2005 North Carolina Code - General Statutes Article 2 - State-Owned Railroad Company.

Article 2.

State‑Owned Railroad Company.

§ 124‑11.  Definition.

As used in this Chapter, the term "State‑Owned Railroad Company" shall mean a railroad company in which the State owns all of the voting stock.  (2000‑146, s. 7.)

 

§ 124‑12.  Powers of a State‑owned railroad company.

A State‑owned railroad company shall have, in addition to the powers of any railroad corporation, the power to:

(1)       Lease, license, or improve property. – A State‑owned railroad company may lease, license, or improve its right‑of‑way and property, whether held by easement, presumptive grant, express grant, or otherwise, for the purpose of preserving and protecting its railroad corridor and franchise.

(2)       Condemnation in fee simple. – A State‑owned railroad company may exercise the power of eminent domain to acquire property in fee simple for the purposes specified in G.S. 40A‑3(a)(4). The procedures of Article 2 of Chapter 40A of the General Statutes shall apply to the exercise of the power of eminent domain under this subdivision. (2000‑146, s. 7.)

 

§ 124‑13.  Effect on State‑owned railroad company charter.

Nothing in this Chapter repeals or modifies any State‑owned railroad company charter or limits the rights of the shareholders of the company as provided in Chapter 55 of the General Statutes. (2000‑146, s. 7.)