N.C. Gen. Stat. § 106-987

Current through Session Law 2024-56

Section 106-987 - Issuance of securities restricted

No such corporation shall issue stock, bonds or other securities except for money, timberlands, or interests therein, located in the State of North Carolina or other property, actually received, or services rendered, for its use and its lawful purposes. Timberlands, or interests therein, and other property or services so accepted therefor, shall be upon a valuation approved by the Commissioner.

N.C. Gen. Stat. § 106-987

Amended by 2011 N.C. Sess. Laws 145,s. 13.25-dd, eff. 7/1/2011.

Renumbered from § 113-68 by 2011 N.C. Sess. Laws 145,s. 13.25-cc, eff. 7/1/2011, (subsequently renumbered from 106-937 by the state reviser).

1933, c. 178, s. 8; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 86.