North Carolina General Statutes 62-160. Permission to pledge assets
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Terms Used In North Carolina General Statutes 62-160
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commission: means the North Carolina Utilities Commission. See North Carolina General Statutes 62-3
- Contract: A legal written agreement that becomes binding when signed.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- public utility: except as otherwise expressly provided in this Chapter, shall not include the following:
No public utility shall pledge its faith, credit, moneys or property for the benefit of any holder of its preferred or common stocks or bonds, nor for any other business interest with which it may be affiliated through agents or holding companies or otherwise by the authority of the action of its stockholders, directors, or contract or other agents, the compliance or result of which would in any manner deplete, reduce, conceal, abstract or dissipate the earnings or assets thereof, decrease or increase its liabilities or assets, without first making application to the Commission and by order obtain its permission so to do. (1933, c. 307, s. 17; 1963, c. 1165, s. 1.)