A BILL TO BE ENTITLED
AN ACT to clarify that a public authority may establish, own, and operate a nonprofit corporation with tax exempt status.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 3 of Chapter 159 of the General Statutes is amended by adding a new Part to read as follows:
"PART 8.
"NONPROFIT CORPORATION ESTABLISHED BY PUBLIC AUTHORITY.
"§ 159‑42.1.  Establishment of nonprofit corporation by public authority authorized.
A public authority may establish, own, and operate a nonprofit corporation that is created under Chapter 55A of the General Statutes and is a tax exempt organization under section 501(c)(3) of the Internal Revenue Code."
SECTION 2.  This act is effective when it becomes law.