§ 55A-17-05. Validation of amendments to corporate charters extending corporate existence; limitation of actions; intent. - North Carolina Statutes

§55A‑17‑05.  Validation of amendments to corporate chartersextending corporate existence; limitation of actions; intent.

(a)        In every case wherea corporation chartered under either the general or private laws of the Stateof North Carolina has continued or shall continue to act and conduct affairs asa corporation after the expiration of its period of existence as theretoforefixed in its charter and has thereafter filed in the office of the Secretary ofState an amendment to its charter to extend or renew its corporate existence,such amendment is hereby validated and made effective for all intents andpurposes to the same extent and with the same effect as if the amendment hasbeen made within the period of such corporation's existence as theretofore fixedin its charter.

(b)        No action orproceeding shall be brought or defense or counterclaim pleaded later than July1, 1958, in which either the continued existence of the corporation or thevalidity of any of the contracts, acts, deeds, rights, privileges, powers,franchises, and titles of the corporation is attacked or otherwise questionedon the grounds that the amendment was not filed within the period of thecorporation's existence as theretofore fixed in its charter.

(c)        In no event shallthe limitation provided in subsection (b) of this section bar any action,proceeding, defense, or counterclaim based upon grounds other than thosementioned in subsection (b) of this section, unless the grounds set out insubsection (b) of this section are an essential part thereof. (1957,c. 509; 1993, c. 398, s. 1.)