106-981. Manner of organizing.
A corporation formed under this Article shall be organized and incorporated in the manner provided for organization of corporations under the general corporation laws of the State of North Carolina, except where such provisions are in conflict with this Article. The certificate of organization of any such corporation shall contain a statement that it is organized under the provisions of this Article and that it consents to be and shall be at all times subject to the rules and supervision of the Commissioner, and shall set forth as or among its purposes the protection and development of forests and the purchase, acquisition, sale, conveyance and other dealing in the same and the products therefrom, subject to the rules from time to time imposed by the Commissioner. (1933, c. 178, s. 2; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 81; 2011-145, s. 13.25(cc); 2018-113, s. 5(b).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 81 - Corporations for Protection and Development of Forests.
§ 106-980 - Private limited dividend corporations may be formed.
§ 106-981 - Manner of organizing.
§ 106-983 - Duties of supervision by Commissioner.
§ 106-984 - Powers of Commissioner.
§ 106-985 - Provision for appeal by corporations to Governor.
§ 106-986 - Limitations as to dividends.
§ 106-987 - Issuance of securities restricted.
§ 106-988 - Limitation on bounties to stockholders.
§ 106-989 - Earnings above dividend requirements payable to State.
§ 106-990 - Dissolution of corporation.
§ 106-991 - Cutting and sale of timber.
§ 106-993 - Power to borrow money limited.
§ 106-994 - Commissioner to approve development of forests.