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 them as collateral, where the loans are on long time (three or more years), and for at least one percent (1%) less than is charged by such associations on their loans to shareholders; and they may make short loans to their shareholders on their shares and personal endorsement or personal property. (1915, c. 172, s. 3; C.S., s. 5206.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54 - Cooperative Organizations
Article 8 - Organization and Powers.
§ 54-45 - Application of term.
§ 54-46 - Incorporation and powers.
§ 54-48 - Reserve associations.
§ 54-49 - Land Conservation and Development Bureau; land mortgage associations.
§ 54-50 - Number of incorporators; capital stock.
§ 54-55 - Mortgage forms; approval.
§ 54-56 - Repayment of loan and interest.
§ 54-58 - Transfer of mortgaged lands.
§ 54-59 - Calling in loans before due.
§ 54-60 - Partial recall of debt.
§ 54-63 - Preference prohibited; association borrowing money.
§ 54-66 - Collaterals deposited with State Treasurer.
§ 54-67 - Redemption of bonds.
§ 54-68 - Validity of bonds after maturity.
§ 54-70 - Bonds as investments.
§ 54-71 - Application of earnings; reserve fund.