NC H458

Expands the definition of "corporation, foreign or domestic, authorized to do business in North Carolina" to include limited liability companies (both domestic and foreign) in addition to traditional corporations.

Allows nonprofit corporations that acquire hospital facilities to sell, lease, or convey those facilities to for-profit corporations while maintaining the municipality or hospital authority's reverter interest through a revised procedure.

Adds a new streamlined procedure allowing hospital owners or lessees to request release of a municipality's or hospital authority's reverter interest when proposing to sell, lease, or convey a facility to another entity, eliminating the standard multi-step solicitation requirements.

Modifies reverter provisions to apply to successors in interest or title to hospital facilities and permits recovery of depreciated value for assets constructed or acquired after the initial conveyance.

Effective immediately upon enactment and retroactively validates hospital conveyances that occurred in substantial compliance with the bill's procedures prior to its effective date.