§ 146-15. Definition of net proceeds. - North Carolina Statutes

§146‑15.  Definition of net proceeds.

For the purposes of thisSubchapter, the term "net proceeds" means the gross amount receivedfrom the sale, lease, rental, or other disposition of any State lands, less

(1)        Such expensesincurred incident to that sale, lease, rental, or other disposition as may beallowed under rules and regulations adopted by the Governor and approved by theCouncil of State; and

(2)        Repealed by SessionLaws 1993, c. 553, s. 52.

(3)        A service charge tobe paid into the State Land Fund.

The amount or rate of suchservice charge shall be fixed by rules and regulations adopted by the Governorand approved by the Council of State, but as to any particular sale, lease,rental, or other disposition, it shall not exceed ten percent (10%) of thegross amount received from such sale, lease, rental, or other disposition.Notwithstanding any other provision of this Subchapter, no service charge shallbe paid into the State Land Fund from proceeds derived from the sale of land orproducts of land owned or held for the use of the Wildlife ResourcesCommission, or purchased or acquired with funds of the Wildlife ResourcesCommission. (1959, c. 683, s. 1; 1993, c. 553, s. 52.)