North Carolina General Statutes 160A-240.1. Power to acquire property
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A city may acquire, by gift, grant, devise, exchange, purchase, lease, or any other lawful method, the fee or any lesser interest in real or personal property for use by the city or any department, board, commission or agency of the city. In exercising the power of eminent domain a city shall use the procedures of Chapter 40A. ?(1981, c. 919, s. 29; 1983, c. 768, s. 23; 2011-284, s. 112.)
Terms Used In North Carolina General Statutes 160A-240.1
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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