§ 55-17-01. Applicability of act. - North Carolina Statutes

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Transition and CurativeProvisions.

§ 55‑17‑01. Applicability of act.

(a)        The provisions ofthis Chapter shall apply to every corporation for profit, and, so far asappropriate, to every corporation not for profit having a capital stock, now existingor hereafter formed, and to the outstanding and future securities thereof,except to the extent the corporation is expressly excepted by this Chapter fromits operation or except to the extent that there is other specific statutoryprovision particularly applicable to the corporation or inconsistent with someprovisions of this Chapter, in which case that other provision prevails.

(b)        Notwithstanding theprovisions of subsection (a) of this section, no corporation not for profithaving a capital stock and formed for religious, charitable, nonprofit, social,or literary purposes shall hereafter be formed under this Chapter. (1955,c. 1371, s. 1; 1957, c. 550, s. 1; 1973, c. 469, s. 1; 1989, c. 265, s. 1.)