North Carolina § 106-988 - Limitation on bounties to stockholders.
Full text of North Carolina North Carolina General Statutes § 106-988 — Limitation on bounties to stockholders., with citation guidance and answers to common questions.
§ 106-988. Limitation on bounties to stockholders.
Stockholders shall at no time receive or accept from any such corporation in repayment of their investment in its stock any sums in excess of the par value of the stock together with cumulative dividends at the rate set forth in G.S. 106-986 except that nothing in this section contained shall be construed to prohibit the distribution of the assets of such corporation in kind to its stockholders upon dissolution thereof. History (1933, c. 178, s. 9; 2011-145, s. 13.25(cc), (dd).) Editor's Note. - This section was formerly codified as G.S. 113-69. It was recodified as G.S. 106-938 by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011, and renumbered as G.S. 106-988 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, updated the section reference.
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 106-988
What does North Carolina General Statutes § 106-988 cover?
Section 106-988 ("Limitation on bounties to stockholders.") 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 § 106-988?
A common citation format is "North Carolina General Statutes § 106-988" (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 § 106-988 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.