§ 124-5. Approval of encumbrance on State's interest in corporations.
§124‑5. Approval of encumbrance on State's interest in corporations.
(a) No corporation orcompany in which the State owns the majority of any class of voting stock shallsell, lease, mortgage, or otherwise encumber its franchise, right‑of‑way,or other property, except by and with the approval and consent of the Governorand Council of State.
(b) No State‑ownedrailroad company shall sell, lease, mortgage, or otherwise encumber itsfranchise, right‑of‑way, or other property, except by and with theapproval and consent of the Board of Directors of that corporation. Thepresident or other chief officer of the State‑owned railroad companyshall report any acquisitions and dispositions in accordance with G.S. 124‑3(10).(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.)