A corporation shall neither authorize nor issue shares of stock.
N.C. Gen. Stat. § 55A-6-21
Prohibition of stock
Applied in 2 court decisions — leading case In Re Locke Mill Partners (1995)
Most recently applied in In re the Will of McNeil (November 2013)
1955, c. 1230; 1985 (Reg
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.