North Carolina General Statutes 124-12. Powers of a State-owned railroad company
A State-owned railroad company shall have, in addition to the powers of any railroad corporation, the power to:
(1) Lease, license, or improve property. – A State-owned railroad company may lease, license, or improve its right-of-way and property, whether held by easement, presumptive grant, express grant, or otherwise, for the purpose of preserving and protecting its railroad corridor and franchise.
Terms Used In North Carolina General Statutes 124-12
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) Condemnation in fee simple. – A State-owned railroad company may exercise the power of eminent domain to acquire property in fee simple for the purposes specified in N.C. Gen. Stat. § 40A-3(a)(4). The procedures of Article 2 of Chapter 40A of the N.C. Gen. Stat. shall apply to the exercise of the power of eminent domain under this subdivision. (2000-146, s. 7.)