North Carolina § 106-987 - Issuance of securities restricted.
Full text of North Carolina North Carolina General Statutes § 106-987 — Issuance of securities restricted., with citation guidance and answers to common questions.
§ 106-987. Issuance of securities restricted.
No such corporation shall issue stock, bonds or other securities except for money, timberlands, or interests therein, located in the State of North Carolina or other property, actually received, or services rendered, for its use and its lawful purposes. Timberlands, or interests therein, and other property or services so accepted therefor, shall be upon a valuation approved by the Commissioner. History (1933, c. 178, s. 8; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 86; 2011-145, s. 13.25(cc), (dd).) Editor's Note. - This section was formerly codified as G.S. 113-68. It was recodified as G.S. 106-937 by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011, and renumbered as G.S. 106-987 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. 32.5 is a severability clause. Effect of Amendments. - Session Laws 2011-145, s. 13.25(dd), effective July 1, 2011, substituted "Commissioner" for "Secretary" at the end of the second sentence.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 106-987
What does North Carolina General Statutes § 106-987 cover?
Section 106-987 ("Issuance of securities restricted.") 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 § 106-987?
A common citation format is "North Carolina General Statutes § 106-987" (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 § 106-987 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.