124-5. Approval of encumbrance on State's interest in corporations.
(a) No corporation or company in which the State owns the majority of any class of voting stock shall sell, lease, mortgage, or otherwise encumber its franchise, right-of-way, or other property, except by and with the approval and consent of the Governor and Council of State.
(b) Recodified as G.S. 124-15(b) by Session Laws 2013-360, s. 34.14(b), effective July 1, 2013. (1925, c. 157, s. 5; 1981 (Reg. Sess., 1982), c. 1372, s. 5; 1983, c. 905, ss. 10, 11; 1985, c. 792, ss. 13.25, 13.26; 2000-146, s. 5; 2013-360, s. 34.14(b).)
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.