§ 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 […]
§ 117-13 – 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 […]
§ 117-15 – Certificates of membership.
117-15. Certificates of membership. A corporation may issue to its members certificates of membership and each member shall be entitled to only one vote at the meetings of the corporation. (1935, c. 291, s. 10.)
§ 117-16 – Corporate purpose; terms and conditions of membership.
117-16. Corporate purpose; terms and conditions of membership. The corporate purpose of each corporation formed hereunder shall be to render service to its members only, and no person shall become or remain a member unless such person shall use energy supplied by such corporation and shall have complied with the terms and conditions in respect […]
§ 117-16.1 – Discrimination prohibited.
117-16.1. Discrimination prohibited. No electric membership corporation shall, as to rates or services, make or grant any unreasonable preference or advantage to any member or subject any member to any unreasonable prejudice or disadvantage. No electric membership corporation shall establish or maintain any unreasonable difference as to rates or services either as between localities or […]
§ 117-17 – General grant of powers.
117-17. General grant of powers. Each corporation formed under this Article is hereby vested with all power necessary or requisite for the accomplishment of its corporate purpose and capable of being delegated by the legislature; and no enumeration of particular powers hereby granted shall be construed to impair any general grant of power herein contained, […]
§ 117-18 – Specific grant of powers.
117-18. Specific grant of powers. Subject only to the Constitution of the State, a corporation created under the provisions of this Article shall have power to do any and all acts or things necessary or convenient for carrying out the purpose for which it was formed, including, but not limited to: (1) To sue and […]
§ 117-18.1 – Subsidiary business activities.
117-18.1. Subsidiary business activities. (a) Electric membership corporations may form, organize, acquire, hold, dispose of, and operate any interest up to and including full controlling interest in separate business entities that provide energy services and products, telecommunications services and products, water, and wastewater collection and treatment, so long as those other business entities meet all […]