106-988. Limitation on bounties to stockholders.
Stockholders shall at no time receive or accept from any such corporation in repayment of their investment in its stock any sums in excess of the par value of the stock together with cumulative dividends at the rate set forth in G.S. 106-986 except that nothing in this section contained shall be construed to prohibit the distribution of the assets of such corporation in kind to its stockholders upon dissolution thereof. (1933, c. 178, s. 9; 2011-145, s. 13.25(cc), (dd).)
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.