North Carolina General Statutes 159-42.1. Establishment of nonprofit corporation by public authority authorized
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Terms Used In North Carolina General Statutes 159-42.1
- 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.
- Public authority: is a municipal corporation (other than a unit of local government) that is not subject to the State Budget Act (Chapter 143C of the N. See North Carolina General Statutes 159-7
A public authority may establish, control, and operate a nonprofit corporation that is created under Chapter 55A of the N.C. Gen. Stat. and is a tax-exempt organization under the Internal Revenue Code to further the authorized purposes of the public authority. A nonprofit corporation established as provided in this section shall not have regulatory or enforcement powers and shall not engage in partisan political activity. (2015-122, s. 1.)