North Carolina General Statutes 54-139. Foreign cooperative corporations; limitation on use of word “cooperative.”
Terms Used In North Carolina General Statutes 54-139
- 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.
- 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
(a) A foreign corporation (with or without capital stock) that can qualify as an association, as defined in N.C. Gen. Stat. § 54-130(2)b1 and 2, may be authorized to transact business in this State under the provisions of Chapter 55A of the N.C. Gen. Stat..
(b) No person other than an association organized under this Subchapter, or a foreign corporation authorized to transact business in this State pursuant to subsection (a) of this section, or an electric or telephone membership corporation domesticated pursuant to N.C. Gen. Stat. § 117-28, or an organization created under or governed by Subchapter IV of Chapter 54 of the N.C. Gen. Stat., shall be entitled to organize, domesticate, or transact business in this State if the corporate or other business name or title of such person contains the word “cooperative.” (1921, c. 87, s. 21; C.S., s. 5259(k); 1963, c. 1168, s. 8; 1985, c. 542, s. 8; 1993, c. 552, s. 20.)