A public authority may establish, control, and operate a nonprofit corporation that is created under Chapter 55A of the General Statutes 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.
N.C. Gen. Stat. § 159-42.1
Establishment of nonprofit corporation by public authority authorized
Known as the The Local Government Budget and Fiscal Control Act
The act spans §§ 159-10 to 159-9 (47 sections).
2015-122, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.