Bill Text: NC S462 | 2015-2016 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Public Authorities/Nonprofit Corporations

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2015-06-29 - Ch. SL 2015-122 [S462 Detail]

Download: North_Carolina-2015-S462-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2015

S                                                                                                                                                    2

SENATE BILL 462

Judiciary II Committee Substitute Adopted 4/14/15

 

Short Title:        Public Authorities/Nonprofit Corporations.		(Public)
Sponsors:
Referred to:

March 26, 2015

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 the Internal Revenue Code."

SECTION 2.  This act is effective when it becomes law.