§ 124-3. Report of railroad, canal, etc.; contents.

278 words·~1 min read·/nc/chapter-124/124-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The president or other chief officer of every railroad, canal, or other public work of internal improvement in which the State owns an interest, shall, report annually to the Joint Legislative Commission on Governmental Operations. This report shall include:

(1)Number of shares owned by the State.

(2)Number of shares owned otherwise.

(3)Par value of the shares.

(4)Repealed by Session Laws 2000-146, s. 3, effective July 1, 2000.

(5)Amount of bonded debt, and for what purpose contracted.

(6)Amount of other debt, and how incurred.

(7)If interest on bonded debt has been punctually paid as agreed; if not, how much in arrears.

(8)Amount of gross receipts for past year, and from what sources derived.

(9)An itemized account of expenditures for past year.

(10)A summary of all leases, sales, or acquisitions of real property to which the company has been a party since the last report.

(11)Suits at law pending against his company concerning its bonded debt, or in which title to all or any part of such road or canal is concerned.

(12)Any sales of stock owned by the State, by whose order made, and disposition of the proceeds.

(13)Annual financial statements, including notes, audited by an independent certified public accounting firm.

(b)Recodified as G.S. 124-17(b) by Session Laws 2013-360, s. 34.14(d), effective July 1, 2013.

(c)Recodified as G.S. 124-17(c) by Session Laws 2013-360, s. 34.14(d), effective July 1, 2013. (1925, c. 157, s. 3; 1993, c. 539, s. 928; 1994, Ex. Sess., c. 24, s. 14(c); 2000-67, s. 7.2(b); 2000-146, s. 3; 2013-360, s. 34.14(d).)