§ 113-74. Power to borrow money limited. - North Carolina Statutes

§ 113‑74.  Power toborrow money limited.

Any such corporation formed under this Article may, subject to theapproval of the Secretary, borrow funds and secure their payment thereof bynote or notes and mortgage or by the issue of bonds under a trust indenture. The notes or bonds so issued and secured and the mortgage or trust indenturerelating thereto may contain such clauses and provisions as shall be approvedby the Secretary, including the right to enter into possession in case ofdefault; but the operations of the mortgagee or receiver entering in such eventor of the purchaser of the property upon foreclosure shall be subject to therules of the Secretary for such period as the mortgage or trust indenture mayspecify. (1933, c. 178, s.14; 1973, c. 1262, s. 86; 1977, c. 771, s. 4; 1989, c. 727, s. 91.)