29.11.050 Definitions

Terms used in this Act have the following meaning:

(a) "Articles of Operation" means an agreement in writing among all of the members as to the conduct of the business of a limited liability company and its relationships with its members.

(b) "Articles of Organization" means the articles filed pursuant to this Title and those articles as amended or restated.

(c) "Corporation" means a "domestic corporation" for profit organized under the TMBCI's Title 29 and a foreign corporation formed under the laws of any other jurisdiction.

(d) "Court" means the TMBCI Tribal Court.

(e) "Distribution" means a direct or indirect transfer by a limited liability company of money or other property to or for the benefit of its members in respect of their interests.

(f) "Entity" includes an individual, a general partnership, limited partnership, a domestic or foreign limited liability company, a trust, an estate, an association, a corporation, or any other legal or commercial entity and the TMBCI.

(g) "Foreign business Organization" refers to limited liability companies, corporations, and/or limited partnerships organized under the laws of a jurisdiction other than the TMBCI.

(h) "Individual Private Citizen" is an enrolled member of the Turtle Mountain Band of Chippewa Indians at least 18 years of age with a residence within the Territory of the Tribe.

(i) "Limited Liability Company" or "Domestic Limited Liability Company" means an organization formed under this Act, except as provided for in the “Merger” Section of this Title.

(j) "Limited Liability Company Interest" or "Interest in the Limited Liability Company" or "Member's Interest" means a member's rights in the limited liability company, including rights to distributions, profits and losses, and to participate in management, as specified in the Articles of Operation.

(k) "LLC" means a limited liability company.

(l) "Majority in Interest" means members contributing more than fifty percent (50%) of the value of total capital contributions to the limited liability company excluding any interest which is not to be counted as voting on a matter as described elsewhere in this Title.

(m) "Manager" or "Managers" means the entity or entities designated to manage the company and this is not necessarily determined by percentage of ownership in the company.

(n) "Member" means a person who has been admitted to membership in a limited liability company and who has not dissociated from the limited liability company.

(o) "TMBCI" means the Turtle Mountain Band of Chippewa Indians Tribe as organized under its Constitution.

(p) "Organizer(s)" means the entity(ies) which signs and delivers the articles of organization for filing to the TMBCI's Secretary/Treasurer.

(q) "State" includes a state, territory, or possession of the United States and the District of Columbia.

(r) "Trust Land" means land held in trust by the United States for the benefit of TMBCI or its members.