Subject to approval by the voters at the November 2012 general election, adds a new Section 25 to Article II of the North Carolina Constitution, effective upon certification, setting term limits as follows: (1) no person may be elected to more than four consecutive terms to the House of Representatives (House) and (2) no person may be elected to more than four consecutive terms to the Senate. Also provides that if a person fills a vacancy and takes office during the first calendar year of the term, the filling of that vacancy is considered as election to a term for the purpose of the term limits proposed in new Section 25. Provides that terms of office beginning before January 1, 2011, are not to be considered for the purpose of Section 25. Prohibits a person disqualified under proposed Section 25 from election to the next succeeding term from filling a vacancy in the succeeding term.