GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

H	1 

HOUSE BILL 422

Short Title:  N.C. Enterprise Corporations/AB.	(Public)

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Sponsors: Representatives Berry; and Buchanan.

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Referred to:  Business and Labor.

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March 9, 1995

A BILL TO BE ENTITLED
AN ACT TO PROMOTE ECONOMIC DEVELOPMENT BY REMOVING TECHNICAL REQUIREMENTS FOR THE FORMATION OF NORTH CAROLINA ENTERPRISE CORPORATIONS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 53A-45 reads as rewritten:
"§ 53A-45.  Board of directors.
The business and affairs of a North Carolina Enterprise Corporation shall be managed and conducted by a board of directors and by any officers and agents the corporation authorizes in its bylaws.  The initial board of directors shall be those listed in the Articles of Incorporation.  At the initial shareholders meeting, and thereafter annually, the voting common stock shareholders shall elect a board of directors comprised of not less than thirteen members.
				."
Sec. 2.  G.S. 53A-40 is repealed.
Sec. 3.  This act is effective upon ratification.