156-41. Proprietors become a corporation.
Upon a final adjudication, confirming the report, the proprietors of the several pieces of land adjudged to be benefited by the improvement shall be declared a corporation, of which the capital stock shall be double the estimated cost of the improvements, and in which the several owners of the land adjudged to be benefited shall be corporators, holding shares of stock in the proportions in which they are adjudged liable for the expense of making and keeping up the improvement. (1868-9, c. 164, s. 6; Code, s. 1315; Rev., s. 4000; C.S., s. 5299.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 3 - Manner of Organization.
§ 156-37 - Petition filed in superior court.
§ 156-38 - Commissioners appointed; report required.
§ 156-40 - Confirmation of report.
§ 156-41 - Proprietors become a corporation.
§ 156-42 - Organization; corporate name, officers and powers.
§ 156-43 - Incorporation of canal already constructed; commissioners; reports.