North Carolina General Statutes 54-142.1. Application of Nonprofit Corporation Act to cooperative associations without capital stock
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Terms Used In North Carolina General Statutes 54-142.1
- 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.
The provisions of the Nonprofit Corporation Act (Chapter 55A of the N.C. Gen. Stat.) shall apply, so far as appropriate, to every cooperative association without capital stock heretofore or hereafter organized or domesticated under this Subchapter, except where the provisions of that act are in conflict with or inconsistent with the express provisions of this Subchapter. (1963, c. 1168, s. 9.)