NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 726

SENATE BILL 414

 

 

AN ACT TO AMEND G.S. 55-50(i), CONCERNING THE PAYMENT OF ADDITIONAL DIVIDENDS, TO EXEMPT CERTAIN CORPORATIONS FROM THE PROVISIONS THEREOF.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subsection (i) of G.S. 55-50 is hereby amended by adding a new sentence at the end thereof, to read as follows:

"This subsection shall not apply to any corporation having total assets of one million dollars ($1,000,000) or more and whose shareholders number seven hundred and fifty (750) or more."

Sec. 2.  This Act shall not affect pending litigation.

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall be in full force and effect on and after its ratification.

In the General Assembly read three times and ratified, this the 28th day of May, 1965.