
compensation in an amount not exceeding one hundred thirty-five dollars per day and
travel and expense reimbursement as provided by law for state officers for attending
meetings of the committee.
4. The committee shall meet as necessary to make loan recommendations and provide
ongoing review of research, development, and commercialization activities.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c09-18.pdf#nameddest=6-09p18-02Fetched: 10/16/2026