§ 156-41. Proprietors become a corporation. - North Carolina Statutes

§ 156‑41. Proprietors become a corporation.

Upon a final adjudication, confirming the report, the proprietors ofthe several pieces of land adjudged to be benefited by the improvement shall bedeclared a corporation, of which the capital stock shall be double theestimated cost of the improvements, and in which the several owners of the landadjudged to be benefited shall be corporators, holding shares of stock in theproportions in which they are adjudged liable for the expense of making andkeeping up the improvement. (1868‑9, c. 164, s. 6; Code, s. 1315; Rev., s. 4000; C.S., s.5299.)