- Title
- Public laws and resolutions passed by the General Assembly at its session of ...[1935]
-
-
- Date
- 1935
-
-
- Creator
- ["North Carolina."]
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- Place
- ["North Carolina, United States"]
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Public laws and resolutions passed by the General Assembly at its session of ...[1935]
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312
1935 — Chapter 290 — 291
Title of Act.
Definitions.
“Corporation.”
“Person.”
“Acquire.”
“Law."
“Federal agency."
days prior to the issuance of said bonds or notes”; by strik¬
ing out in linos seven and eight of said section the words
“since March first, one thousand nine hundred twenty-nine”
and inserting in lieu thereof the words “prior to passage of
such resolution,”
Sec. 5. That this Act shall be in full force and effect from
and after its ratification.
Ratified this the 3rd day of May, A. D. 1935.
S.B. 427 CHAPTER 291
AN ACT PROVIDING FOR THE FORMATION OF NON¬
PROFIT MEMBERSHIP CORPORATIONS TO BE
KNOWN AS ELECTRIC MEMBERSHIP CORPORATIONS
FOR THE PURPOSE OF PROMOTING AND ENCOUR¬
AGING THE FULLEST POSSIBLE USE OF ELECTRIC
ENERGY IN THE STATE BY MAKING ELECTRIC
ENERGY AVAILABLE TO THE INHABITANTS OF
THE STATE AT THE LOWEST COST CONSISTENT
WITH SOUND ECONOMY AND PRUDENT MANAGE¬
MENT OF THE BUSINESS OF SUCH CORPORATIONS;
PROVIDING FOR THE RIGHTS, POWERS AND DUTIES
OF SUCH CORPORATIONS; AUTHORIZING AND REG¬
ULATING THE ISSUANCE OF BONDS BY SUCH COR¬
PORATIONS; AND PROVIDING FOR THE PAYMENT
OF SUCH BONDS.
The General Assembly of North Carolina do enact:
Section 1. That this act may be cited as the “Electric
Membership Corporation Act”.
Sec. 2, That the following terms, whenever used or referred
to in this act, shall have the following meanings, unless a dif¬
ferent meaning clearly appears from the context:
(a) “corporation” shall mean a corporation formed under
this act.
(b) “person” shall mean and include natural persons, firms,
associations, corporations, business trusts, partnerships and
bodies politic.
(c) “acquire” shall mean acquire by purchase, lease, devise,
gift or other mode of acquisition.
(d) “law” shall mean any act or statute, general, special
or local of this State.
(e) “federal agency” shall mean and include the United
States of America, the President of the United States of
America, the Federal Emergency Administrator of Public
Works and any and all other authorities, agencies, and instru-
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