124-2. State deemed shareholder in corporation accepting appropriation.
When an appropriation is made by the State to any work of internal improvement conducted by a corporation, the State shall be considered, if so directed in the act making the appropriation, a stockholder in such corporation, and shall have as many shares as may correspond with the amount of money appropriated; and the acceptance of such money shall be deemed to be a consent of the corporation to the terms herein expressed. (1925, c. 157, s. 2; 1985, c. 792, s. 13.21.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 124 - Internal Improvements
Article 1 - General Provisions.
§ 124-1 - Control of internal improvements.
§ 124-2 - State deemed shareholder in corporation accepting appropriation.
§ 124-3 - Report of railroad, canal, etc.; contents.
§ 124-5 - Approval of encumbrance on State's interest in corporations.
§ 124-5.1 - The Freight Rail & Rail Crossing Safety Improvement Fund.
§ 124-6 - Appointment of proxies, director of railroad companies, etc.