NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 303

SENATE BILL 436

 

 

AN ACT TO AMEND G.S. 55-45 TO AUTHORIZE THE TRANSFERABILITY OF STOCK OPTIONS IF SO PROVIDED IN THE TERMS OF THE OPTION.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Chapter 55 of the General Statutes is hereby amended by deleting from subsection (a) of G.S. 55-45 the following:

", which shall be nontransferable except by operation of law", and by inserting in lieu thereof the following:

", which may, if so provided by the plan, be nontransferable otherwise than by will or the laws of descent and distribution".

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 15th day of May, 1975.