106-993. Power to borrow money limited.
Any such corporation formed under this Article may, subject to the approval of the Commissioner, borrow funds and secure their payment thereof by note or notes and mortgage or by the issue of bonds under a trust indenture. The notes or bonds so issued and secured and the mortgage or trust indenture relating thereto may contain such clauses and provisions as shall be approved by the Commissioner, including the right to enter into possession in case of default; but the operations of the mortgagee or receiver entering in such event or of the purchaser of the property upon foreclosure shall be subject to the rules of the Commissioner for such period as the mortgage or trust indenture may specify. (1933, c. 178, s. 14; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 91; 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.