§ 124‑6. (For effectivedate, see editor's note) Appointment of proxies, director of railroadcompanies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, five of the members of the Board ofDirectors shall be appointed by the Governor, two of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and two of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. Of the Governor's fiveappointments, three shall be either an investment banker, a person withrailroad management experience, a person on an economic development commissionwhose region contains track of the company, or an attorney with corporateexperience. The remaining two shall be at‑large members. The Speaker ofthe House of Representatives shall recommend two at‑large members. ThePresident Pro Tempore of the Senate shall recommend two at‑large members.The Board of Directors shall consist of nine members. Of the initial membersappointed by the Governor, three shall be appointed for terms of four years andtwo shall be appointed for terms of two years. Of the initial membersrecommended to the General Assembly by the Speaker of the House ofRepresentatives, one shall be appointed for a term of four years and one shallbe appointed for a term of two years. Of the initial members recommended to theGeneral Assembly by the President Pro Tempore of the Senate, one shall beappointed for a term of four years and one shall be appointed for a term of twoyears. Thereafter all Board members shall serve four‑year terms. TheBoard shall elect the chairman from among its membership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k).)
§124‑6. (For effective date, see editor's note) Appointment of proxies,director of railroad companies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, seven of the members of the Board ofDirectors shall be appointed by the Governor, three of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and three of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. The Board of Directors shallconsist of 13 members. Of the initial members appointed by the Governor, threeshall be appointed for terms of four years and four shall be appointed forterms of two years. Of the initial members recommended to the General Assemblyby the Speaker of the House of Representatives, two shall be appointed forterms of four years and one shall be appointed for a term of two years. Of theinitial members recommended to the General Assembly by the President ProTempore of the Senate, two shall be appointed for terms of four years and oneshall be appointed for a term of two years. Thereafter all Board members shallserve four‑year terms. The Board shall elect the chairman from among itsmembership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k); 1999‑431, s. 3.3(a).)
§ 124‑6. (For effectivedate, see editor's note) Appointment of proxies, director of railroadcompanies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, five of the members of the Board ofDirectors shall be appointed by the Governor, two of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and two of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. Of the Governor's fiveappointments, three shall be either an investment banker, a person withrailroad management experience, a person on an economic development commissionwhose region contains track of the company, or an attorney with corporateexperience. The remaining two shall be at‑large members. The Speaker ofthe House of Representatives shall recommend two at‑large members. ThePresident Pro Tempore of the Senate shall recommend two at‑large members.The Board of Directors shall consist of nine members. Of the initial membersappointed by the Governor, three shall be appointed for terms of four years andtwo shall be appointed for terms of two years. Of the initial membersrecommended to the General Assembly by the Speaker of the House ofRepresentatives, one shall be appointed for a term of four years and one shallbe appointed for a term of two years. Of the initial members recommended to theGeneral Assembly by the President Pro Tempore of the Senate, one shall beappointed for a term of four years and one shall be appointed for a term of twoyears. Thereafter all Board members shall serve four‑year terms. TheBoard shall elect the chairman from among its membership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k).)
§124‑6. (For effective date, see editor's note) Appointment of proxies,director of railroad companies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, seven of the members of the Board ofDirectors shall be appointed by the Governor, three of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and three of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. The Board of Directors shallconsist of 13 members. Of the initial members appointed by the Governor, threeshall be appointed for terms of four years and four shall be appointed forterms of two years. Of the initial members recommended to the General Assemblyby the Speaker of the House of Representatives, two shall be appointed forterms of four years and one shall be appointed for a term of two years. Of theinitial members recommended to the General Assembly by the President ProTempore of the Senate, two shall be appointed for terms of four years and oneshall be appointed for a term of two years. Thereafter all Board members shallserve four‑year terms. The Board shall elect the chairman from among itsmembership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k); 1999‑431, s. 3.3(a).)
§ 124‑6. (For effectivedate, see editor's note) Appointment of proxies, director of railroadcompanies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, five of the members of the Board ofDirectors shall be appointed by the Governor, two of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and two of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. Of the Governor's fiveappointments, three shall be either an investment banker, a person withrailroad management experience, a person on an economic development commissionwhose region contains track of the company, or an attorney with corporateexperience. The remaining two shall be at‑large members. The Speaker ofthe House of Representatives shall recommend two at‑large members. ThePresident Pro Tempore of the Senate shall recommend two at‑large members.The Board of Directors shall consist of nine members. Of the initial membersappointed by the Governor, three shall be appointed for terms of four years andtwo shall be appointed for terms of two years. Of the initial membersrecommended to the General Assembly by the Speaker of the House ofRepresentatives, one shall be appointed for a term of four years and one shallbe appointed for a term of two years. Of the initial members recommended to theGeneral Assembly by the President Pro Tempore of the Senate, one shall beappointed for a term of four years and one shall be appointed for a term of twoyears. Thereafter all Board members shall serve four‑year terms. TheBoard shall elect the chairman from among its membership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k).)
§124‑6. (For effective date, see editor's note) Appointment of proxies,director of railroad companies, etc.
(a) The Governor shallappoint on behalf of the State all such officers or agents as, by any act,incorporating a company for the purpose of internal improvement, are allowed torepresent the stock or other interests which the State may have in suchcompany; and such person or persons shall cast the vote to which the State maybe entitled in all the meetings of the stockholders of such company under thedirection of said Governor; and the said Governor may, if in his opinion thepublic interest so requires, remove or suspend such persons, officers, agents,proxies, or directors in his discretion.
(b) Notwithstandingsubsection (a) of this section, for any railroad company organized as acorporation in which the State is the owner of all the voting stock and whichhas trackage in more than two counties, seven of the members of the Board ofDirectors shall be appointed by the Governor, three of the members of the Boardof Directors shall be appointed by the General Assembly upon the recommendationof the Speaker of the House of Representatives in accordance with G.S. 120‑121,and three of the members of the Board of Directors shall be appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate in accordance with G.S. 120‑121. The Board of Directors shallconsist of 13 members. Of the initial members appointed by the Governor, threeshall be appointed for terms of four years and four shall be appointed forterms of two years. Of the initial members recommended to the General Assemblyby the Speaker of the House of Representatives, two shall be appointed forterms of four years and one shall be appointed for a term of two years. Of theinitial members recommended to the General Assembly by the President ProTempore of the Senate, two shall be appointed for terms of four years and oneshall be appointed for a term of two years. Thereafter all Board members shallserve four‑year terms. The Board shall elect the chairman from among itsmembership. (1925,c. 157, s. 6; 1997‑443, s. 32.30(k); 1999‑431, s. 3.3(a).)
