§ 124-5.1 – The Freight Rail & Rail Crossing Safety Improvement Fund.
124-5.1. The Freight Rail & Rail Crossing Safety Improvement Fund. The Freight Rail & Rail Crossing Safety Improvement Fund is a fund within the Highway Fund and administered by the Rail Division of the Department of Transportation. The Fund shall be used for the enhancement of freight rail service, short-line railroad assistance, and railroad-roadway crossing […]
§ 124-6 – Appointment of proxies, director of railroad companies, etc.
124-6. Appointment of proxies, director of railroad companies, etc. (a) The Governor shall appoint on behalf of the State all such officers or agents as, by any act, incorporating a company for the purpose of internal improvement, are allowed to represent the stock or other interests which the State may have in such company; and […]
§ 124-7 – Power of investigation of corporations.
124-7. Power of investigation of corporations. The Governor and Council of State shall have the power to investigate the affairs of any corporation or association described in G.S. 124-3 and may require the Attorney General or the Utilities Commission to assist in making such investigation under the rules and regulations prescribed in Chapter 62. (1925, […]
§ 124-1 – Control of internal improvements.
124-1. Control of internal improvements. The Governor and Council of State shall have charge of all the State’s interest in all railroads, canals and other works of internal improvements. The Board of Directors of a State-owned railroad company shall be responsible for managing its affairs and for reporting as set forth in G.S. 124-17. (1925, […]
§ 124-2 – State deemed shareholder in corporation accepting appropriation.
124-2. State deemed shareholder in corporation accepting appropriation. When an appropriation is made by the State to any work of internal improvement conducted by a corporation, the State shall be considered, if so directed in the act making the appropriation, a stockholder in such corporation, and shall have as many shares as may correspond with […]
§ 124-3 – Report of railroad, canal, etc.; contents.
124-3. Report of railroad, canal, etc.; contents. (a) The president or other chief officer of every railroad, canal, or other public work of internal improvement in which the State owns an interest, shall, report annually to the Joint Legislative Commission on Governmental Operations. This report shall include: (1) Number of shares owned by the State. […]
§ 124-5 – Approval of encumbrance on State's interest in corporations.
124-5. Approval of encumbrance on State’s interest in corporations. (a) No corporation or company in which the State owns the majority of any class of voting stock shall sell, lease, mortgage, or otherwise encumber its franchise, right-of-way, or other property, except by and with the approval and consent of the Governor and Council of State. […]