North Carolina General Statutes 117-7. Definitions
The following terms, whenever used or referred to in this Article, shall have the following meanings, unless a different meaning clearly appears from the context:
(1) “Acquire” shall mean acquire by purchase, lease, devise, gift or other mode of acquisition.
Terms Used In North Carolina General Statutes 117-7
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Devise: To gift property by will.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- Statute: A law passed by a legislature.
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) “Board” shall mean the board of directors of a corporation formed under this Article.
(3) “Corporation” shall mean a corporation formed under this Article.
(4) “Federal agency” shall mean and include the United States of America, the President of the United States of America, the Federal Emergency Administrator of Public Works and any and all other authorities, agencies, and instrumentalities of the United States of America, heretofore or hereafter created.
(5) “Law” shall mean any act or statute, general, special or local of this State.
(6) “Person” shall mean and include natural persons, firms, associations, corporations, business trusts, partnerships and bodies politic. (1935, c. 291, s. 2.)