§ 156-52. Corporation authorized to issue bonds. - North Carolina Statutes

§ 156‑52. Corporation authorized to issue bonds.

The corporations organized under this Subchapter are authorized toissue bonds to such an amount and in such denomination as they may elect,payable at such times as may be provided, and to sell the same at not less thanpar, the proceeds of the sale of such bonds to be used for the payment of thecosts of survey and construction and maintenance of the canal. The bonds shallconstitute a lien upon the lands drained or improved by the canal as describedin the reports of the commissioners. (1908, c. 75, s. 1; C.S., s. 5310.)