North Carolina General Statutes 58-15-50. Contracts and property
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Terms Used In North Carolina General Statutes 58-15-50
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal and other insurance contracts. See North Carolina General Statutes 58-15-5
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Reciprocal: means an aggregation of subscribers under a common name. See North Carolina General Statutes 58-15-5
A reciprocal may enter into contracts and acquire, hold title to, and convey property in its business name. All contracts of a reciprocal, including its insurance contracts, shall be executed on behalf of the reciprocal by the attorney of the reciprocal. (1989, c. 425, s. 1.)