North Carolina § 1-507 - 11. (Repealed effective January 1, 2021) Reorganization.
Full text of North Carolina North Carolina General Statutes § 1-507 — 11. (Repealed effective January 1, 2021) Reorganization., with citation guidance and answers to common questions.
§ 1-507. 11. (Repealed effective January 1, 2021) Reorganization.
When a majority in interest of the stockholders of the corporation have agreed upon a plan for its reorganization and a resumption by it of the management and control of its property and business, the corporation may, with the consent of the court, upon the reconveyance to it of its property and franchises, either by deed or decree of the court, mortgage the same for an amount necessary for the purposes of the reorganization; and may issue bonds or other evidences of indebtedness, or additional stock, or both, and use the same for the full or partial payment of the creditors who will accept the same, or otherwise dispose of the same for the purposes of the reorganization. History (1901, c. 2, s. 77; Rev., s. 1221; C.S., s. 1217; 1955, c. 1371, s. 2.)
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 1-507
What does North Carolina General Statutes § 1-507 cover?
Section 1-507 ("11. (Repealed effective January 1, 2021) Reorganization.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 1-507?
A common citation format is "North Carolina General Statutes § 1-507" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 1-507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.