State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_11

§1‑507.11.  Reorganization.

When a majority in interest ofthe stockholders of the corporation have agreed upon a plan for itsreorganization and a resumption by it of the management and control of itsproperty and business, the corporation may, with the consent of the court, uponthe reconveyance to it of its property and franchises, either by deed or decreeof the court, mortgage the same for an amount necessary for the purposes of thereorganization; and may issue bonds or other evidences of indebtedness, oradditional stock, or both, and use the same for the full or partial payment ofthe creditors who will accept the same, or otherwise dispose of the same forthe purposes of the reorganization. (1901, c. 2, s. 77; Rev., s.1221; C.S., s. 1217; 1955, c. 1371, s. 2.)