North Carolina General Statutes Chapter 124 Internal Improvements

Article 1 - General Provisions.

N.C. Gen. Stat. § 124-1. Control of internal improvements
The Governor and Council of State shall have charge of all the State's interest in all railroads, canals and other works of internal improvements....
N.C. Gen. Stat. § 124-2. State deemed shareholder in corporation accepting appropriation
When an appropriation is made by the State to any work of internal improvement conducted by a corporation, the State shall be considered, if...
N.C. Gen. Stat. § 124-3. Report of railroad, canal, etc.; contents
(a) The president or other chief officer of every railroad, canal, or other public work of internal improvement in which the State owns an...
N.C. Gen. Stat. § 124-4. Repealed by Session Laws 2000-146, s. 4
N.C. Gen. Stat. § 124-5. Approval of encumbrance on State's interest in corporations
(a) No corporation or company in which the State owns the majority of any class of voting stock shall sell, lease, mortgage, or otherwise...
N.C. Gen. Stat. § 124-5.1. North Carolina Railroad Company dividends deposited to Highway Fund
Any dividends of the North Carolina Railroad Company received by the State shall be deposited into the Freight Rail & Rail Crossing Safety Improvement...
N.C. Gen. Stat. § 124-6. Appointment of proxies, director of railroad companies, etc
(a) The Governor shall appoint on behalf of the State all such officers or agents as, by any act, incorporating a company for the...
N.C. Gen. Stat. § 124-7. Power of investigation of corporations
The Governor and Council of State shall have the power to investigate the affairs of any corporation or association described in G.S. 124-3 and...
N.C. Gen. Stat. § 124-8. Reserved for future codification purposes
N.C. Gen. Stat. § 124-9. Reserved for future codification purposes
N.C. Gen. Stat. § 124-10. Reserved for future codification purposes

Article 2 - State-Owned Railroad Company.

N.C. Gen. Stat. § 124-11. Definition
As used in this Chapter, the term "State-Owned Railroad Company" shall mean a railroad company in which the State owns all of the voting...
N.C. Gen. Stat. § 124-12. Powers of a State-owned railroad company
A State-owned railroad company shall have, in addition to the powers of any railroad corporation, the power to: (1) Lease, license, or improve property....
N.C. Gen. Stat. § 124-13. Effect on State-owned railroad company charter
Nothing in this Chapter repeals or modifies any State-owned railroad company charter or limits the rights of the shareholders of the company as provided...
N.C. Gen. Stat. § 124-14. Reserved for future codification purposes
N.C. Gen. Stat. § 124-15. Board of directors; appointment and approval of encumbrances
(a) Notwithstanding subsection (a) of G.S. 124-6, for any State-owned railroad company that has trackage in more than two counties, seven of the members...
N.C. Gen. Stat. § 124-16. Strategic plan and capital investment plan required of State-owned railroad company; performance management system
(a) Any State-owned railroad company shall prepare and maintain a comprehensive strategic plan and a capital investment plan. The strategic plan shall include a...
N.C. Gen. Stat. § 124-17. Enhanced annual report of State-owned railroad company; additional reporting requirements to Governor and General Assembly
(a) A State-owned railroad company shall submit an annual report to the Joint Legislative Commission on Governmental Operations and the Joint Legislative Transportation Oversight...
N.C. Gen. Stat. § 124-18. Dividends required of State-owned railroad company
Any State-owned railroad company that has trackage in more than two counties shall issue an annual cash dividend to the State. The amount of...

Last modified: March 23, 2014