In this Article, the following definitions apply:

(1) Reserved.

Terms Used In North Carolina General Statutes 55-16-01.1

  • 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.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3

(2) Reserved.

(3) Qualified shareholder. – A person who has been a shareholder in the corporation for at least six months immediately preceding the shareholder’s demand for inspection of records or who holds at least five percent (5%) of the corporation’s outstanding shares of any class.

(4) Shareholder. – A record shareholder or a beneficial shareholder whose shares are held in a voting trust or by a nominee on the beneficial shareholder’s behalf and whose beneficial ownership is certified to the corporation by that voting trust or nominee. (2021-106, s. 6(b).)

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