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 the stock therein is held by local land and loan associations, and shall have such powers, rights, and privileges as are accorded to other domestic associations, and they may conform to such laws, rules, and regulations as may be prescribed by the laws of the United States, or of this State, to enable them to receive moneys, bonds, or securities to be used in loans and to secure the same. Such reserve associations shall be under the supervision of the Commissioner of Banks as are building and loan associations. (1915, c. 172, s. 4; C.S., s. 5207; 1971, c. 864, s. 17; 1989, c. 76, s. 14; 2001-193, s. 16.)
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.