§ 156-44. Shares of stock annexed to land. - North Carolina Statutes

Article 4.

Rights and Liabilities in the Corporation.

§ 156‑44.  Shares of stock annexed to land.

The ownership of the shares of stock is indissolubly annexed to theownership of the pieces of land adjudged to be benefited by the improvement;and such shares, or a part thereof proportionate to the area of such land thatmay descend or be conveyed for any longer time than three years, shall, uponsuch descent or conveyance, descend and pass with the land, even although suchshares be not mentioned in the deed of conveyance, and although their transferbe forbidden by such deed so that every owner of such land in possession,except a tenant for a term of years, not exceeding three, and every owner inreversion or remainder after a term not exceeding three years, shall, duringhis ownership, be entitled to all the rights and privileges and be subject toall the obligations and burdens of a corporator. Every attempted sale of sharesotherwise than as annexed to the land shall be void. (1868‑9, c. 164, s. 8; Code, s. 1317; Rev., s.4002; C.S., s. 5302.)