In this Part:

(1) “Derivative proceeding” means a civil suit in the right of a domestic corporation or, to the extent provided in N.C. Gen. Stat. § 55-7-47, in the right of a foreign corporation.

Terms Used In North Carolina General Statutes 55-7-40.1

  • 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.

(2) “Shareholder” has the same meaning as in N.C. Gen. Stat. § 55-1-40 and includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the beneficial owner’s behalf. (1995, c. 149, s. 1.)