1965/66/67 session laws – Ch.13 Sec.1

G. S. 55-4(b) is hereby rewritten to read as follows: (b) Any such document required to be filed shall be completely effective when endorsed by the Secretary of State as provided in subsection (a) -5 above and the transaction to be effectuated thereby shall thereupon be deemed to be completely consummated as if all the required recording had been perfected, provided, however, that in lieu of the time of such endorsement by the Secretary of State, such document may fix an hour, day, month and year not more than twenty days subsequent to the endorsement of the Secretary of State and the transaction shall be deemed to be completely consummated at the time fixed by such document as if all the required recording had been perfected. Unless otherwise provided in this Chapter with respect to some specific document, failure to deliver it for recording in the office of the Clerk of the Superior Court shall only subject the corporation to a penalty of one hundred dollars ($100.00) to be collected by the Secretary of State.