§ 117-25 – Amendment of certificate of incorporation.
117-25. Amendment of certificate of incorporation. A corporation created hereunder may amend its certificate of incorporation to change its corporate name, to increase or reduce the number of its directors or change any other provision therein: Provided, however, that no corporation shall amend its certificate of incorporation to embody therein any purpose, power or provisions […]
§ 117-26 – Application for grant or loan from governmental agency.
117-26. Application for grant or loan from governmental agency. Whenever any corporation organized hereunder desires to secure a grant or loan from any agency of the United States government now in existence or hereafter authorized, they shall apply through the North Carolina Rural Electrification Authority and not direct to the United States agency, and the […]
§ 117-20 – Encumbrance, sale, etc., of property.
117-20. Encumbrance, sale, etc., of property. No corporation may sell, mortgage, lease or otherwise encumber or dispose of any of its property (other than merchandise and property which lie within the limits of an incorporated city or town, or which shall represent not in excess of ten percent (10%) of the total value of the […]
§ 117-21 – Issuance of bonds.
117-21. Issuance of bonds. A corporation formed hereunder shall have power and is hereby authorized, from time to time, to issue its bonds in anticipation of its revenue for any corporate purpose. Said bonds may be authorized by resolution or resolutions of the board, and may bear such date or dates, mature at such time […]
§ 117-22 – Covenants or agreements for security of bonds.
117-22. Covenants or agreements for security of bonds. In connection with the issuance of any bonds, a corporation may make covenants or agreements and do any and all acts or things that a business corporation can make or do under the laws of the State in order to secure its obligations or which, in the […]
§ 117-23 – Purchase and cancellation of bonds.
117-23. Purchase and cancellation of bonds. A corporation shall have power out of any funds available therefor to purchase any bonds issued by it at a price not exceeding the principal amount thereof and accrued interest thereon. All bonds so purchased shall be canceled. (1935, c. 291, s. 18.)
§ 117-24 – Dissolution.
117-24. Dissolution. Any corporation created hereunder may be dissolved by filing, as hereinafter provided, a certificate which shall be entitled and endorsed "Certificate of Dissolution of ______ " (the blank space being filled in with the name of the corporation) and shall state: (1) Name of the corporation, and if such corporation is a corporation […]
§ 117-12 – Execution and filing of certificate of incorporation by residents of territory to be served.
117-12. Execution and filing of certificate of incorporation by residents of territory to be served. The natural persons executing the certificate of incorporation shall be residents of the territory in which the principal operations of the corporation are to be conducted who are desirous of using electric energy to be furnished by the corporation. The […]
§ 117-13 – Board of directors; compensation; president and secretary.
117-13. Board of directors; compensation; president and secretary. Each corporation formed under this Article shall have a board of directors, in which management of the affairs of the corporation is vested. The directors of the corporation, other than those named in its certificate of incorporation, shall be elected annually by the members entitled to vote, […]
§ 117-14 – Powers of board.
117-14. Powers of board. The board shall have power to do all things necessary or convenient in conducting the business of a corporation, including, but not limited to: (1) The power to adopt and amend bylaws for the management and regulation of the affairs of the corporation: Provided however, that the certificate of incorporation may […]