§ 122A-5.9. Formation of subsidiary corporations to own and operate housing projects. - North Carolina Statutes

§122A‑5.9.  Formation of subsidiary corporations to own and operatehousing projects.

(a)        The Agency mayacquire, by purchase or otherwise, construct, acquire, develop, own, repair,maintain, improve, rehabilitate, renovate, furnish, equip, operate, and manageresidential rental housing projects to rent to persons and families of lowerand moderate income.

(b)        The Agency may forma nonprofit corporation or corporations under the laws of this State which mayacquire, construct, develop, repair, improve, rehabilitate, renovate, furnish,equip, operate and manage residential rental housing projects for persons andfamilies of lower and moderate income.  All of the stock of a nonprofitcorporation formed by the Agency shall be owned by the Agency and its Board ofDirectors shall be elected or appointed by the Agency.

(c)        No  statutoryprovisions with respect to the acquisition, operation or disposition ofproperty by other public bodies shall be applicable to the Agency or to anynonprofit corporation formed pursuant to this section. (1987,c. 305, s. 2.)