North Carolina General Statutes 55A-13-01. Prohibited distributions
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Terms Used In North Carolina General Statutes 55A-13-01
- 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.
Except as authorized by N.C. Gen. Stat. § 55A-13-02 or Article 14 of this Chapter, a corporation shall not make any distributions. (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 32; 1993, c. 398, s. 1.)