NC S462

Public authorities in North Carolina are authorized to establish, control, and operate nonprofit corporations that are created under Chapter 55A of the General Statutes and hold tax-exempt status under the Internal Revenue Code.

These nonprofit corporations may be created to further the authorized purposes of the public authority that establishes them.

Nonprofit corporations established under this authority are prohibited from having regulatory or enforcement powers and cannot engage in partisan political activity.

The law amends Article 3 of Chapter 159 of the General Statutes by adding a new Part 8 regarding nonprofit corporations established by public authorities.

The act became effective upon ratification on June 29, 2015.