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 associating for the purpose of forming a land mortgage association under the provisions of this Article.
(2) The name of such association, which shall be in no material respect similar to any other association in the same county.
(3) The name of the village, town or city, and the county where such association is to be located.
(4) The amount of capital stock, which shall be divided into shares of one hundred dollars ($100.00) each.
(5) The period for which such association is organized. (1925, c. 223, s. 3.)
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.