ND HB1091

Amends North Dakota Century Code section 10-04-10.1 to modify requirements for investment advisory contracts.

Changes language from "shall not" to "may not" regarding compensation based on capital gains, earnings, or capital appreciation of client funds.

Allows investment advisory contracts to provide performance fees in accordance with section 205 of the Investment Advisers Act of 1940 and applicable federal rules.

Requires investment advisers to notify clients within 15 days of any change of ownership exceeding 5 percent and of any change of controlling interest.

Permits clients to terminate advisory contracts without penalty within 30 days of receiving notice of a change of controlling interest.