{"data":{"id":"us-nc/n.c.-gen.-stat.-124-5","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 124-5","heading":"Approval of encumbrance on State's interest in corporations.","body":"(a)\tNo corporation or company in which the State owns the majority of any class of voting stock shall sell, lease, mortgage, or otherwise encumber its franchise, right-of-way, or other property, except by and with the approval and consent of the Governor and Council of State.\n(b)\tRecodified as G.S. 124-15(b) by Session Laws 2013-360, s. 34.14(b), effective July 1, 2013. (1925, c. 157, s. 5; 1981 (Reg. Sess., 1982), c. 1372, s. 5; 1983, c. 905, ss. 10, 11; 1985, c. 792, ss. 13.25, 13.26; 2000-146, s. 5; 2013-360, s. 34.14(b).)","path":["Chapter 124. Internal Improvements.","Article 1. General Provisions."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_124/GS_124-5.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:19:47Z","sha256":"c10ca924a29879adef898ea81854c1b872ee4ebf72dde8d07ceda82988671559","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-124-4","next":"us-nc/n.c.-gen.-stat.-124-5.1"},"notice":"GroundRules: Original legal text. Not legal advice."}