North Carolina § 106-989 - Earnings above dividend requirements payable to State.

§ 106-989. Earnings above dividend requirements payable to State.

Any earnings of such corporation in excess of the amounts necessary to pay dividends to stockholders at the rate set forth in G.S. 106-986 shall be paid over to the State of North Carolina prior to the dissolution of such corporation. Net income or net losses (determined in such manner as the Commissioner shall consider properly to show such income or losses) from the sale of the capital assets of such corporation, whether such sale be upon dissolution or otherwise, shall be considered in determining the earnings of such corporation for the purposes of this section. In determining such earnings unrealized appreciation or depreciation of real estate or other fixed assets shall not be considered. History (1933, c. 178, s. 10; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 87; 2011-145, s. 13.25(cc), (dd).) Editor's Note. - This section was formerly codified as G.S. 113-70. It was recodified as G.S. 106-939 by Session Laws 2011-145, s. 13.25(cc), effective July 1, 2011, and renumbered as G.S. 106-989 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 in the first sentence, and substituted "Commissioner" for "Secretary" in the second sentence.