Bill Summary for H 517 (2025-2026)
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| View NCGA Bill Details | 2025-2026 Session |
AN ACT TO MAKE VARIOUS CHANGES TO THE NORTH CAROLINA NONPROFIT CORPORATIONS ACT AND TO ALLOW A CHARITABLE ORGANIZATION'S DISCLOSURE UNDER STATE LAW TO BE SATISFIED BY THE ACKNOWLEDGEMENT REQUIRED FOR A TAX DEDUCTION UNDER FEDERAL LAW.Intro. by Rhyne, K. Hall, Chesser, Lofton.
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Bill summary
Senate committee substitute to the 2nd edition makes the following changes.
Modifies GS 55A-11B-02 (domestication of foreign nonprofits) so that when there is a merger involving a charitable or religious corporation, the domesticating corporation must continue, in the state to which it domesticated, to be a charitable or religious corporation or a corporation that would qualify as charitable or religious under GS Chapter 55A after domestication. (Was, domesticating corporation must meet the same requirements as the survivor in a merger.) Inserts missing word into GS 55A-11A-04(7)(b) (effects of conversion) so that upon conversion, the resulting domestic nonprofit converts from the converting business entity into its new form of organization without interruption (previously, missing “without”).