§ 156-52. Corporation authorized to issue bonds.
105 words·~1 min read·
/nc/chapter-156/156-52A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 156-52. Corporation authorized to issue bonds.
The corporations organized under this Subchapter are authorized to issue bonds to such an amount and in such denomination as they may elect, payable at such times as may be provided, and to sell the same at not less than par, the proceeds of the sale of such bonds to be used for the payment of the costs of survey and construction and maintenance of the canal. The bonds shall constitute a lien upon the lands drained or improved by the canal as described in the reports of the commissioners. (1908, c. 75, s. 1; C.S., s. 5310.)