117-10. Formation authorized.
Any number of natural persons not less than three may, by executing, filing and recording a certificate as hereinafter provided, form a corporation not organized for pecuniary profit for the purpose of promoting and encouraging the fullest possible use of electric energy in the rural section of the State by making electric energy available to inhabitants of the State at the lowest cost consistent with sound economy and prudent management of the business of such corporations. (1935, c. 291, s. 5.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 2 - Electric Membership Corporations.
§ 117-9 - Issuance of privilege for formation of such corporation.
§ 117-10 - Formation authorized.
§ 117-10.1 - Municipal franchises.
§ 117-10.2 - Restriction on municipal service.
§ 117-11 - Contents of certificate of incorporation.
§ 117-13 - Board of directors; compensation; president and secretary.
§ 117-15 - Certificates of membership.
§ 117-16 - Corporate purpose; terms and conditions of membership.
§ 117-16.1 - Discrimination prohibited.
§ 117-17 - General grant of powers.
§ 117-18 - Specific grant of powers.
§ 117-18.1 - Subsidiary business activities.
§ 117-19 - Taxes and assessments.
§ 117-20 - Encumbrance, sale, etc., of property.
§ 117-22 - Covenants or agreements for security of bonds.
§ 117-23 - Purchase and cancellation of bonds.
§ 117-25 - Amendment of certificate of incorporation.
§ 117-26 - Application for grant or loan from governmental agency.