§ 106-993 – Power to borrow money limited.
106-993. Power to borrow money limited. Any such corporation formed under this Article may, subject to the approval of the Commissioner, borrow funds and secure their payment thereof by note or notes and mortgage or by the issue of bonds under a trust indenture. The notes or bonds so issued and secured and the mortgage […]
§ 106-994 – Commissioner to approve development of forests.
106-994. Commissioner to approve development of forests. No project for the protection and development of forests proposed by any such corporation shall be undertaken without the approval of the Commissioner, and such approval shall not be given unless: (1) The Commissioner shall have received a statement duly executed and acknowledged on behalf of the corporation […]
§ 106-995 – Application of corporate income.
106-995. Application of corporate income. The gross annual income of any such corporation, whether received from sales of timber, timber operations, stumpage permits or other sources, shall be applied as follows: first, to the payment of all fixed charges, and all operating and maintenance charges and expenses including taxes, assessments, insurance, amortization charges in amounts […]
§ 106-996 – Reorganization of corporations.
106-996. Reorganization of corporations. Reorganization of corporations organized under this Article shall be subject to the supervision of the Commissioner and no such reorganization shall be had without the authorization of the Commissioner. (1933, c. 178, s. 17; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 94; 2011-145, s. […]
§ 106-987 – Issuance of securities restricted.
106-987. Issuance of securities restricted. No such corporation shall issue stock, bonds or other securities except for money, timberlands, or interests therein, located in the State of North Carolina or other property, actually received, or services rendered, for its use and its lawful purposes. Timberlands, or interests therein, and other property or services so accepted […]
§ 106-988 – Limitation on bounties to stockholders.
106-988. Limitation on bounties to stockholders. Stockholders shall at no time receive or accept from any such corporation in repayment of their investment in its stock any sums in excess of the par value of the stock together with cumulative dividends at the rate set forth in G.S. 106-986 except that nothing in this section […]
§ 106-989 – Earnings above dividend requirements payable to State.
106-989. Earnings above dividend requirements payable to State. Any earnings of such corporation in excess of the amounts necessary to pay dividends to stockholders at the rate set forth in G.S. 106-986 shall be paid over to the State of North Carolina prior to the dissolution of such corporation. Net income or net losses (determined […]
§ 106-990 – Dissolution of corporation.
106-990. Dissolution of corporation. Any such corporation may be dissolved at any time in the manner provided by and under the provisions of the general corporation laws of the State of North Carolina, except that the court shall dismiss any petition for dissolution of any such corporation filed within 20 years of the date of […]
§ 106-991 – Cutting and sale of timber.
106-991. Cutting and sale of timber. Any such corporation may cut and sell the timber on its land or permit the cutting thereof, but all such cuttings shall be in accordance with the rules, restrictions and limitations imposed by the Commissioner, who shall impose such rules, restrictions and limitations with respect thereto as may reasonably […]
§ 106-992 – Corporation may not sell or convey without consent of Commissioner, or pay higher interest rate than 6%.
106-992. Corporation may not sell or convey without consent of Commissioner, or pay higher interest rate than 6%. No such corporation shall do any of the following: (1) Sell, assign or convey any real property owned by it or any right, title or interest therein, except upon notice to the Commissioner of the terms of […]