2009 North Carolina Code
Chapter 124 - Internal Improvements.
§ 124-5. Approval of encumbrance on State's interest in corporations.
§ 124‑5. Approval of encumbrance on State's interest in corporations.
(a) No corporation or company in which the State owns the majority of any class of voting stock shall sell, lease, mortgage, or otherwise encumber its franchise, right‑of‑way, or other property, except by and with the approval and consent of the Governor and Council of State.
(b) No State‑owned railroad company shall sell, lease, mortgage, or otherwise encumber its franchise, right‑of‑way, or other property, except by and with the approval and consent of the Board of Directors of that corporation. The president or other chief officer of the State‑owned railroad company shall report any acquisitions and dispositions in accordance with G.S. 124‑3(10). (1925, c. 157, s. 5; 1981 (Reg. Sess., 1982), c. 1372, s. 5; 1983, c. 905, ss. 10, 11; 1985, c. 792, ss. 13.25, 13.26; 2000‑146, s. 5.)
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