Chapter 55 - North Carolina Business Corporation Act.

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Chapter 55
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Article 1 - General Provisions.
G.S. 55-1-01
§ 55-1-01. Short title.
G.S. 55-1-02
§ 55-1-02. Reservation of power to amend or repeal.
G.S. 55-1-03 through 55-1-19
§§ 55-1-03 through 55-1-19. Reserved for future codification purposes.
G.S. 55-1-20
§ 55-1-20. Filing requirements.
G.S. 55-1-21
§ 55-1-21. Forms.
G.S. 55-1-22
§ 55-1-22. Filing, service, and copying fees.
G.S. 55-1-22.1
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-22.2
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-23
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-24
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-25
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-26
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-27
§§ 55-1-22.1 through 55-1-27: Transferred to §§ 55D-11 through 55D-17 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-28
§ 55-1-28. Certificate of existence.
G.S. 55-1-29
§ 55-1-29: Transferred to § 55D-18 by Session Laws 2001-358, s. 3(b).
G.S. 55-1-30
§ 55-1-30. Powers.
G.S. 55-1-31
§ 55-1-31. Interrogatories by Secretary of State.
G.S. 55-1-32
§ 55-1-32. Penalties imposed upon corporations, officers, and directors for failure to answer interrogatories.
G.S. 55-1-33
§ 55-1-33. Information disclosed by interrogatories.
G.S. 55-1-34 through 55-1-39
§§ 55-1-34 through 55-1-39. Reserved for future codification purposes.
G.S. 55-1-40
§ 55-1-40. Chapter definitions.
G.S. 55-1-41
§ 55-1-41. Notice.
G.S. 55-1-42
§ 55-1-42. Number of shareholders.
G.S. 55-1-43 through 55-1-49
§§ 55-1-43 through 55-1-49. Reserved for future codification purposes.
G.S. 55-1-50
§ 55-1-50. Electronic transactions.
G.S. 55-1-60
§ 55-1-60. Definitions.
G.S. 55-1-61
§ 55-1-61. Defective corporate actions.
G.S. 55-1-62
§ 55-1-62. Ratification of defective corporate actions.
G.S. 55-1-63
§ 55-1-63. Action on ratification.
G.S. 55-1-64
§ 55-1-64. Notice requirements.
G.S. 55-1-65
§ 55-1-65. Effect of ratification.
G.S. 55-1-66
§ 55-1-66. Filings.
G.S. 55-1-67
§ 55-1-67. Judicial proceedings regarding validity of corporate actions.
Article 2 - Incorporation.
G.S. 55-2-01
§ 55-2-01. Incorporators.
G.S. 55-2-02
§ 55-2-02. Articles of incorporation.
G.S. 55-2-03
§ 55-2-03. Incorporation.
G.S. 55-2-04
§ 55-2-04. Reserved for future codification purposes.
G.S. 55-2-05
§ 55-2-05. Organization of corporation.
G.S. 55-2-06
§ 55-2-06. Bylaws.
G.S. 55-2-07
§ 55-2-07. Emergency bylaws.
Article 3 - Purposes and Powers.
G.S. 55-3-01
§ 55-3-01. Purposes.
G.S. 55-3-02
§ 55-3-02. General powers.
G.S. 55-3-03
§ 55-3-03. Emergency powers.
G.S. 55-3-04
§ 55-3-04. Ultra vires.
G.S. 55-3-05
§ 55-3-05. Exercise of corporate franchises not granted.
Article 4 - Name.
G.S. 55-4-01
§§ 55-4-01 through 55-4-05: Transferred to §§ 55D-20 through 55D-27 by Session Laws 2001-358, ss. 14(a) and 14(b).
G.S. 55-4-02
§§ 55-4-01 through 55-4-05: Transferred to §§ 55D-20 through 55D-27 by Session Laws 2001-358, ss. 14(a) and 14(b).
G.S. 55-4-03
§§ 55-4-01 through 55-4-05: Transferred to §§ 55D-20 through 55D-27 by Session Laws 2001-358, ss. 14(a) and 14(b).
G.S. 55-4-04
§§ 55-4-01 through 55-4-05: Transferred to §§ 55D-20 through 55D-27 by Session Laws 2001-358, ss. 14(a) and 14(b).
G.S. 55-4-05
§§ 55-4-01 through 55-4-05: Transferred to §§ 55D-20 through 55D-27 by Session Laws 2001-358, ss. 14(a) and 14(b).
Article 5 - Office and Agent.
G.S. 55-5-01
§ 55-5-01. Registered office and registered agent.
G.S. 55-5-02
§§ 55-5-02 through 55-5-04: Transferred to §§ 55D-31 through 55D-33 by Session Laws 2001-358, s. 44.
G.S. 55-5-03
§§ 55-5-02 through 55-5-04: Transferred to §§ 55D-31 through 55D-33 by Session Laws 2001-358, s. 44.
G.S. 55-5-04
§§ 55-5-02 through 55-5-04: Transferred to §§ 55D-31 through 55D-33 by Session Laws 2001-358, s. 44.
Article 6 - Shares and Distribution.
G.S. 55-6-01
§ 55-6-01. Authorized shares.
G.S. 55-6-02
§ 55-6-02. Terms of class or series determined by board of directors.
G.S. 55-6-03
§ 55-6-03. Issued and outstanding shares.
G.S. 55-6-04
§ 55-6-04. Fractional shares.
G.S. 55-6-05 through 55-6-19
§§ 55-6-05 through 55-6-19. Reserved for future codification purposes.
G.S. 55-6-20
§ 55-6-20. Subscription for shares before incorporation.
G.S. 55-6-21
§ 55-6-21. Issuance of shares.
G.S. 55-6-22
§ 55-6-22. Liability of shareholders.
G.S. 55-6-23
§ 55-6-23. Share dividends.
G.S. 55-6-24
§ 55-6-24. Rights, options, and warrants.
G.S. 55-6-25
§ 55-6-25. Form and content of certificates.
G.S. 55-6-26
§ 55-6-26. Shares without certificate.
G.S. 55-6-27
§ 55-6-27. Restriction on transfer of shares and other securities.
G.S. 55-6-28
§ 55-6-28. Expense of issue.
G.S. 55-6-29
§ 55-6-29. Reserved for future codification purposes.
G.S. 55-6-30
§ 55-6-30. Shareholders' preemptive rights.
G.S. 55-6-31
§ 55-6-31. Corporation's acquisition of its own shares.
G.S. 55-6-32 through 55-6-39
§§ 55-6-32 through 55-6-39. Reserved for future codification purposes.
G.S. 55-6-40
§ 55-6-40. Distributions to shareholders.
Article 7 - Shareholders.
G.S. 55-7-01
§ 55-7-01. Annual meeting.
G.S. 55-7-02
§ 55-7-02. Special meeting.
G.S. 55-7-03
§ 55-7-03. Court-ordered meeting.
G.S. 55-7-04
§ 55-7-04. Action without meeting.
G.S. 55-7-05
§ 55-7-05. Notice of meeting.
G.S. 55-7-06
§ 55-7-06. Waiver of notice.
G.S. 55-7-07
§ 55-7-07. Record date.
G.S. 55-7-08
§ 55-7-08: Repealed by Session Laws 2013-153, s. 4, effective January 1, 2014.
G.S. 55-7-09
§ 55-7-09. Remote participation in meetings.
G.S. 55-7-20
§ 55-7-20. Shareholders' list for meeting.
G.S. 55-7-21
§ 55-7-21. Voting entitlement of shares.
G.S. 55-7-21.1
§ 55-7-21.1. Rights of holders of debt securities.
G.S. 55-7-22
§ 55-7-22. Proxies.
G.S. 55-7-23
§ 55-7-23. Shares held by nominees.
G.S. 55-7-24
§ 55-7-24. Corporation's acceptance of votes.
G.S. 55-7-25
§ 55-7-25. Quorum and voting requirements for voting groups.
G.S. 55-7-26
§ 55-7-26. Action by single and multiple voting groups.
G.S. 55-7-27
§ 55-7-27. Greater quorum or voting requirements.
G.S. 55-7-28
§ 55-7-28. Voting for directors; cumulative voting.
G.S. 55-7-29
§ 55-7-29. Reserved for future codification purposes.
G.S. 55-7-30
§ 55-7-30. Voting trusts.
G.S. 55-7-31
§ 55-7-31. Shareholders' agreements.
G.S. 55-7-32 through 55-7-39
§§ 55-7-32 through 55-7-39. Reserved for future codification purposes.
G.S. 55-7-40
§ 55-7-40. Shareholders' derivative actions.
G.S. 55-7-40.1
§ 55-7-40.1. Definitions.
G.S. 55-7-41
§ 55-7-41. Standing.
G.S. 55-7-42
§ 55-7-42. Demand.
G.S. 55-7-43
§ 55-7-43. Stay of proceedings.
G.S. 55-7-44
§ 55-7-44. Dismissal.
G.S. 55-7-45
§ 55-7-45. Discontinuance or settlement.
G.S. 55-7-46
§ 55-7-46. Payment of expenses.
G.S. 55-7-47
§ 55-7-47. Applicability to foreign corporations.
G.S. 55-7-48
§ 55-7-48. Suits against directors of public corporations.
G.S. 55-7-49
§ 55-7-49. Privileged communications.
G.S. 55-7-50
§ 55-7-50. Exclusive forum or venue provisions valid.
Article 8 - Directors and Officers.
G.S. 55-8-01
§ 55-8-01. Requirement for and duties of board of directors.
G.S. 55-8-02
§ 55-8-02. Qualifications of directors.
G.S. 55-8-03
§ 55-8-03. Number and election of directors.
G.S. 55-8-04
§ 55-8-04. Election of directors by certain classes of shareholders.
G.S. 55-8-05
§ 55-8-05. Terms of directors generally.
G.S. 55-8-06
§ 55-8-06. Staggered terms for directors.
G.S. 55-8-07
§ 55-8-07. Resignation of directors.
G.S. 55-8-08
§ 55-8-08. Removal of directors by shareholders.
G.S. 55-8-09
§ 55-8-09. Removal of directors by judicial proceeding.
G.S. 55-8-10
§ 55-8-10. Vacancy on board.
G.S. 55-8-11
§ 55-8-11. Compensation of directors.
G.S. 55-8-12 through 55-8-19
§§ 55-8-12 through 55-8-19. Reserved for future codification purposes.
G.S. 55-8-20
§ 55-8-20. Meetings.
G.S. 55-8-21
§ 55-8-21. Action without meeting.
G.S. 55-8-22
§ 55-8-22. Notice of meeting.
G.S. 55-8-23
§ 55-8-23. Waiver of notice.
G.S. 55-8-24
§ 55-8-24. Quorum and voting.
G.S. 55-8-25
§ 55-8-25. Committees.
G.S. 55-8-26
§ 55-8-26. Submission of matters for shareholder vote.
G.S. 55-8-30
§ 55-8-30. General standards for directors.
G.S. 55-8-31
§ 55-8-31. Director conflict of interest.
G.S. 55-8-32
§ 55-8-32. Loans to directors.
G.S. 55-8-33
§ 55-8-33. Liability for unlawful distributions.
G.S. 55-8-34 through 55-8-39
§§ 55-8-34 through 55-8-39. Reserved for future codification purposes.
G.S. 55-8-40
§ 55-8-40. Officers.
G.S. 55-8-41
§ 55-8-41. Duties of officers.
G.S. 55-8-42
§ 55-8-42. Standards of conduct for officers.
G.S. 55-8-43
§ 55-8-43. Resignation and removal of officers.
G.S. 55-8-44
§ 55-8-44. Contract rights of officers.
G.S. 55-8-45 through 55-8-49
§§ 55-8-45 through 55-8-49. Reserved for future codification purposes.
G.S. 55-8-50
§ 55-8-50. Policy statement and definitions.
G.S. 55-8-51
§ 55-8-51. Authority to indemnify.
G.S. 55-8-52
§ 55-8-52. Mandatory indemnification.
G.S. 55-8-53
§ 55-8-53. Advance for expenses.
G.S. 55-8-54
§ 55-8-54. Court-ordered indemnification.
G.S. 55-8-55
§ 55-8-55. Determination and authorization of indemnification.
G.S. 55-8-56
§ 55-8-56. Indemnification of officers, employees, and agents.
G.S. 55-8-57
§ 55-8-57. Additional indemnification and insurance.
G.S. 55-8-58
§ 55-8-58. Application of Part.
Article 9 - Shareholder Protection Act.
G.S. 55-9-01
§ 55-9-01. Short title and definitions.
G.S. 55-9-02
§ 55-9-02. Voting requirement.
G.S. 55-9-03
§ 55-9-03. Exception to voting requirement.
G.S. 55-9-04
§ 55-9-04. General.
G.S. 55-9-05
§ 55-9-05. Exemptions.
Article 9A - Control Share Acquisitions.
G.S. 55-9A-01
§ 55-9A-01. Short title and definitions.
G.S. 55-9A-02
§ 55-9A-02. Acquiring person statement.
G.S. 55-9A-03
§ 55-9A-03. Meeting of shareholders.
G.S. 55-9A-04
§ 55-9A-04. Notice.
G.S. 55-9A-05
§ 55-9A-05. Voting rights.
G.S. 55-9A-06
§ 55-9A-06. Right of redemption by shareholders.
G.S. 55-9A-07
§ 55-9A-07. Severability.
G.S. 55-9A-08
§ 55-9A-08. Construction.
G.S. 55-9A-09
§ 55-9A-09. Exemptions.
Article 10 - Amendment of Articles of Incorporation and Bylaws.
G.S. 55-10-01
§ 55-10-01. Authority to amend.
G.S. 55-10-02
§ 55-10-02. Amendment by board of directors.
G.S. 55-10-03
§ 55-10-03. Amendment by board of directors and shareholders.
G.S. 55-10-04
§ 55-10-04. Voting on amendments by voting groups.
G.S. 55-10-05
§ 55-10-05. Amendment before issuance of shares.
G.S. 55-10-06
§ 55-10-06. Articles of amendment.
G.S. 55-10-07
§ 55-10-07. Restated articles of incorporation.
G.S. 55-10-08
§ 55-10-08. Reserved for future codification purposes.
G.S. 55-10-09
§ 55-10-09. Effect of amendment.
G.S. 55-10-10 through 55-10-19
§§ 55-10-10 through 55-10-19. Reserved for future codification purposes.
G.S. 55-10-20
§ 55-10-20. Amendment by board of directors or shareholders.
G.S. 55-10-21
§ 55-10-21. Reserved for future codification purposes.
G.S. 55-10-22
§ 55-10-22. Bylaw increasing quorum or voting requirement for directors.
Article 11 - Merger and Share Exchange.
G.S. 55-11-01
§ 55-11-01. Merger.
G.S. 55-11-02
§ 55-11-02. Share exchange.
G.S. 55-11-03
§ 55-11-03. Action on plan.
G.S. 55-11-04
§ 55-11-04. Merger between parent corporation and subsidiary or between subsidiaries.
G.S. 55-11-05
§ 55-11-05. Articles of merger or share exchange.
G.S. 55-11-06
§ 55-11-06. Effect of merger or share exchange.
G.S. 55-11-07
§ 55-11-07. Merger or share exchange with foreign corporation.
G.S. 55-11-08
§ 55-11-08. Article 9 to control.
G.S. 55-11-09
§ 55-11-09. Merger with nonprofit corporation.
G.S. 55-11-10
§ 55-11-10. Merger with unincorporated entity.
G.S. 55-11-11
§ 55-11-11: Recodified as G.S. 55-11-20 by Session Laws 2018-45, s. 22, effective October 1, 2018.
G.S. 55-11-12
§ 55-11-12. Merger between parent unincorporated entity and subsidiary corporation or corporations.
G.S. 55-11-13
§ 55-11-13. Effect of merger with unincorporated entity.
G.S. 55-11-20
§ 55-11-20. Merger to effect a holding company reorganization.
Article 11A - Conversions.
G.S. 55-11A-01
§ 55-11A-01. Conversion.
G.S. 55-11A-02
§ 55-11A-02. Plan of conversion.
G.S. 55-11A-03
§ 55-11A-03. Filing of articles of incorporation by converting entity.
G.S. 55-11A-04
§ 55-11A-04. Effects of conversion.
G.S. 55-11A-05 through 55-11A-09
§§ 55-11A-05 through 55-11A-09. Reserved for future codification purposes.
G.S. 55-11A-10
§ 55-11A-10. Conversion.
G.S. 55-11A-11
§ 55-11A-11. Plan of conversion.
G.S. 55-11A-12
§ 55-11A-12. Articles of conversion.
G.S. 55-11A-13
§ 55-11A-13. Effects of conversion.
Article 12 - Transfer of Assets.
G.S. 55-12-01
§ 55-12-01. Disposition of assets not requiring shareholder approval and mortgage of assets.
G.S. 55-12-02
§ 55-12-02. Disposition of assets requiring shareholder approval.
G.S. 55-12-03
§ 55-12-03. Article 9 to control.
Article 13 - Appraisal Rights.
G.S. 55-13-01
§ 55-13-01. Definitions.
G.S. 55-13-02
§ 55-13-02. Right to appraisal.
G.S. 55-13-03
§ 55-13-03. Assertion of rights by nominees and beneficial owners.
G.S. 55-13-04 through 55-13-19
§§ 55-13-04 through 55-13-19. Reserved for future codification purposes.
G.S. 55-13-20
§ 55-13-20. Notice of appraisal rights.
G.S. 55-13-21
§ 55-13-21. Notice of intent to demand payment and consequences of voting or consenting.
G.S. 55-13-22
§ 55-13-22. Appraisal notice and form.
G.S. 55-13-23
§ 55-13-23. Perfection of rights; right to withdraw.
G.S. 55-13-24
§ 55-13-24: Repealed by Session Laws 2011-347, s. 1, effective October 1, 2011.
G.S. 55-13-25
§ 55-13-25. Payment.
G.S. 55-13-26
§ 55-13-26: Repealed by Session Laws 2011-347, s. 1, effective October 1, 2011.
G.S. 55-13-27
§ 55-13-27. After-acquired shares.
G.S. 55-13-28
§ 55-13-28. Procedure if shareholder dissatisfied with payment or offer.
G.S. 55-13-29
§ 55-13-29. Reserved for future codification purposes.
G.S. 55-13-30
§ 55-13-30. Court Action.
G.S. 55-13-31
§ 55-13-31. Court costs and expenses.
G.S. 55-13-40
§ 55-13-40. Other remedies limited.
Article 14 - Dissolution.
G.S. 55-14-01
§ 55-14-01. Dissolution by incorporators or directors.
G.S. 55-14-02
§ 55-14-02. Dissolution by board of directors and shareholders.
G.S. 55-14-03
§ 55-14-03. Articles of dissolution.
G.S. 55-14-04
§ 55-14-04. Revocation of dissolution.
G.S. 55-14-05
§ 55-14-05. Effect of dissolution.
G.S. 55-14-06
§ 55-14-06. Known claims against dissolved corporation.
G.S. 55-14-07
§ 55-14-07. Unknown and certain other claims against dissolved corporation.
G.S. 55-14-08
§ 55-14-08. Enforcement of claims.
G.S. 55-14-09
§ 55-14-09. Court proceedings.
G.S. 55-14-10 through 55-14-19
§§ 55-14-10 through 55-14-19. Reserved for future codification purposes.
G.S. 55-14-20
§ 55-14-20. Grounds for administrative dissolution.
G.S. 55-14-21
§ 55-14-21. Procedure for and effect of administrative dissolution.
G.S. 55-14-22
§ 55-14-22. Reinstatement following administrative dissolution.
G.S. 55-14-23
§ 55-14-23. Appeal from denial of reinstatement.
G.S. 55-14-24
§ 55-14-24. Inapplicability of Administrative Procedure Act.
G.S. 55-14-25 through 55-14-29
§§ 55-14-25 through 55-14-29. Reserved for future codification purposes.
G.S. 55-14-30
§ 55-14-30. Grounds for judicial dissolution.
G.S. 55-14-31
§ 55-14-31. Procedure for judicial dissolution.
G.S. 55-14-32
§ 55-14-32. Receivership.
G.S. 55-14-33
§ 55-14-33. Decree of dissolution.
G.S. 55-14-34 through 55-14-39
§§ 55-14-34 through 55-14-39. Reserved for future codification purposes.
G.S. 55-14-40
§ 55-14-40. Disposition of amounts due to unavailable shareholders and creditors.
Article 14A - Reorganization.
G.S. 55-14A-01
§ 55-14A-01. Fundamental changes in reorganization proceedings.
Article 15 - Foreign Corporations.
G.S. 55-15-01
§ 55-15-01. Authority to transact business required.
Modified by:
G.S. 55-15-02
§ 55-15-02. Consequences of transacting business without authority.
G.S. 55-15-03
§ 55-15-03. Application for certificate of authority.
G.S. 55-15-04
§ 55-15-04. Amended certificate of authority.
G.S. 55-15-05
§ 55-15-05. Effect of certificate of authority.
G.S. 55-15-06
§ 55-15-06: Repealed by Session Laws 2001-358, s. 18.
G.S. 55-15-07
§ 55-15-07. Registered office and registered agent of foreign corporation.
G.S. 55-15-08
§§ 55-15-08 through 55-15-10: Repealed by Session Laws 2001-358, s. 47(c), effective January 1, 2002.
G.S. 55-15-09
§§ 55-15-08 through 55-15-10: Repealed by Session Laws 2001-358, s. 47(c), effective January 1, 2002.
G.S. 55-15-10
§§ 55-15-08 through 55-15-10: Repealed by Session Laws 2001-358, s. 47(c), effective January 1, 2002.
G.S. 55-15-11 through 55-15-19
§§ 55-15-11 through 55-15-19. Reserved for future codification purposes.
G.S. 55-15-20
§ 55-15-20. Withdrawal of foreign corporation.
G.S. 55-15-21
§ 55-15-21. Withdrawal of foreign corporation by reason of a merger, consolidation, or conversion.
G.S. 55-15-22 through 55-15-29
§§ 55-15-22 through 55-15-29. Reserved for future codification purposes.
G.S. 55-15-30
§ 55-15-30. Grounds for revocation.
G.S. 55-15-31
§ 55-15-31. Procedure for and effect of revocation.
G.S. 55-15-32
§ 55-15-32. Appeal from revocation.
G.S. 55-15-33
§ 55-15-33. Inapplicability of Administrative Procedure Act.
Article 16 - Records and Reports.
G.S. 55-16-01
§ 55-16-01. Corporate records.
G.S. 55-16-02
§ 55-16-02. Inspection of records by shareholders.
G.S. 55-16-03
§ 55-16-03. Scope of inspection right.
G.S. 55-16-04
§ 55-16-04. Court-ordered inspection.
G.S. 55-16-05
§ 55-16-05. Inspection of records by directors.
G.S. 55-16-06
§ 55-16-06. Exception to notice requirements.
G.S. 55-16-07 through 55-16-19
§§ 55-16-07 through 55-16-19. Reserved for future codification purposes.
G.S. 55-16-20
§ 55-16-20. Financial statements for shareholders.
G.S. 55-16-21
§ 55-16-21: Repealed by Session Laws 2005-268, s. 37, effective October 1, 2005.
G.S. 55-16-22
§ 55-16-22. Annual report.
Modified by:
G.S. 55-16-22.1
§ 55-16-22.1. Repealed by Session Laws 1998-228, S.17.
G.S. 55-16-22.2
§ 55-16-22.2. Report of veteran-owned small businesses and service-disabled veteran-owned small businesses.
Article 17 - Transition and Curative Provisions.
G.S. 55-17-01
§ 55-17-01. Applicability of act.
G.S. 55-17-02
§ 55-17-02. Application to qualified foreign corporations.
G.S. 55-17-03
§ 55-17-03. Saving provisions.
G.S. 55-17-04
§ 55-17-04. Severability.
G.S. 55-17-05
§ 55-17-05. Curative statute.