N.D. Cent. Code § 54-27-16
No officer, nor the head of any board, bureau, commission, institution, or industry of the state, except the Bank of North Dakota, may buy, sell, exchange, or in any manner acquire or dispose of any stocks, bonds, certificates of indebtedness, notes, mortgages, or other evidence of debt, in which any of the public funds of said officer, board, bureau, commission, institution, department, or industry are or may be invested, without first having obtained permission from the industrial commission of the state. Such permission must be granted by a resolution duly adopted. The provisions of this section do not apply to loans and investments made by the board of university and school lands or by the state investment board on behalf of the funds enumerated in section 21-10-06.
N.D.C.C. § 54-27-16