§ 113-61. Private limited dividend corporations may be formed. - North Carolina Statutes

Article 5.

Corporations for Protection and Development ofForests.

§ 113‑61.  Private limited dividend corporationsmay be formed.

(a)        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 NaturalResources.

(b)        Three or more persons, who associate themselves by anagreement in writing for the purpose, may become a private limited dividendcorporation to finance and carry out projects for the protection anddevelopment of forests and for such other related purposes as the Secretaryshall approve, subject to all the duties, restrictions and liabilities, andpossessing all the rights, powers, and privileges, of corporations organizedunder the general corporation laws of the State of North Carolina, except wheresuch provisions are in conflict with this Article. (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).)