reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 3 - Special Obligation Bonds for Improvements to the Facilities of The University of North Carolina. › § 116D-31 - Additional and alternative method.

§ 116D-31. Additional and alternative method.
This Article provides an additional and alternative method for the doing of the things authorized and is supplemental and additional to powers conferred by other laws, including G.S. 116-175 to G.S. 116-185, inclusive and G.S. 116-197 and G.S. 116-198, and is not in derogation of or repealing any powers now existing under any other law, whether general, special, or local. The issuance of special obligation bonds or refunding bonds under this Article, however, need not comply with the requirements of any other law applicable to the issuance of bonds. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-42 - Definitions.

§ 116D-42. Definitions.
The following definitions apply in this Article:
(1) Bonds. – Bonds authorized to be issued under this Article, including refunding bonds.
(2) Community college. – Defined in G.S. 115D-2.
(3) Community college general obligation bonds. – Bonds authorized to be issued under this Article, including refunding bonds.
(4) Community Colleges System Office. – The North Carolina Community Colleges System Office, created by Article 1 of Chapter 115D of the General Statutes, or if the Community Colleges System Office is abolished or otherwise divested of its functions under this Article, the public body succeeding it in its principal functions, or upon which are conferred by law the rights, powers, and duties given by this Article to the Community Colleges System Office.
(5) Notes. – Notes issued under this Article. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-43 - Authorization of bonds and notes.

§ 116D-43. Authorization of bonds and notes.
Subject to a favorable vote of a majority of the qualified voters of the State who vote on the question of issuing community college general obligation bonds in the election held as provided by law, and upon the application of the Community Colleges System Office, the State Treasurer may, by and with the consent of the Council of State, issue and sell, at one time or from time to time, community college general obligation bonds of the State to be designated "State of North Carolina Community College General Obligation Bonds", with any additional designations as may be determined to indicate the issuance of bonds from time to time, or notes of the State. Except as otherwise provided by this Article, the aggregate amount of bonds and notes issued pursuant to this Article shall not exceed six hundred million dollars ($600,000,000). The bonds and notes shall be issued in the following years up to the following amounts:
Fiscal Year Aggregate Amount
2000-2001 $48,400,000
2001-2002 58,100,000
2002-2003 116,100,000
2003-2004 116,100,000
2004-2005 135,500,000
2005-2006 125,800,000
If less than the aggregate amount of bonds or notes authorized to be issued in a fiscal year is issued in that fiscal year, the balance for that fiscal year may be issued in any subsequent fiscal year. Refunding bonds and notes issued pursuant to G.S. 116D-46(f) shall not be included in the limitation on the aggregate amount of bonds and notes that may be issued pursuant to this Article.
The proceeds of bonds or notes issued under this Article shall be applied to finance the cost of grants to be made by the State to community colleges to finance the cost of capital facilities for the community college or to refund any outstanding bonds or notes issued under this Article. The capital facilities to be improved, constructed, or acquired with the proceeds of bonds or notes shall be determined as provided in G.S. 116D-44. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-44 - Designation of capital facilities and preconditions to bond issuance.

§ 116D-44. Designation of capital facilities and preconditions to bond issuance.
The capital facilities to be financed in whole or in part with the proceeds of community college general obligation bonds shall be described in legislation enacted from time to time by the General Assembly. This legislation shall also provide for voter approval of the bonds to finance the capital facilities and shall become effective only upon approval by the voters. The proceeds of community college general obligation bonds shall not be expended to pay the costs of any capital facilities other than those described in that legislation. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-45 - Faith and credit.

§ 116D-45. Faith and credit.
The faith and credit and taxing power of the State are hereby pledged for the payment of the principal of and the interest on bonds and notes. The State retains the right to amend any provision of this Article to the extent it does not impair any contractual right of a bond owner. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-47 - Variable rate demand bonds and notes.

§ 116D-47. Variable rate demand bonds and notes.
(a) In fixing the details of bonds and notes, the State Treasurer may provide that the bonds and notes may:
(1) Be made payable from time to time on demand or tender for purchase by the owner, if a credit facility supports the bonds or notes, unless the State Treasurer specifically determines that a credit facility is not required upon a finding and determination by the State Treasurer that the absence of a credit facility will not materially and adversely affect the financial position of the State and the marketing of the bonds or notes at a reasonable interest cost to the State.
(2) Be additionally supported by a credit facility.
(3) Be made subject to redemption or a mandatory tender for purchase prior to maturity.
(4) Bear interest at rates that may vary from any periods of time, as may be provided in the proceedings providing for the issuance of the bonds or notes, including, without limitation, any variations as may be permitted pursuant to a par formula.
(5) Be made the subject of a remarketing agreement whereby an attempt is made to remarket bonds or notes to new purchasers prior to their presentment for payment to the provider of the credit facility or to the State.
(b) If the aggregate principal amount payable by the State under a credit facility is in excess of the aggregate principal amount of bonds or notes secured by the credit facility, whether as a result of the inclusion in the credit facility of a provision for the payment of interest for a limited period of time or the payment of a redemption premium, or for any other reason, then the amount of authorized but unissued bonds or notes during the term of the credit facility shall not be less than the amount of the excess, unless the payment of the excess is otherwise provided for by agreement of the State executed by the State Treasurer. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-48 - Other agreements.

§ 116D-48. Other agreements.
The State Treasurer may authorize, execute, obtain, or otherwise provide for bond insurance, investment contracts, credit and liquidity facilities, interest rate swap agreements and other derivative products, and any other related instruments and matters the State Treasurer determines are desirable in connection with the issuance of bonds or notes. The State Treasurer is authorized to employ and designate any financial consultants, underwriters, and bond attorneys to be associated with any bond issue under this Article as the State Treasurer considers necessary. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 4 - Community Colleges Facilities General Obligation Finance Act. › § 116D-49 - Procurement of capital facilities.

§ 116D-49. Procurement of capital facilities.
Any laws, rules, or regulations of the State that relate to the acquisition and construction of capital facilities shall apply to the capital facilities financed pursuant to this Article. (2000-3, s. 1.2.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 5 - Managing Debt Capacity. › § 116D-55 - Purpose.

§ 116D-55. Purpose.
The purpose of this Article is to provide tools for sound debt management at The University of North Carolina by requiring each constituent institution to conduct an annual debt affordability study, by requiring the establishment of guidelines for maintaining prudent debt levels, and by establishing a system for prioritizing University capital needs when the needs exceed the University's capacity for new debt. (2015-241, s. 31.13.)
2023 North Carolina General Statutes › Chapter 116D - Higher Education Bonds › Article 5 - Managing Debt Capacity. › § 116D-56 - Debt affordability study required.

§ 116D-56. Debt affordability study required.
(a) Study Required. – The Board of Governors shall annually advise the Governor and the General Assembly on the estimated debt capacity of The University of North Carolina for the upcoming five fiscal years. The Board shall oversee the undertaking of an annual debt affordability study and the establishment of guidelines for evaluating the University's debt burden. The guidelines should include target and ceiling ratios of debt to obligated resources and target and floor percentages for the five-year payout ratio. The Board shall also recommend any other debt management policies it considers desirable and consistent with sound management of the University's debt.
(b) Board of Governors Reporting Required. – The Board shall report its findings and recommendations to the Office of State Budget and Management, the Joint Legislative Commission on Governmental Operations, the State Treasurer, and The University of North Carolina System Office by April 1 of each year. The report shall be accompanied by each of the reports provided to the Board pursuant to subsection (c) of this section.
(c) Constituent Institution Reporting Required. – No later than February 1 of each year, each constituent institution shall report to the Board of Governors on its current and anticipated debt levels. The report shall be made in a uniform format to be prescribed by the Board of Governors. Each report shall include at least the following:
(1) The amount and type of outstanding debt of the institution.
(2) The sources of repayment of the debt.
(3) The amount of debt that the institution plans to issue or incur during the next five years.
(4) A description of projects financed with the debt.
(5) The current bond rating of the institution and information about any changes to that bond rating since the last report was submitted.
(6) Information about the constituent institution's debt management policies and any recommendations for methods to maintain or improve the University's bond rating.
(7) Debt burden comparisons to comparable peer institutions.
(8) Any other information requested by the Board of Governors.
(d) Definitions. – The following definitions apply in this section:
(1) Debt. – Debt incurred under this Chapter or any other debt that will be serviced with funds available to the institutions from gifts, grants, receipts, Medicare reimbursements for education costs, hospital receipts from patient care, or other funds, or any combination of these funds, but not including debt that will be serviced with funds appropriated from the General Fund of the State.
(2) Obligated resources. – As defined in G.S. 116D-22. (2015-241, s. 31.13; 2016-94, s. 37.6; 2018-12, s. 13.)
2023 North Carolina General Statutes › Chapter 116E - Education Longitudinal Data System › § 116E-1 - Definitions.

§ 116E-1. Definitions.
(1) "Center" means the Governmental Data Analytics Center as established in Part 8 of Article 15 of Chapter 143B of the General Statutes.
(2) "De-identified data" means a data set in which parent and student identity information, including the unique student identifier and student social security number, has been removed.
(3) "FERPA" means the federal Family Educational Rights and Privacy Act, 20 U.S.C. § 1232g.
(4) "Student data" means data relating to student performance. Student data includes State and national assessments, course enrollment and completion, grade point average, remediation, retention, degree, diploma or credential attainment, enrollment, discipline records, and demographic data. Student data does not include juvenile delinquency records, criminal records, and medical and health records.
(5) "System" means the North Carolina Longitudinal Data System.
(6) "Unique Student Identifier" or "UID" means the identifier assigned to each student by one of the following:
a. A local school administrative unit based on the identifier system developed by the Department of Public Instruction.
b. An institution of higher education, nonpublic school, or other State agency operating or overseeing an educational program, if the student has not been assigned an identifier by a local school administrative unit.
(7) "Workforce data" means data relating to employment status, wage information, geographic location of employment, and employer information. (2012-133, s. 1(a); 2016-94, s. 7.14(a).)
2023 North Carolina General Statutes › Chapter 116E - Education Longitudinal Data System › § 116E-2 - Purpose of the North Carolina Longitudinal Data System.

§ 116E-2. Purpose of the North Carolina Longitudinal Data System.
(a) The North Carolina Longitudinal Data System is a statewide data system that contains individual-level student data and workforce data from all levels of education and the State's workforce. The purpose of the System is to do the following:
(1) Facilitate and enable the exchange of student data among agencies and institutions within the State.
(2) Generate timely and accurate information about student performance that can be used to improve the State's education system and guide decision makers at all levels.
(3) Facilitate and enable the linkage of student data and workforce data.
(b) The linkage of student data and workforce data for the purposes of the System shall be limited to no longer than five years from the later of the date of the student's completion of secondary education or the date of the student's latest attendance at an institution of higher education in the State. (2012-133, s. 1(a).)
2023 North Carolina General Statutes › Chapter 116E - Education Longitudinal Data System › § 116E-4 - Powers and duties of the Center.

§ 116E-4. Powers and duties of the Center.
(a) The Center shall have the following powers and duties with respect to the System:
(1) Develop an implementation plan to phase in the establishment and operation of the System.
(2) Provide general oversight and direction to the System.
(3) Approve the annual budget for the System.
(4) Before the use of any individual data in the System, the Center shall do the following:
a. Create an inventory of the individual student data proposed to be accessible in the System and required to be reported by State and federal education mandates.
b. Develop and implement policies to comply with FERPA and any other privacy measures, as required by law or the Center.
c. Develop a detailed data security and safeguarding plan that includes the following:
1. Authorized access and authentication for authorized access.
2. Privacy compliance standards.
3. Privacy and security audits.
4. Breach notification and procedures.
5. Data retention and disposition policies.
(5) Oversee routine and ongoing compliance with FERPA and other relevant privacy laws and policies.
(6) Ensure that any contracts that govern databases that are outsourced to private vendors include express provisions that safeguard privacy and security and include penalties for noncompliance.
(7) Designate a standard and compliance time line for electronic transcripts that includes the use of UID to ensure the uniform and efficient transfer of student data between local school administrative units and institutions of higher education.
(8) Review research requirements and set policies for the approval of data requests from State and local agencies, the General Assembly, and the public.
(9) Establish an advisory committee on data quality to advise the Center on issues related to data auditing and tracking to ensure data validity.
(b) The Center shall adopt rules according to Chapter 150B of the General Statutes as provided in G.S. 116E-6 to implement the provisions of this Article.
(c) The Center shall report annually to the Joint Legislative Education Oversight Committee, the Joint Legislative Commission on Governmental Operations, and the Joint Legislative Oversight Committee on Information Technology beginning July 1, 2019. The report shall include the following:
(1) An update on the implementation of the System's activities.
(2) Any proposed or planned expansion of System data.
(3) Any other recommendations made by the Center, including the most effective and efficient configuration for the System. (2012-133, s. 1(a); 2013-80, s. 5; 2013-410, s. 22; 2016-94, s. 7.14(b); 2019-165, s. 2.5.)
2023 North Carolina General Statutes › Chapter 116E - Education Longitudinal Data System › § 116E-6 - Data sharing.

§ 116E-6. Data sharing.
(a) Local school administrative units, charter schools, community colleges, constituent institutions of The University of North Carolina, and State agencies shall do all of the following:
(1) Comply with the data requirements and implementation schedule for the System as set forth by the Center.
(2) Transfer student data and workforce data to the System in accordance with the data security and safeguarding plan developed by the Center under G.S. 116E-5.
(b) Private colleges and universities, the North Carolina Independent Colleges and Universities, Inc., and nonpublic schools may transfer student data and workforce data to the System in accordance with the data security and safeguarding plan developed under G.S. 116E-5. (2012-133, s. 1(a); 2016-94, s. 7.14(c).)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 1 - Rural Electrification Authority. › § 117-1 - Rural Electrification Authority created; appointments; terms of members.

§ 117-1. Rural Electrification Authority created; appointments; terms of members.
An agency to be known as the North Carolina Rural Electrification Authority is hereby created as an agency of the State of North Carolina, such agency to consist of five members to be appointed by the Governor of North Carolina. Current members of the North Carolina Rural Electrification Authority shall complete their respective terms of office. On or after June 5, 1975, the Governor shall appoint two members to replace those members whose terms expire on said date. All appointments made by the Governor shall be made for terms of four years. (1935, c. 288, s. 1; 1975, c. 709, s. 7.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 1 - Rural Electrification Authority. › § 117-2.1 - Additional powers.

§ 117-2.1. Additional powers.
In addition to the powers provided in G.S. 117-2, the Authority is empowered, authorized and directed to make, promulgate and implement plans and programs whereby the electric membership corporations organized or domesticated under this Chapter shall promote and foster methods of conserving electric energy in accordance with provisions of the National Energy Act as delegated to the states. (1979, c. 285, s. 1.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 1 - Rural Electrification Authority. › § 117-3 - Authority not granted power to fix rates or order line extensions; right of suggestion and petition.

§ 117-3. Authority not granted power to fix rates or order line extensions; right of suggestion and petition.
The Authority itself shall not be a rate-making body, and shall have no power to fix the rates or service charges, or to order the extension of lines by the power companies. The function of making rates and service charges and orders for the extension of lines shall remain in the Utilities Commission of North Carolina, and the Authority shall only have the right of suggestion and petition to the Utilities Commission of its opinion as to the proper rates and service charges and line extensions, and no rate recommended or suggested by the Authority shall be effective until approved by the Utilities Commission: Provided, that if the Utilities Commission of North Carolina does not have the right under the existing law to fix service charges in addition to the rates prescribed for electrical energy, and the power to order line extensions, such power and authority is hereby granted the Utilities Commission of North Carolina to fix and promulgate service charges in addition to rates in any community which avails itself of this Article, and form a corporation authorized hereunder to be known as electric membership corporation, and to order line extensions when it shall determine that the same is proper and feasible. (1935, c. 288, s. 3.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 1 - Rural Electrification Authority. › § 117-4 - Organization meeting of Authority; chairman and secretary.

§ 117-4. Organization meeting of Authority; chairman and secretary.
Promptly after their appointment the Authority shall meet and organize at such meeting, and at the first meeting of each year thereafter, the members shall choose from their number a chairman. They shall also choose a secretary, who shall be a competent engineer and shall fix his salary subject to the approval as provided in G.S. 143-35 to 143-47. (1935, c. 288, s. 4.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 1 - Rural Electrification Authority. › § 117-5 - Compensation and expenses.

§ 117-5. Compensation and expenses.
All members of the Authority, except the secretary, shall receive as compensation for their services per diem and actual expenses incurred while in the performance of their duties in accordance with the provisions of G.S. 138-5. (1935, c. 288, s. 5; 1939, c. 97; 1975, c. 709, s. 8.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-7 - Definitions.

§ 117-7. Definitions.
The following terms, whenever used or referred to in this Article, shall have the following meanings, unless a different meaning clearly appears from the context:
(1) "Acquire" shall mean acquire by purchase, lease, devise, gift or other mode of acquisition.
(2) "Board" shall mean the board of directors of a corporation formed under this Article.
(3) "Corporation" shall mean a corporation formed under this Article.
(4) "Federal agency" shall mean and include the United States of America, the President of the United States of America, the Federal Emergency Administrator of Public Works and any and all other authorities, agencies, and instrumentalities of the United States of America, heretofore or hereafter created.
(5) "Law" shall mean any act or statute, general, special or local of this State.
(6) "Person" shall mean and include natural persons, firms, associations, corporations, business trusts, partnerships and bodies politic. (1935, c. 291, s. 2.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-8 - Formation in unserved communities; filing application with Rural Electrification Authority.

§ 117-8. Formation in unserved communities; filing application with Rural Electrification Authority.
When any number of persons residing in the community not served, or inadequately served, with electrical energy desire to secure electrical energy for their community and desire to form corporations to be known as electric membership corporations for said purpose, they shall file application with the North Carolina Rural Electrification Authority for permission to form such corporation. (1935, c. 291, s. 3.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-9 - Issuance of privilege for formation of such corporation.

§ 117-9. Issuance of privilege for formation of such corporation.
Whenever any such application is made by as many as five members of the community, the North Carolina Rural Electrification Authority shall cause a survey of said territory to be made and if, in its opinion, the proposal is feasible, shall issue to said community a privilege for the formation of a corporation as hereinafter set out. Whenever an application has been filed by any community with the North Carolina Rural Electrification Authority, and its application for formation of an electric membership corporation has been approved, the same may be formed as hereinafter provided. (1935, c. 291, s. 4.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-10 - Formation authorized.

§ 117-10. Formation authorized.
Any number of natural persons not less than three may, by executing, filing and recording a certificate as hereinafter provided, form a corporation not organized for pecuniary profit for the purpose of promoting and encouraging the fullest possible use of electric energy in the rural section of the State by making electric energy available to inhabitants of the State at the lowest cost consistent with sound economy and prudent management of the business of such corporations. (1935, c. 291, s. 5.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-10.1 - Municipal franchises.

§ 117-10.1. Municipal franchises.
An electric membership corporation shall be eligible to receive a franchise pursuant to G.S. 160-2(6) from any city or town:
(1) In which such electric membership corporation is on April 20, 1965 furnishing electric service at retail to a majority of the electric meters; or
(2) To which such electric membership corporation is on April 20, 1965 furnishing the entire supply of electricity at wholesale; or
(3) Which is newly incorporated subsequent to April 20, 1965, and in which on the effective date of such incorporation the electric membership corporation is furnishing electric service at retail to a majority of the meters. (1965, c. 287, s. 9.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-10.2 - Restriction on municipal service.

§ 117-10.2. Restriction on municipal service.
Except as otherwise provided in this section, no electric membership corporation shall furnish electric service to, or within the limits of, any incorporated city or town, except pursuant to a franchise that may be granted under the provisions of G.S. 117-10.1, or as permitted under G.S. 160A-331, 160A-331.2, 160A-332, and 160A-333. In addition, an electric membership corporation may furnish electric service to, or within the limits of, any incorporated city or town if the city or town and all electric suppliers, including public utilities, other electric membership corporations and other cities or towns, then furnishing electric service to or within such city or town consent thereto in writing. (1965, c. 287, s. 10; 1997-346, s. 3; 1999-111, s. 1; 2005-150, s. 6; 2007-419, s. 2.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-11 - Contents of certificate of incorporation.

§ 117-11. Contents of certificate of incorporation.
(a) Required Provisions. – The certificate of incorporation shall be entitled and endorsed "Certificate of Incorporation of ______ Electric Membership Corporation" (the blank space being filled in with the name of the corporation), and shall state:
(1) The name of the corporation, which name shall be such as to distinguish it from any other corporation.
(2) A reasonable description of the territory in which its operations are principally to be conducted.
(3) The location of its principal office and the post-office address thereof.
(4) The maximum number of directors, not less than three.
(5) The names and post-office addresses of the directors, not less than three, who are to manage the affairs of the corporation for the first year of its existence, or until their successors are chosen.
(6) The period, if any, limited for the duration of the corporation. If the duration of the corporation is to be perpetual, this fact should be stated.
(7) The terms and conditions upon which members of the corporation shall be admitted.
(b) Permissible Provisions. – The certificate of incorporation of a corporation may also contain any provision not contrary to law which the incorporators may choose to insert for the regulation of its business, and for the conduct of the affairs of the corporation; and any provisions, creating, defining, limiting or regulating the powers of the corporation, its directors and members. (1935, c. 291, s. 6.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-12 - Execution and filing of certificate of incorporation by residents of territory to be served.

§ 117-12. Execution and filing of certificate of incorporation by residents of territory to be served.
The natural persons executing the certificate of incorporation shall be residents of the territory in which the principal operations of the corporation are to be conducted who are desirous of using electric energy to be furnished by the corporation. The certificate of incorporation shall be acknowledged by the subscribers before an officer qualified to administer oaths. When so acknowledged, the certificate may be filed in the office of the Secretary of State, who shall forthwith prepare a certified copy or copies thereof and forward one to the register of deeds in each county in which a portion of the territory of the corporation is located, who shall forthwith file such certified copy or copies in their respective offices and record the same as other certificates of incorporation are recorded. As soon as the provisions of this section have been complied with, the proposed corporation described in the certificate so filed, under its designated name, shall be and constitute a body corporate. (1935, c. 291, s. 7; 1967, c. 823, s. 32.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-13 - Board of directors; compensation; president and secretary.

§ 117-13. Board of directors; compensation; president and secretary.
Each corporation formed under this Article shall have a board of directors, in which management of the affairs of the corporation is vested. The directors of the corporation, other than those named in its certificate of incorporation, shall be elected annually by the members entitled to vote, but if the bylaws so provide the directors may be elected on a staggered-term basis: Provided, that the total number of directors on a board shall be so divided that not less than one third of them, or as nearly thereto as their division for that purpose will permit, shall be elected annually, and no term shall be longer than for three years; and provided further that, except as may be necessary in inaugurating such a plan, all directors shall be elected for terms of equal duration. The directors shall be entitled to receive for their services only such compensation as is provided in the bylaws. The board shall elect annually from its own number a president and a secretary. The directors must be members of the corporation, except that for those corporations whose principal purpose is to furnish bulk electric wholesale power supplies and whose membership consists of other electric membership corporations, the directors may be members, directors, officers or managers of the member corporations, and shall be elected by the member corporation's board of directors. (1935, c. 291, s. 8; 1959, c. 387, s. 1; 1969, c. 760; 1975, c. 314; 1979, c. 285, s. 2; 1981, c. 478.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-14 - Powers of board.

§ 117-14. Powers of board.
The board shall have power to do all things necessary or convenient in conducting the business of a corporation, including, but not limited to:
(1) The power to adopt and amend bylaws for the management and regulation of the affairs of the corporation: Provided however, that the certificate of incorporation may reserve to the members of the corporation the power to amend the bylaws. The bylaws of a corporation may make provisions not inconsistent with law or its certificate of incorporation, regulating the admission, withdrawal, suspension or expulsion of members; the transfer of membership; the fees and dues of members and the termination of memberships on nonpayment of dues or otherwise; the number, times and manner of choosing, qualifications, terms of office, official designations, powers, duties, and compensations of its officers; defining a vacancy in the board or in any office and the manner of filling it; the number of members to constitute a quorum at meetings, the date of the annual meeting and the giving of notice thereof, and the holding of special meetings and the giving of notice thereof; the terms and conditions upon which the corporation is to render service to its members; the disposition of the revenues and receipts of the corporation; regular and special meetings of the board and the giving of notice thereof.
(2) To appoint agents and employees and to fix their compensation and the compensation of the officers of the corporation.
(3) To execute instruments.
(4) To delegate to one or more of the directors or to the agents and employees of a corporation such powers and duties as it may deem proper.
(5) To make its own rules and regulations as to its procedure. (1935, c. 291, s. 9; 1941, c. 260.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-16 - Corporate purpose; terms and conditions of membership.

§ 117-16. Corporate purpose; terms and conditions of membership.
The corporate purpose of each corporation formed hereunder shall be to render service to its members only, and no person shall become or remain a member unless such person shall use energy supplied by such corporation and shall have complied with the terms and conditions in respect to membership contained in the bylaws of such corporation: Provided, that such terms and conditions of membership shall be reasonable; and provided further, that no bona fide applicant for membership, who is able and willing to satisfy and abide by all such terms and conditions of membership, shall be denied arbitrarily, or capriciously, or without good cause. With respect to the members of an electric membership corporation whose principal purpose is to furnish or cause to be furnished bulk electric supplies at wholesale, the word "use" as used in this section shall also mean either "use and purchase" or "purchase" solely, as the case may be, and the words "supplied by" shall also mean "supplied for the account of". With respect to an electric membership corporation whose principal purpose is to furnish or cause to be furnished bulk electric supplies at wholesale, it shall be lawful for such corporation to enter into joint arrangements with other power supply entities, including but not limited to investor-owned public utilities and bodies politic, for the purchase and sale of bulk power supplies and bulk power services and for the joint ownership of bulk power supply properties. (1935, c. 291, s. 11; 1959, c. 387, s. 2; 1979, c. 285, s. 3.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-16.1 - Discrimination prohibited.

§ 117-16.1. Discrimination prohibited.
No electric membership corporation shall, as to rates or services, make or grant any unreasonable preference or advantage to any member or subject any member to any unreasonable prejudice or disadvantage. No electric membership corporation shall establish or maintain any unreasonable difference as to rates or services either as between localities or as between classes of service. No electric membership corporation shall give, pay, or receive any rebate or bonus, directly or indirectly, or mislead or deceive its members in any manner as to rates charged for the services of such electric membership corporation. (1965, c. 287, s. 11.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-17 - General grant of powers.

§ 117-17. General grant of powers.
Each corporation formed under this Article is hereby vested with all power necessary or requisite for the accomplishment of its corporate purpose and capable of being delegated by the legislature; and no enumeration of particular powers hereby granted shall be construed to impair any general grant of power herein contained, nor to limit any such grant to a power or powers of the same class as those so enumerated. (1935, c. 291, s. 12.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-19 - Taxes and assessments.

§ 117-19. Taxes and assessments.
(a) From and after April 20, 1965, no electric membership corporation heretofore or hereafter organized, reorganized, or domesticated under the provisions of this Chapter shall be a public agency; nor shall any such corporation be, or have the rights of, a political subdivision of the State.
(b) With respect to its properties owned and revenues received on and after January 1, 1967, each electric membership corporation operating within the State shall be subject to, and shall pay taxes and assessments under, all laws relative to State, county, municipal and other local taxes and assessments applicable to the electric light and power companies in this State, except income tax.
(c) through (e) Repealed by Session Laws 1997-6, s. 16. (1935, c. 291, s. 14; 1965, c. 287, s. 12; 1997-6, s. 16.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-20 - Encumbrance, sale, etc., of property.

§ 117-20. Encumbrance, sale, etc., of property.
No corporation may sell, mortgage, lease or otherwise encumber or dispose of any of its property (other than merchandise and property which lie within the limits of an incorporated city or town, or which shall represent not in excess of ten percent (10%) of the total value of the corporation's assets, or which in the judgment of the board are not necessary or useful in operating the corporation) unless
(1) Authorized so to do by the votes cast in person or by proxy by at least two-thirds of its total membership, and
(2) The consent of the holders of seventy-five per centum (75%) in amount of the bonds of such corporation then outstanding is obtained.
Notwithstanding the foregoing provisions of this section, the members of such a corporation may, by the affirmative majority of the votes cast in person or by proxy at any meeting of the members, delegate to the board of directors the power and authority (i) to borrow moneys from any source and in such amounts as the board may from time to time determine, (ii) to mortgage or otherwise pledge or encumber any or all of the corporation's property or assets as security therefor, and (iii) with respect to Electric Membership Corporations only, to sell and lease back any of the corporation's property or assets. (1935, c. 291, s. 15; 1965, c. 287, s. 13; 1969, c. 670, s. 1; 1987, c. 448, s. 1; 1997-346, s. 4; 1999-111, s. 1; 2003-24, s. 1.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-21 - Issuance of bonds.

§ 117-21. Issuance of bonds.
A corporation formed hereunder shall have power and is hereby authorized, from time to time, to issue its bonds in anticipation of its revenue for any corporate purpose. Said bonds may be authorized by resolution or resolutions of the board, and may bear such date or dates, mature at such time or times, not exceeding 40 years from their respective dates, bear interest at such rate or rates, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, not exceeding par and accrued interest, as such resolution or resolutions may provide. Such bonds may be sold in such manner and upon such terms as the board may determine at not less than par and accrued interest. Any provision of law to the contrary notwithstanding, any bonds and the interest coupons appertaining thereto, if any, issued pursuant to this Article shall possess all of the qualities of negotiable instruments. (1935, c. 291, s. 16; 1969, c. 670, s. 2.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-22 - Covenants or agreements for security of bonds.

§ 117-22. Covenants or agreements for security of bonds.
In connection with the issuance of any bonds, a corporation may make covenants or agreements and do any and all acts or things that a business corporation can make or do under the laws of the State in order to secure its obligations or which, in the absolute discretion of the board, tend to make the obligations more marketable, notwithstanding that such covenants, agreements, acts and things may constitute limitations on the exercise of the powers herein granted. (1935, c. 291, s. 17.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-23 - Purchase and cancellation of bonds.

§ 117-23. Purchase and cancellation of bonds.
A corporation shall have power out of any funds available therefor to purchase any bonds issued by it at a price not exceeding the principal amount thereof and accrued interest thereon. All bonds so purchased shall be canceled. (1935, c. 291, s. 18.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-24 - Dissolution.

§ 117-24. Dissolution.
Any corporation created hereunder may be dissolved by filing, as hereinafter provided, a certificate which shall be entitled and endorsed "Certificate of Dissolution of ______ " (the blank space being filled in with the name of the corporation) and shall state:
(1) Name of the corporation, and if such corporation is a corporation resulting from a consolidation as herein provided, the names of the original corporations.
(2) The date of filing of the certificate of incorporation, and if such corporation is a corporation resulting from a consolidation as herein provided, the dates on which the certificates of incorporation of the original corporations were filed.
(3) That the corporation elects to dissolve.
(4) The name and post-office address of each of its directors, and the name, title and post-office address of each of its officers.
Such certificate shall be subscribed and acknowledged in the same manner as an original certificate of incorporation by the president or a vice-president, and the secretary or an assistant secretary, who shall make and annex an affidavit, stating that they have been authorized to execute and file such certificate by the votes cast in person or by proxy by at least two-thirds of its total membership.
A certificate of dissolution and a certified copy or copies thereof shall be filed in the same place as an original certificate of incorporation and thereupon the corporation shall be deemed to be dissolved.
Such corporation shall continue for the purpose of paying, satisfying and discharging any existing liabilities or obligations and collecting or liquidating its assets, and doing all other acts required to adjust and wind up its business and affairs, and may sue and be sued in its corporate name. Any assets remaining after all liabilities or obligations of the corporation have been satisfied or discharged shall be distributed among the members in such manner as is provided for in the corporation's charter or bylaws, and the charter or bylaws may provide for distributions to persons who were members in one or more prior years. (1935, c. 291, s. 19; 1965, c. 287, s. 14; 1987, c. 448, s. 2; 1997-346, s. 5; 1999-111, s. 1; 2003-24, s. 1.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-25 - Amendment of certificate of incorporation.

§ 117-25. Amendment of certificate of incorporation.
A corporation created hereunder may amend its certificate of incorporation to change its corporate name, to increase or reduce the number of its directors or change any other provision therein: Provided, however, that no corporation shall amend its certificate of incorporation to embody therein any purpose, power or provisions which would not be authorized if its original certificate, including such additional or changed purpose, power or provisions, were offered for filing at the time a certificate under this section is offered. Such amendment may be accomplished by filing a certificate which shall be entitled and endorsed "Certificate of Amendment of ______ Electric Membership Corporation" and state:
(1) The name of the corporation, and if it has been changed, the name under which it was originally incorporated.
(2) The date of filing the certificate of incorporation in each public office where filed.
(3) The purposes, powers, or provisions, if any, to be amended or eliminated, and the purposes, powers or provisions, if any, to be added or substituted.
Such certificate shall be subscribed in the same manner as an original certificate of incorporation hereunder by the president or a vice-president, by the secretary or the assistant secretary, who shall make and annex an affidavit stating that they have been authorized to execute and file such certificate by the votes cast in person or by proxy by a majority of the members of the corporation entitled to vote. Such certificate shall be filed in the same places as an original certificate of incorporation and thereupon the amendment shall be deemed to have been effected. (1935, c. 291, s. 20.)
2023 North Carolina General Statutes › Chapter 117 - Electrification › Article 2 - Electric Membership Corporations. › § 117-26 - Application for grant or loan from governmental agency.

§ 117-26. Application for grant or loan from governmental agency.
Whenever any corporation organized hereunder desires to secure a grant or loan from any agency of the United States government now in existence or hereafter authorized, they shall apply through the North Carolina Rural Electrification Authority and not direct to the United States agency, and the said North Carolina Rural Electrification Authority alone shall have the authority to make applications for grants or loans to any corporations created hereunder. (1935, c. 291, s. 21.)