§ 55-15-05. Effect of certificate of authority. - North Carolina Statutes

§ 55‑15‑05. Effect of certificate of authority.

(a)        A certificate ofauthority authorizes the foreign corporation to which it is issued to transactbusiness in this State subject, however, to the right of the State to revokethe certificate as provided in this Chapter. A foreign corporation may qualifyin this State as executor, administrator, or guardian, or as trustee under thewill of any person domiciled in this State at the time of that person's deathonly in accordance with applicable provisions of Article 24 of Chapter 53.

A foreign corporationqualifying as testamentary trustee or executor under the provisions of thissection shall appoint a process agent and file such appointment with the courtas required by G.S. 28A‑4‑2(4).

(b)        Except as otherwiseprovided by this Chapter, a foreign corporation with a valid certificate ofauthority has the same but no greater rights and has the same but no greaterprivileges as, and is subject to the same duties, restrictions, penalties, andliabilities now or later imposed on, a domestic corporation of like character.

(c)        Reserved for futurecodification purposes. (1901, c. 2, s. 93; Rev., s. 1193; 1915, c. 196, s. 1; C.S., s. 1180;G.S., s. 55‑117; 1955, c. 1371, s. 1; 1969, c. 839; 1985, c. 689, s. 25;1989, c. 265, s. 1; 2001‑263, s. 4.)