{"identifier":"/us/usc/t7/s309","title":7,"num":"\u00a7\u202f309.","heading":"Land grants in the State of North Dakota","text":"\u00a7\u202f309.\nLand grants in the State of North Dakota\n(a)\nExpenses\nNotwithstanding\nsection 303 of this title\nsection 301 of this title\n(b)\nDisposition of proceeds\nNotwithstanding\n(1) deposit all revenues earned by a trust fund into the trust fund;\n(2) deduct the costs of administering a trust fund from each trust fund; and\n(3) manage each trust fund to\u2014\n(A) preserve the purchasing power of the trust fund; and\n(B) maintain stable distributions to trust fund beneficiaries.\n(c)\nDistributions\nNotwithstanding\nsection 304 of this title\n(d)\nManagement\nNotwithstanding\nsection 305 of this title\nsection 301 of this title","url":"https://projectusc.org/usc/t7/s309.html","content":[{"t":"sec","id":"/us/usc/t7/s309","children":[{"t":"num","text":"\u00a7\u202f309."},{"t":"heading","text":"Land grants in the State of North Dakota"},{"t":"subsec","id":"/us/usc/t7/s309/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Expenses"},{"t":"content","children":[{"t":"p","text":"Notwithstanding ","children":[{"t":"ref","text":"section 303 of this title","href":"/us/usc/t7/s303","tail":", the State of North Dakota shall manage the land granted to the State under "},{"t":"ref","text":"section 301 of this title","href":"/us/usc/t7/s301","tail":", including any proceeds from the land, in accordance with this section."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t7/s309/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Disposition of proceeds"},{"t":"chapeau","text":"Notwithstanding ","children":[{"t":"ref","text":"section 304 of this title","href":"/us/usc/t7/s304","tail":", the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of land under this subchapter are deposited (referred to in this section as the \u201ctrust fund\u201d)\u2014"}]},{"t":"para","id":"/us/usc/t7/s309/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" deposit all revenues earned by a trust fund into the trust fund;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t7/s309/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" deduct the costs of administering a trust fund from each trust fund; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t7/s309/b/3","children":[{"t":"num","text":"(3)"},{"t":"chapeau","text":" manage each trust fund to\u2014"},{"t":"subpara","id":"/us/usc/t7/s309/b/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" preserve the purchasing power of the trust fund; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t7/s309/b/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" maintain stable distributions to trust fund beneficiaries.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t7/s309/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Distributions"},{"t":"content","children":[{"t":"p","text":"Notwithstanding ","children":[{"t":"ref","text":"section 304 of this title","href":"/us/usc/t7/s304","tail":", any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t7/s309/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Management"},{"t":"content","children":[{"t":"p","text":"Notwithstanding ","children":[{"t":"ref","text":"section 305 of this title","href":"/us/usc/t7/s305","tail":", the State of North Dakota shall manage the land granted under "},{"t":"ref","text":"section 301 of this title","href":"/us/usc/t7/s301","tail":", including any proceeds from the land, in accordance with this section."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"}]}]}