North Carolina General Statutes 54-142. Application of North Carolina Business Corporation Act to cooperative associations with capital stock
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Terms Used In North Carolina General Statutes 54-142
- 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.
The provisions of the North Carolina Business Corporation Act (Chapter 55 of the N.C. Gen. Stat.) shall apply, so far as appropriate, to every cooperative association with capital stock heretofore or hereafter organized or domesticated under this Subchapter, except where the provisions of that act are in conflict with or inconsistent with the express provisions of this Subchapter. (1921, c. 87, s. 28; C.S., s. 5259(o); 1963, c. 1168, s. 9; 1989 (Reg. Sess., 1990), c. 1024, s. 3.)