North Carolina Statutes

Chapter 54 Cooperative Organizations

Article 1 - Organization.

Article 2 - Shares and Shareholders.

Article 2A - Savings Accounts.

Article 3 - Loans.

Article 4 - Under Control of Administrator of the Savings and Loan Division.

Article 5 - Foreign Associations.

Article 5A - Reserves.

Article 6 - Withdrawals.

Article 7 - Statements of Financial Condition of Associations.

Article 7A - Mutual Deposit Guaranty Associations.

Article 8 - Organization and Powers.

  • § 54-45   Application of term
    The term "land and loan associations" shall apply to and include all corporations, companies, societies or associations organized for the purpose of making loans to...
  • § 54-46   Incorporation and powers
    Land and loan associations shall be incorporated, supervised, and be subject to such regulations and have such privileges as are prescribed for building and loan...
  • § 54-47   Loans
    The board of directors of land and loan associations may contract for loans to the amount of seventy‑five percent (75%) of the securities used by...
  • § 54-48   Reserve associations
    Associations to be known as "reserve land and loan associations" may be chartered and licensed as provided in this Article, when they are organized and...
  • § 54-49   Land Conservation and Development Bureau; land mortgage associations
    Recognizing that agriculture is the most fundamental wealth‑producing occupation of the State and that land is the basis of agriculture, the General Assembly of North...
  • § 54-50   Number of incorporators; capital stock
    Any number of persons, resident freeholders of the State, not less than 15, may associate to establish an association on the terms and conditions and...
  • § 54-51   Incorporation
    The articles of incorporation shall be in writing, signed and acknowledged by the incorporators and shall contain the following: (1) The declaration that they are...
  • § 54-52   Organization
    The incorporators at their first annual meeting shall elect by ballot from their number a board of trustees of not less than six members who...
  • § 54-53   Corporate powers
    Said land mortgage association shall have power: (1) To make loans, the conditions of which shall be approved by the Commissioner of Banks if the...
  • § 54-54   Restrictions
    All mortgage obligations acquired by the company shall be subject to the following restrictions: (1) Each such mortgage shall be a first and valid lien...
  • § 54-55   Mortgage forms; approval
    The mortgages to be given to the association, the bonds to be issued and the trust deed executed to secure the bonds shall be in...
  • § 54-56   Repayment of loan and interest
    The prospective borrower may be required to pay all expenses incidental to the examination of title and appraisal of the property. The total amount shall...
  • § 54-57   Terms of payment
    A borrower may repay his loan by installments of such frequency and amounts as may be agreed upon: Provided, that not less than one percent...
  • § 54-58   Transfer of mortgaged lands
    The acquirer of any lands mortgaged to a land mortgage association shall enter at once, on the acquisition of the land, into a written agreement...
  • § 54-59   Calling in loans before due
    Every land mortgage association shall have the power to call in loans upon 60 days' notice: (1) When the person acquiring the lands upon which...
  • § 54-60   Partial recall of debt
    The association may require a suitable partial repayment of the debt if the mortgaged premises may have at any time become depreciated in value from...
  • § 54-61   Foreclosure
    Whenever any loan is called in and the borrower shall fail to pay the principal and interest due to the association as required by law...
  • § 54-62   Appraisal of lands
    Upon application for a loan the land mortgage association shall cause the lands which it is proposed to mortgage to the association to be appraised...
  • § 54-63   Preference prohibited; association borrowing money
    No land mortgage association, and no officer or agent thereof, shall give any preference to any creditor by pledging any of the assets of such...
  • § 54-64   Bond issues
    (a) The bonds to be issued by any land mortgage association may be issued for such amounts, bearing such serial number, and date or dates,...
  • § 54-65   Deed of trust
    (a) To secure the payment of such bonds, the land mortgage association shall issue a collateral deed of trust to the State Treasurer, pledging as...
  • § 54-66   Collaterals deposited with State Treasurer
    All mortgages pledged to secure the payment of the bonds issued hereunder shall be deposited and left with the State Treasurer. The land mortgage association...
  • § 54-67   Redemption of bonds
    (a) Notice of redemption of bonds may on no account be given on the part of the holder thereof, but may be given by the...
  • § 54-68   Validity of bonds after maturity
    In case the holder of any bond outstanding shall not have presented the same for payment within the period of two years after its maturity...
  • § 54-69   Bonds as payment
    If the association gives notice to a debtor for repayment of the mortgage loan the latter must pay to the association in cash or in...
  • § 54-70   Bonds as investments
    The bonds of a land mortgage association shall be a legal investment for savings associations, trust companies, or other financial institutions chartered under the laws...
  • § 54-71   Application of earnings; reserve fund
    The gross earnings of the association shall be ascertained annually, and there shall first be deducted therefrom the expenses incurred by the association for the...
  • § 54-72   Restriction on holding real estate
    No land mortgage association shall acquire real estate (other than for the occupation of its offices) except to protect its interest in case any of...
  • § 54-73   Banking laws applicable
    The statutes relating to banks and banking in this State, that is, G.S. 53‑1 to 53‑158 [G.S. 53‑1 to 53‑242], insofar as applicable and not...

Article 9 - Credit Union Division; Administrator of Credit Unions.

Article 10 - Incorporation of Credit Unions.

Article 11 - Powers of Credit Unions.

Article 12 - Shares in the Corporation.

Article 13 - Members and Officers.

Article 14 - Supervision and Control.

Article 14A - Formation of Credit Union.

  • § 54-109.1   Definition and purposes
    A credit union is a cooperative, nonprofit association, incorporated under Articles 14A to 14L of this Chapter, for the purposes of encouraging thrift among its...
  • § 54-109.2   Organization procedure
    (a) Any 12 or more residents of this State, of legal age, who have a common bond referred to in G.S. 54‑109.26 may make application...
  • § 54-109.3   Form of articles and bylaws
    In order to simplify the organization of credit unions, the Administrator of Credit Unions shall cause to be prepared a form of articles of incorporation...
  • § 54-109.4   Amendments
    (a) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall...
  • § 54-109.5   Use of name exclusive
    With the exception of a credit union organized under the provisions of Articles 14A to 14L of this Chapter or of any other credit union...
  • § 54-109.6   Office facilities
    (a) A credit union may maintain service facilities at locations other than its main office if the maintenance of such offices is reasonably necessary to...
  • § 54-109.7   Conducting business outside this State
    A credit union incorporated under this Subchapter may conduct business outside of this State in any state where it is permitted to conduct business as...
  • § 54-109.8   Reserved for future codification purposes
  • § 54-109.9   Reserved for future codification purposes

Article 14B - Supervision and Regulation.

  • § 54-109.10   Creation and supervision of Division
    There shall be established in the North Carolina Department of Commerce a Credit Union Division which shall be under the supervision of the Administrator of...
  • § 54-109.11   Duties of Administrator
    The duties of the Administrator of Credit Unions shall be as follows: (1) To organize and conduct in the State Department of Commerce, a bureau...
  • § 54-109.12   Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations
    In addition to any and all other powers, duties and functions vested in the Administrator of Credit Unions under the provisions of this Article, the...
  • § 54-109.13   Revocation of certificate; liquidation
    If any such corporation shall neglect to make its annual report, as provided in this Article, or any other report required by the Administrator of...
  • § 54-109.14   Fees
    (a) Each credit union subject to supervision and examination by the Administrator of Credit Unions, including credit unions in process of voluntary liquidation, shall pay...
  • § 54-109.15   Reports
    (a) Credit unions organized under Articles 14A to 14L of this Chapter shall, in January and in July of each year, make a report of...
  • § 54-109.16   Annual examinations required; payment of cost
    The Administrator of Credit Unions shall cause every such corporation to be examined once a year and whenever he deems it necessary. The examiners appointed...
  • § 54-109.17   Records
    (a) A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Administrator from time to time...
  • § 54-109.18   Selection of attorneys to handle loan-closing proceedings
    The Administrator of Credit Unions shall establish rules and regulations relating to selection of attorneys‑at‑law to handle credit union loan closing proceedings. (1977, c. 559,...
  • § 54-109.19   Removal of officers
    (a) The Administrator of Credit Unions shall have the right and is hereby empowered to serve a written notice of his intention to remove from...
  • § 54-109.20   Reserved for future codification purposes

Article 14C - Powers of Credit Union.

  • § 54-109.21   General powers
    A credit union may: (1) Make contracts; (2) Sue and be sued; (3) Adopt and use a common seal and alter the seal; (4) Acquire,...
  • § 54-109.22   Incidental powers
    A credit union may exercise such incidental powers such as are necessary or requisite to enable it to promote and carry on most effectively its...
  • § 54-109.23 through 54-109.25   Reserved for future codification purposes

Article 14D - Membership.

  • § 54-109.26   "Membership" defined
    (a) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such other persons...
  • § 54-109.27   Societies and other associations
    Societies, and copartnerships composed primarily of individuals who are eligible to membership, and corporations whose stockholders are composed primarily of such individuals, may be admitted...
  • § 54-109.28   Other credit unions
    Any credit union organized under Articles 14A to 14L of this Chapter may permit membership of any other credit union organized under Articles 14A to...
  • § 54-109.29   Members who leave field
    Members who leave the field of membership may be permitted to retain their membership in the credit union as a matter of general policy of...
  • § 54-109.30   Liability of shareholders
    A shareholder of any such corporation, unless the bylaws so provide, shall not be individually liable for the payment of its debts for an amount...
  • § 54-109.31   Meetings of members
    (a) The annual meeting and any special meetings of the members of the credit union shall be held at the time, place, and in the...
  • § 54-109.32 through 54-109.34   Reserved for future codification purposes

Article 14E - Direction of Affairs.

  • § 54-109.35   Election or appointment of officials
    (a) The credit union shall be directed by a board of directors, at least five in number, to be elected at the annual members' meeting...
  • § 54-109.36   Record of board and committee members
    Within 15 days following the board of directors' initial or annual organization meeting, a record of the names and addresses of the members of the...
  • § 54-109.37   Vacancies
    The board of directors shall fill any vacancies occurring in the board until successors elected at the next annual meeting have qualified. The board shall...
  • § 54-109.38   Compensation of officials
    No member of the board of directors or of the credit committee or supervisory committee shall be compensated for his service in this position, but...
  • § 54-109.39   Conflicts of interest
    No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or...
  • § 54-109.40   Executive officers
    (a) At their organization meeting and within 30 days following each annual meeting of the members, the directors shall elect from their own number an...
  • § 54-109.41   Authority of directors
    The board of directors shall have the general direction of the business affairs, funds, and records of the credit union. (1975, c. 538, s. 1.)
  • § 54-109.42   Executive committee
    From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to...
  • § 54-109.43   Meetings of directors
    The board of directors and the executive committee shall meet as often as the bylaws prescribe. (1915, c. 115, s. 8; C.S., s. 5232; 1975,...
  • § 54-109.44   Duties of directors
    It shall be the duty of the directors to: (1) Act upon applications for membership or to appoint one or more membership officers to approve...
  • § 54-109.45   Authority of credit committee
    The credit committee shall have the general supervision of all loans to members. (1915, c. 115, s. 11; C.S., s. 5235; 1961, c. 1187, s....
  • § 54-109.46   Meetings of credit committee
    The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider...
  • § 54-109.47   Loan officers
    (a) The credit committee may appoint one or more loan officers and delegate the power to approve loans, subject to such limitations or conditions as...
  • § 54-109.48   When credit committee dispensed with
    The credit committee may be dispensed with, and loan officer(s) empowered to approve or disapprove loans under conditions prescribed by the board of directors. In...
  • § 54-109.49   Duties of supervisory committee
    The supervisory committee shall make or cause to be made an annual audit, in accordance with rules and regulations promulgated by the Administrator of Credit...
  • § 54-109.50 through 54-109.52   Reserved for future codification purposes

Article 14F - Savings Accounts.

  • § 54-109.53   Shares
    (a) The capital of a credit union consists of the payments made by members on shares, undivided surplus, and reserves. (b) Shares may be subscribed...
  • § 54-109.54   Dividends
    The board of directors of any credit union may declare dividends as its bylaws provide. (1915, c. 115, s. 22; C.S., s. 5223; 1925, c....
  • § 54-109.55   Deposits
    A credit union may receive on deposit the savings of its members and also nonmembers in such amounts and upon such terms as the board...
  • § 54-109.56   Thrift accounts
    Christmas clubs, vacation clubs, and other thrift accounts may be operated under conditions established by the board of directors. (1975, c. 538, s. 1.)
  • § 54-109.57   Payable on Death (POD) accounts
    (a) Shares may be issued to and deposits received from any person or persons establishing an account who shall execute a written agreement with the...
  • § 54-109.58   Joint accounts
    (a) Shares may be issued to and deposits received from any two or more persons opening or holding an account or accounts, but no joint...
  • § 54-109.59   Liens
    The credit union shall have a lien on the shares, deposits and accumulated dividends or interest of a member in his individual, joint or trust...
  • § 54-109.60   Repealed by Session Laws 1977, c. 559, s. 6
  • § 54-109.61   Reduction in shares
    (a) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings...
  • § 54-109.62   Reserved for future codification purposes
  • § 54-109.63   Personal agency accounts
    (a) A person may open a personal agency account by written contract containing a statement that it is executed pursuant to the provisions of this...
  • § 54-109.64   Reserved for future codification purposes

Article 14G - Loans.

  • § 54-109.65   Purposes, terms and interest rate
    A credit union may loan to its members for such purpose and upon such security and terms as the board of directors prescribes at rates...
  • § 54-109.66   Application
    Every application for a loan shall be made in writing upon a form, which the board of directors prescribe. The application shall state the purpose...
  • § 54-109.67   Loan limit
    No loan shall be made to any member in an aggregate amount in excess of ten percent (10%) of the credit union's unimpaired capital and...
  • § 54-109.68   Security
    In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares, in a...
  • § 54-109.69   Installments
    A member may receive a loan in installments, or in one sum, and may pay the whole or any part of his loan on any...
  • § 54-109.70   Line of credit
    A line of credit and advances may be granted to each member within guidelines established by the board of directors. Where a line of credit...
  • § 54-109.71   Other loan programs
    (a) A credit union may participate in loans to credit union members jointly with other credit unions, corporations, or financial organizations. (b) A credit union...
  • § 54-109.72 through 54-109.74   Reserved for future codification purposes

Article 14H - Insurance and Group Purchasing.

  • § 54-109.75   Insurance for members
    (a) A credit union may purchase or make available insurance for its members in amounts related to their respective ages, shares, deposits or loan balances...
  • § 54-109.76   Liability insurance for officers
    A credit union may purchase and maintain liability insurance on behalf of any person who is or was a director, officer, employee, or agent of...
  • § 54-109.77   Group purchasing
    A credit union may enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of such goods and services as are in the interest...
  • § 54-109.78   Share and deposit insurance
    (a) All credit unions established under this Chapter shall, no later than July 1, 1976, apply for insurance of member share and deposit accounts from...
  • § 54-109.79 through 54-109.81   Reserved for future codification purposes

Article 14I - Investments.

Article 14J - Reserve Allocations.

  • § 54-109.86   Transfers to regular reserve
    (a) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a regular...
  • § 54-109.87   Use of regular reserve
    The regular reserve shall belong to the credit union and shall be used to meet losses except those resulting from an excess of expenses over...
  • § 54-109.88   "Risk assets" defined
    For the purpose of establishing the reserves required by G.S. 54‑109.86, all assets except the following shall be considered risk assets: (1) Cash on hand....
  • § 54-109.89 through 54-109.91   Reserved for future codification purposes

Article 14K - Change in Corporate Status.

  • § 54-109.92   Suspension and conservation
    (a) The Administrator of Credit Unions may determine in the performance of his duties under this Subchapter that a credit union is insolvent or in...
  • § 54-109.93   Liquidation
    (a) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section. (b) The board of directors...
  • § 54-109.94   Merger
    Any credit union may, with the approval of the Administrator of Credit Unions, merge with another credit union subject to the rules and regulations set...
  • § 54-109.95   Conversion of charter
    (a) A credit union chartered under the laws of this State may be converted to a credit union chartered under the laws of any other...
  • § 54-109.96 through 54-109.98   Reserved for future codification purposes

Article 14L - Taxation.

Article 14M - Confidential Information.

Article 14N - Foreign Credit Unions.

  • § 54-109.106   Foreign Credit Unions
    (a) A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in...

Article 15 - Central Associations.

Article 15A - Corporate Credit Union.

  • § 54-110.1   Definition and purposes
    (a) A corporate credit union may be incorporated under this Article and shall be subject to all parts of this Chapter not inconsistent with this...
  • § 54-110.2   Membership
    (a) Membership in the corporate credit union shall be institutional and be limited to the subscribers to the articles of incorporation, credit unions organized under...
  • § 54-110.3   Charter and name exclusive
    Only one corporate credit union shall be incorporated under this Article; and no other credit union may use the term "corporate credit union" as a...
  • § 54-110.4   Organization
    (a) Application to form a corporate credit union shall be made in writing to the Administrator of Credit Unions. The application shall contain the names...
  • § 54-110.5   Powers and privileges
    (a) A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under Chapter 54 of the General Statutes in...
  • § 54-110.6   Participation in central system
    The corporate credit union may enter into agreements for the purpose of participation in any state or federal central liquidity facility or central financial system...
  • § 54-110.7   Right of set-off; security interest
    (a) The corporate credit union shall have a right of immediate set‑off against the balances of the share and deposit accounts of each member for...
  • § 54-110.8   Fees
    The operating fees established by the Administrator of Credit Unions shall make allowances for the special purposes and operations of a corporate credit union. (1983,...
  • § 54-110.9   Reserves
    A corporate credit union shall be exempt from the regular reserve requirements of Article 14J, but shall be required to establish and maintain an equity...
  • § 54-110.10   Applicability of Article
    Nothing in this Article shall be construed as affecting the status of a central association formed prior to the enactment of this Article pursuant to...

Article 16 - Organization of Associations.

  • § 54-111   Nature of the association
    Any number of persons, not less than five, may associate themselves as a mutual association, society, company, or exchange, for the purpose of conducting any...
  • § 54-111.1   Repealed by Session Laws 1959, c. 991
  • § 54-112   Use of term restricted
    No corporation or association hereafter organized or doing business for profit in this State shall be entitled to use the term "mutual" as part of...
  • § 54-113   Articles of agreement
    The persons desiring to organize such association shall sign and acknowledge written articles which shall contain the name of the association and the names and...
  • § 54-114   Certificate of incorporation
    The original articles of incorporation of corporations organized under this Subchapter, or a true copy thereof, verified as such by the affidavits of two of...
  • § 54-115   Fees for incorporation
    For filing the articles of incorporation of corporations organized under this Subchapter, there shall be paid the Secretary of State ten dollars ($10.00) and his...
  • § 54-116   Bylaws adopted
    At the time of making the articles of incorporation the incorporators shall make bylaws which shall provide: (1) The name of the corporation. (2) The...
  • § 54-117   General corporation law or general nonprofit corporation law applied; dealing in products of, or renting to, nonmembers
    All mutual associations shall be maintained in accordance with the general corporation law or general nonprofit corporation law, except as otherwise provided for in this...
  • § 54-118   Other corporations admitted
    All mutual corporations, companies, or associations heretofore organized and doing business under other incorporation statutes, or which have attempted to so organize and do business,...
  • § 54-118.1   License taxes
    On and after June 1, 1955, the provisions of Article 2, Subchapter I of Chapter 105 of the General Statutes of North Carolina shall apply...
  • § 54-118.2   Franchise taxes
    On and after July 1, 1955, the provisions of Article 3, Subchapter I of Chapter 105 of the General Statutes of North Carolina shall apply...

Article 17 - Stockholders and Officers.

  • § 54-119   Certificate for stock fully paid
    Certificates of stock shall not be issued to any subscriber until fully paid, but the bylaws of the association may allow subscribers to vote as...
  • § 54-120   Ownership of shares limited
    No shareholder in any such association shall own shares of a greater aggregate par value than twenty percent (20%) of the paid‑in capital stock, except...
  • § 54-121   Shares issued on purchase of business
    Whenever an association, created under this Subchapter, shall purchase the business of another association or person, it may pay for the same in whole or...
  • § 54-122   Absent members voting
    At any regularly called general or special meeting of the shareholders a written vote received by mail from any absent shareholder, and signed by him,...
  • § 54-123   Directors and other officers
    Every such association shall be managed by a board of not less than five directors. The directors shall be elected by and from the stockholders...

Article 18 - Powers and Duties.

  • § 54-124   Nature of business authorized
    An association created under this Subchapter shall have power to conduct any agricultural, housing, horticultural, forestry, dairy, mercantile, mining, manufacturing, telephone, electric light, power, storage,...
  • § 54-125   Amendment of articles
    The association may amend its articles of incorporation by a majority vote of its shareholders at any regular shareholders' meeting, or any special shareholders' meeting...
  • § 54-126   Apportionment of earnings
    The net earnings or losses shall be apportioned among the members in accordance with the ratio which each member's patronage during the period involved bears...
  • § 54-127   Time of allocation
    The profits or net earnings of such association shall be allocated to those entitled thereto, at such times as the bylaws shall prescribe, which shall...
  • § 54-128   Annual reports
    Every association organized under the provisions of this Subchapter shall annually, on or before the first day of March of each year, make a report...

Article 19 - Purpose and Organization.

  • § 54-129   Declaration of policy
    In order to promote, foster, and encourage the intelligent and orderly producing and marketing of agricultural products through cooperation, and to eliminate speculation and waste,...
  • § 54-130   Definitions and nature
    As used in this Subchapter (1) Agricultural Products. The term "agricultural products" shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee, and any farm products....
  • § 54-131   Who may organize
    Three or more persons engaged in the production of agricultural products may form a nonprofit, cooperative association, with or without capital stock, under the provisions...
  • § 54-132   Purposes
    An association may be organized to engage in any activity in connection with the producing, marketing or selling of the agricultural products of its members...
  • § 54-133   Preliminary investigation
    Every group of persons contemplating the organization of an association under this Subchapter is urged to communicate with the Chief of the Division of Markets,...
  • § 54-134   Articles of incorporation
    Each association formed under this Subchapter must prepare and file articles of incorporation, setting forth: (1) The name of the association. (2) The purposes for...
  • § 54-135   Amendments to articles of incorporation
    (a) An association may amend its charter from time to time in any and as many respects as may be desired, so long as its...
  • § 54-136   Bylaws
    Each association incorporated under this Subchapter must, within 30 days after its incorporation, adopt for its government and management a code of bylaws, not inconsistent...
  • § 54-137   General and special meetings; how called
    In its bylaws each association shall provide for one or more regular meetings annually. The board of directors shall have the right to call a...
  • § 54-138   Conflicting laws not to apply
    Any provisions of law which are in conflict with this Subchapter shall not be construed as applying to the associations herein provided for. (1921, c....
  • § 54-140   Association heretofore organized may adopt the provisions of this Subchapter
    Any corporation or association organized under previously existing statutes may, by a majority vote of its stockholders or members, be brought under the provisions of...
  • § 54-141   Associations not in restraint of trade
    No association organized hereunder shall be deemed to be a combination in restraint of trade or an illegal monopoly; or an attempt to lessen competition...
  • § 54-142   Application of North Carolina Business Corporation Act to cooperative associations with capital stock
    The provisions of the North Carolina Business Corporation Act (Chapter 55 of the General Statutes) shall apply, so far as appropriate, to every cooperative association...
  • § 54-142.1   Application of Nonprofit Corporation Act to cooperative associations without capital stock
    The provisions of the Nonprofit Corporation Act (Chapter 55A of the General Statutes) shall apply, so far as appropriate, to every cooperative association without capital...
  • § 54-143   License taxes
    On and after June 1, 1955, the provisions of Article 2, Subchapter I of Chapter 105 of the General Statutes of North Carolina shall apply...
  • § 54-143.1   Franchise taxes
    On and after July 1, 1955, the provisions of Article 3, Subchapter I of Chapter 105 of the General Statutes of North Carolina shall apply...
  • § 54-144   Filing fees
    For filing articles of incorporation, an association organized hereunder shall pay ten dollars ($10.00); and for filing an amendment to the articles, two and one‑half...

Article 20 - Members and Officers.

  • § 54-145   Members
    (a) Under the terms and conditions prescribed in its bylaws, an association may admit as members, or issue common stock, only to persons engaged in...
  • § 54-146   Directors; election
    (a) The affairs of the association shall be managed by a board of not less than three directors, elected by the members or stockholders from...
  • § 54-147   Election of officers
    The directors shall elect a president, one or more vice‑presidents, a secretary and treasurer who need not be directors, and they may combine the offices...
  • § 54-148   Stock; membership certificates; when issued; voting; liability; limitation on transfer of ownership
    (a) When a member of an association established without capital stock has paid his membership fee in full, he shall receive a certificate of membership....
  • § 54-149   Removal of officer or director
    Any member may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition...
  • § 54-150   Referendum
    Upon demand of one third of the entire board of directors, any matter that has been approved or passed by the board must be referred...

Article 21 - Powers, Duties, and Liabilities.

Article 22 - Merger, Consolidation and Other Fundamental Changes.

  • § 54-159   Procedure for merger
    (a) Any two or more domestic associations organized under this Subchapter, either with or without capital stock, may merge into any one of such associations...
  • § 54-160   Procedure for consolidation
    (a) Any two or more domestic associations organized under this Subchapter, either with or without capital stock, may consolidate into a new association pursuant to...
  • § 54-161   Approval of merger or consolidation; abandonment
    (a) A plan of merger or consolidation shall be adopted in the following manner: The board of directors of each merging or consolidating association shall...
  • § 54-162   Articles of merger or consolidation
    (a) Upon such approval, articles of merger or articles of consolidation shall be executed by each association and filed as provided in G.S. 55A‑4, except...
  • § 54-163   Effect of merger or consolidation
    When such merger or consolidation has been effected: (1) The several associations, parties to the plan of merger or consolidation, shall be a single association...
  • § 54-164   Merger or consolidation of domestic and foreign associations
    (a) One or more domestic associations organized under this Subchapter and one or more foreign corporations engaging in any activity such as is described in...
  • § 54-165   Sale, lease or exchange of assets; mortgage or pledge of assets
    (a) A sale, lease, or exchange of all, or substantially all, the property and assets of an association organized under the provisions of this Subchapter...
  • § 54-166   Rights of objecting members
    (a) Any member of an association effecting a merger or consolidation may give to the association prior to or at the meeting of the members...