Well, it's a definate maybe!
According to the NC General Assembly and taken from:
http://www.ncga.state.nc.us/statutes/statutes_in_html/chp0140.html
Specifically look at NC GS 14-409
§ 14-409. Machine guns and other like weapons.
(a) As used in this section, "machine gun" or "submachine
gun" means any weapon which shoots, is designed to shoot, or can be readily restored to shoot, automatically more than one shot, without manual reloading, by a single function of the trigger.
The term shall also include the frame or receiver of any such weapon, any combination of parts designed and intended for use in converting a weapon into a machine gun, and any combination of parts from which a machine gun can be assembled if such parts are in the possession or under the control of a person.
(b) It shall be unlawful for any person, firm or
corporation to manufacture, sell, give away, dispose of, use or possess machine guns, submachine guns, or other like weapons as defined by subsection (a) of this section: Provided, however, that this subsection shall not apply to the following: **
**Which goes on to say bank's, merchant's, etc. may possess an automatic firearm singularly for the protection of the business. Also exempted are members of the U.S. Army when in discharge of their duties.
Interestingly it also specifically says: "officers and soldiers of the militia when called into actual service,". Read that however you would like?!?!
However upon examining NC GS 14-288.8:
GS 14-288.8 (c)(3)
§ 14-288.8. Manufacture, assembly, possession,
storage, transportation, sale, purchase, delivery, or acquisition of weapon of mass death and destruction;
exceptions.
(a) Except as otherwise provided in this section, it is
unlawful for any person to manufacture, assemble, possess, store, transport, sell, offer to sell, purchase, offer to purchase, deliver or give to another, or acquire any weapon of mass death and destruction.
(b) This section does not apply to:
(1) Persons exempted from the provisions of G.S.
14-269 with respect to any activities lawfully engaged in while carrying out their duties.
(2) Importers, manufacturers, dealers, and
collectors of firearms, ammunition, or destructive devices
validly licensed under the laws of the United States or the State of North Carolina, while lawfully engaged in activities authorized under their licenses.
(3) Persons under contract with the United States,
the State of North Carolina, or any agency of either government, with respect to any activities lawfully engaged in under their contracts.
(4) Inventors, designers, ordnance consultants and
researchers, chemists, physicists, and other persons lawfully engaged in pursuits designed to enlarge knowledge or to facilitate the creation, development, or manufacture of weapons of mass death and destruction intended for use in a manner consistent with the laws of the United States and the State of North Carolina.
I suppose a call to the Atty. General's office could clear up what is exactly covered under part 3. But for now it's sort of fuzzy.