North Carolina § 106-980 - Private limited dividend corporations may be formed.

§ 106-980. Private limited dividend corporations may be formed.

In this Article, unless the context requires otherwise, "Department" means the Department of Agriculture and Consumer Services, and "Commissioner" means the Commissioner of Agriculture. Three or more persons, who associate themselves by an agreement in writing for the purpose, may become a private limited dividend corporation to finance and carry out projects for the protection and development of forests and for such other related purposes as the Commissioner shall approve, subject to all the duties, restrictions and liabilities, and possessing all the rights, powers, and privileges, of corporations organized under the general corporation laws of the State of North Carolina, except where such provisions are in conflict with this Article. History (1933, c. 178, s. 1; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 80; 1991 (Reg. Sess., 1992), c. 890, s. 4; 1997-443, s. 11A.119(a); 2011-145, s. 13.25(cc), (dd); 2018-113, s. 5(a).) Cross References. - As to corporations generally, see G.S. 55-1-01 et seq. Transfer of Division of Forest Resources. - Session Laws 2011-145, s. 13.25(a), provides: "(a) The Division of Forest Resources is transferred from the Department of Environment and Natural Resources to the Department of Agriculture and Consumer Services with all the elements of a Type I transfer, as defined by G.S. 143A-6 ." Session Laws 2011-145, s. 13.25(yy), provides: "The transfers under this section become effective July 1, 2011, and funds transferred shall be net of any changes enacted by this section." Session Laws 2011-145, s. 13.25(zz), provides: "Any references in this act to the Division of Forest Resources of the Department of Environment and Natural Resources shall be construed to refer to the Division of Forest Resources of the Department of Agriculture and Consumer Services. Any references in this act to the Forestry Council of the Department of Environment and Natural Resources shall be construed to refer to the Forestry Council of the Department of Agriculture and Consumer Services." Editor's Note. - This Article is former Article 5 of Chapter 113 , as recodified by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011. The historical citations to the sections in the former Article have been added to the corresponding sections in this Article as recodified. Session Laws 2011-145, s. 13.25(cc), designated this Article as Article 78 of Chapter 106 . At the direction of the Revisor of Statutes, the new Article has been redesignated as Article 81, and the sections therein renumbered as G.S. 106-980 through G.S. 106-996 . This section was formerly codified as G.S. 113-61 . It was recodified as G.S. 106-930 by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011, and renumbered as G.S. 106-980 at the direction of the Revisor of Statutes. Session Laws 2011-145, s. 1.1, provides: "This act shall be known as the 'Current Operations and Capital Improvements Appropriations Act of 2011.'" Session Laws 2011-145, s. 32.2, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2011-2013 fiscal biennium, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2011-2013 fiscal biennium." Session Laws 2011-145, s. 32.5 is a severability clause. Sessions Laws 2018-113, s. 16(a), is a severability clause. Effect of Amendments. - Session Laws 2011-145, s. 13.25(dd), effective July 1, 2011, rewrote subsection (a), which formerly read: "In this Article, unless the context requires otherwise, 'Department' means the Department of Environment and Natural Resources; and 'Secretary' means the Secretary of Environment and Natural Resources." Session Laws 2018-113, s. 5(a), effective June 27, 2018, substituted "Commissioner" for "Secretary" in the middle of subsection (b).