North Carolina General Statutes
Chapter 54 - Cooperative Organizations

§ 54-49 - Land Conservation and Development Bureau; land mortgage associations. - 54-49. Land Conservation and Development Bureau; land mortgage associations. Recognizing...

§ 54-50 - Number of incorporators; capital stock. - 54-50. Number of incorporators; capital stock. Any number of persons,...

§ 54-51 - Incorporation. - 54-51. Incorporation. The articles of incorporation shall be in writing,...

§ 54-52 - Organization. - 54-52. Organization. The incorporators at their first annual meeting shall...

§ 54-53 - Corporate powers. - 54-53. Corporate powers. Said land mortgage association shall have power:...

§ 54-54 - Restrictions. - 54-54. Restrictions. All mortgage obligations acquired by the company shall...

§ 54-55 - Mortgage forms; approval. - 54-55. Mortgage forms; approval. The mortgages to be given to...

§ 54-56 - Repayment of loan and interest. - 54-56. Repayment of loan and interest. The prospective borrower may...

§ 54-57 - Terms of payment. - 54-57. Terms of payment. A borrower may repay his loan...

§ 54-58 - Transfer of mortgaged lands. - 54-58. Transfer of mortgaged lands. The acquirer of any lands...

§ 54-59 - Calling in loans before due. - 54-59. Calling in loans before due. Every land mortgage association...

§ 54-60 - Partial recall of debt. - 54-60. Partial recall of debt. The association may require a...

§ 54-61 - Foreclosure. - 54-61. Foreclosure. Whenever any loan is called in and the...

§ 54-62 - Appraisal of lands. - 54-62. Appraisal of lands. Upon application for a loan the...

§ 54-63 - Preference prohibited; association borrowing money. - 54-63. Preference prohibited; association borrowing money. No land mortgage association,...

§ 54-64 - Bond issues. - 54-64. Bond issues. (a) The bonds to be issued by...

§ 54-65 - Deed of trust. - 54-65. Deed of trust. (a) To secure the payment of...

§ 54-66 - Collaterals deposited with State Treasurer. - 54-66. Collaterals deposited with State Treasurer. All mortgages pledged to...

§ 54-67 - Redemption of bonds. - 54-67. Redemption of bonds. (a) Notice of redemption of bonds...

§ 54-68 - Validity of bonds after maturity. - 54-68. Validity of bonds after maturity. In case the holder...

§ 54-69 - Bonds as payment. - 54-69. Bonds as payment. If the association gives notice to...

§ 54-70 - Bonds as investments. - 54-70. Bonds as investments. The bonds of a land mortgage...

§ 54-71 - Application of earnings; reserve fund. - 54-71. Application of earnings; reserve fund. The gross earnings of...

§ 54-72 - Restriction on holding real estate. - 54-72. Restriction on holding real estate. No land mortgage association...

§ 54-73 - Banking laws applicable. - 54-73. Banking laws applicable. The banking laws as defined in...

Article 14A - Formation of Credit Union.

§ 54-109.1 - Definition and purposes. - 54-109.1. Definition and purposes. A credit union is a cooperative,...

§ 54-109.2 - Organization procedure. - 54-109.2. Organization procedure. (a) Any 12 or more residents of...

§ 54-109.3 - Form of articles and bylaws. - 54-109.3. Form of articles and bylaws. In order to simplify...

§ 54-109.4 - Amendments. - 54-109.4. Amendments. (a) The articles of incorporation or the bylaws...

§ 54-109.5 - Use of name exclusive. - 54-109.5. Use of name exclusive. With the exception of a...

§ 54-109.6 - Office facilities. - 54-109.6. Office facilities. (a) A credit union may maintain service...

§ 54-109.7 - Conducting business outside this State. - 54-109.7. Conducting business outside this State. A credit union incorporated...

Article 14B - Supervision and Regulation.

§ 54-109.10 - Creation and supervision of Division. - 54-109.10. Creation and supervision of Division. There shall be established...

§ 54-109.11 - Duties of Administrator. - 54-109.11. Duties of Administrator. The duties of the Administrator of...

§ 54-109.12 - Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations. - 54-109.12. Corporations organized hereunder subject to Administrator of Credit Unions;...

§ 54-109.13 - Revocation of certificate; liquidation. - 54-109.13. Revocation of certificate; liquidation. If any such corporation shall...

§ 54-109.14 - Fees. - 54-109.14. Fees. (a) Each credit union subject to supervision and...

§ 54-109.15 - Reports. - 54-109.15. Reports. (a) Credit unions organized under Articles 14A to...

§ 54-109.16 - Examinations required; payment of cost. - 54-109.16. Examinations required; payment of cost. The Administrator of Credit...

§ 54-109.17 - Records. - 54-109.17. Records. (a) A credit union shall maintain all books,...

§ 54-109.18 - Selection of attorneys to handle loan-closing proceedings. - 54-109.18. Selection of attorneys to handle loan-closing proceedings. The Administrator...

§ 54-109.19 - Removal of officers. - 54-109.19. Removal of officers. (a) The Administrator of Credit Unions...

Article 14C - Powers of Credit Union.

§ 54-109.21 - General powers. - 54-109.21. General powers. A credit union may: (1) Make contracts;...

§ 54-109.22 - Incidental powers. - 54-109.22. Incidental powers. A credit union may exercise such incidental...

Article 14D - Membership.

§ 54-109.26 - "Membership" defined. - 54-109.26. "Membership" defined. (a) The membership of a credit union...

§ 54-109.27 - Societies and other associations. - 54-109.27. Societies and other associations. Societies, and copartnerships composed primarily...

§ 54-109.28 - Other credit unions. - 54-109.28. Other credit unions. Any credit union organized under Articles...

§ 54-109.29 - Members who leave field. - 54-109.29. Members who leave field. Members who leave the field...

§ 54-109.30 - Liability of shareholders. - 54-109.30. Liability of shareholders. A shareholder of any such corporation,...

§ 54-109.31 - Meetings of members. - 54-109.31. Meetings of members. (a) The annual meeting and any...

Article 14E - Direction of Affairs.

§ 54-109.35 - Election or appointment of officials. - 54-109.35. Election or appointment of officials. (a) The credit union...

§ 54-109.36 - Record of board and committee members. - 54-109.36. Record of board and committee members. Within 15 days...

§ 54-109.37 - Vacancies. - 54-109.37. Vacancies. The board of directors shall fill any vacancies...

§ 54-109.38 - Compensation of officials. - 54-109.38. Compensation of officials. No member of the board of...

§ 54-109.39 - Conflicts of interest. - 54-109.39. Conflicts of interest. No director, committee member, officer, agent...

§ 54-109.40 - Executive officers. - 54-109.40. Executive officers. (a) At their organization meeting and within...

§ 54-109.41 - Authority of directors. - 54-109.41. Authority of directors. The board of directors shall have...

§ 54-109.42 - Executive committee. - 54-109.42. Executive committee. From the persons elected to the board,...

§ 54-109.43 - Meetings of directors. - 54-109.43. Meetings of directors. The board of directors and the...

§ 54-109.44 - Duties of directors. - 54-109.44. Duties of directors. It shall be the duty of...

§ 54-109.45 - Authority of credit committee. - 54-109.45. Authority of credit committee. The credit committee shall have...

§ 54-109.46 - Meetings of credit committee. - 54-109.46. Meetings of credit committee. The credit committee shall meet...

§ 54-109.47 - Loan officers. - 54-109.47. Loan officers. (a) The credit committee may appoint one...

§ 54-109.48 - When credit committee dispensed with. - 54-109.48. When credit committee dispensed with. The credit committee may...

§ 54-109.49 - Duties of supervisory committee. - 54-109.49. Duties of supervisory committee. The supervisory committee shall make...

Article 14F - Savings Accounts.

§ 54-109.53 - Shares. - 54-109.53. Shares. (a) The capital of a credit union consists...

§ 54-109.54 - Dividends. - 54-109.54. Dividends. The board of directors of any credit union...

§ 54-109.55 - Deposits. - 54-109.55. Deposits. A credit union may receive on deposit the...

§ 54-109.56 - Thrift accounts. - 54-109.56. Thrift accounts. Christmas clubs, vacation clubs, and other thrift...

§ 54-109.57A - Payable on Death (POD) accounts. - 54-109.57A. Payable on Death (POD) accounts. (a) Shares may be...

§ 54-109.58 - Joint accounts. - 54-109.58. Joint accounts. (a) Shares may be issued to and...

§ 54-109.59 - Liens. - 54-109.59. Liens. The credit union shall have a lien on...

§ 54-109.60A - Minors. - 54-109.60A. Minors. (a) A credit union may issue and operate...

§ 54-109.60B - Accounts opened by adults for minors. - 54-109.60B. Accounts opened by adults for minors. (a) One or...

§ 54-109.61 - Reduction in shares. - 54-109.61. Reduction in shares. (a) Whenever the losses of any...

§ 54-109.62 - Payment of balance of deceased person or person under disability to personal representative or guardian. - 54-109.62. Payment of balance of deceased person or person under...

§ 54-109.62A - Powers of attorney; notice of revocation; payment after notice. - 54-109.62A. Powers of attorney; notice of revocation; payment after notice....

§ 54-109.63 - Personal agency accounts. - 54-109.63. Personal agency accounts. (a) A person may open a...

§ 54-109.64 - Savings promotion raffles. - 54-109.64. Savings promotion raffles. A credit union may offer a...

Article 14G - Loans.

§ 54-109.65 - Purposes, terms and interest rate. - 54-109.65. Purposes, terms and interest rate. A credit union may...

§ 54-109.66 - Application. - 54-109.66. Application. Every application for a loan shall be made...

§ 54-109.67 - Loan limit. - 54-109.67. Loan limit. No loan shall be made to any...

§ 54-109.68 - Security. - 54-109.68. Security. In addition to generally accepted types of security,...

§ 54-109.69 - Installments. - 54-109.69. Installments. A member may receive a loan in installments,...

§ 54-109.70 - Line of credit. - 54-109.70. Line of credit. A line of credit and advances...

§ 54-109.71 - Other loan programs. - 54-109.71. Other loan programs. (a) A credit union may participate...

Article 14H - Insurance and Group Purchasing.

§ 54-109.75 - Insurance for members. - 54-109.75. Insurance for members. (a) A credit union may purchase...

§ 54-109.76 - Liability insurance for officers. - 54-109.76. Liability insurance for officers. A credit union may purchase...

§ 54-109.77 - Group purchasing. - 54-109.77. Group purchasing. A credit union may enter into cooperative...

§ 54-109.78 - Share and deposit insurance. - 54-109.78. Share and deposit insurance. (a) All credit unions established...

Article 14I - Investments.

§ 54-109.82 - Investment of funds. - 54-109.82. Investment of funds. The capital, deposits, undivided profits and...

Article 14J - Reserve Allocations.

§ 54-109.86 - Transfers to regular reserve. - 54-109.86. Transfers to regular reserve. (a) At the end of...

§ 54-109.87 - Use of regular reserve. - 54-109.87. Use of regular reserve. The regular reserve shall belong...

§ 54-109.88 - "Risk assets" defined. - 54-109.88. "Risk assets" defined. For the purpose of establishing the...

Article 14K - Change in Corporate Status.

§ 54-109.92 - Suspension and conservation. - 54-109.92. Suspension and conservation. (a) The Administrator of Credit Unions...

§ 54-109.93 - Liquidation. - 54-109.93. Liquidation. (a) A credit union may elect to dissolve...

§ 54-109.94 - Merger. - 54-109.94. Merger. Any credit union may, with the approval of...

§ 54-109.95 - Conversion of charter. - 54-109.95. Conversion of charter. (a) A credit union chartered under...

Article 14L - Taxation.

§ 54-109.99 - Restriction of taxation. - 54-109.99. Restriction of taxation. The corporation shall be deemed an...

Article 14M - Confidential Information.

§ 54-109.105 - What information deemed confidential; disclosure; certain information deemed public; exchange of information. - 54-109.105. What information deemed confidential; disclosure; certain information deemed public;...

Article 14N - Foreign Credit Unions.

§ 54-109.106 - Foreign Credit Unions. - 54-109.106. Foreign Credit Unions. (a) A credit union organized under...

Article 15 - Central Associations.

§ 54-110 - Recodified as §§ .1 through .10. - 54-110: Recodified as 54-110.1 through 54-110.10.

Article 15A - Corporate Credit Union.

§ 54-110.1 - Definition and purposes. - 54-110.1. Definition and purposes. (a) A corporate credit union may...

§ 54-110.2 - Membership. - 54-110.2. Membership. (a) Membership in the corporate credit union shall...

§ 54-110.3 - Charter and name exclusive. - 54-110.3. Charter and name exclusive. Only one corporate credit union...

§ 54-110.4 - Organization. - 54-110.4. Organization. (a) Application to form a corporate credit union...

§ 54-110.5 - Powers and privileges. - 54-110.5. Powers and privileges. (a) A corporate credit union shall...

§ 54-110.6 - Participation in central system. - 54-110.6. Participation in central system. The corporate credit union may...

§ 54-110.7 - Right of set-off; security interest. - 54-110.7. Right of set-off; security interest. (a) The corporate credit...

§ 54-110.8 - Fees. - 54-110.8. Fees. The operating fees established by the Administrator of...

§ 54-110.9 - Reserves. - 54-110.9. Reserves. A corporate credit union shall be exempt from...

§ 54-110.10 - Applicability of Article. - 54-110.10. Applicability of Article. Nothing in this Article shall be...

Article 16 - Organization of Associations.

§ 54-111 - Nature of the association. - 54-111. Nature of the association. Any number of persons, not...

§ 54-112 - Use of term restricted. - 54-112. Use of term restricted. No corporation or association hereafter...

§ 54-113 - Articles of agreement. - 54-113. Articles of agreement. The persons desiring to organize such...

§ 54-114 - Certificate of incorporation. - 54-114. Certificate of incorporation. The original articles of incorporation of...

§ 54-115 - Fees for incorporation. - 54-115. Fees for incorporation. For filing the articles of incorporation...

§ 54-116 - Bylaws adopted. - 54-116. Bylaws adopted. At the time of making the articles...

§ 54-117 - General corporation law or general nonprofit corporation law applied; dealing in products of, or renting to, nonmembers. - 54-117. General corporation law or general nonprofit corporation law applied;...

§ 54-118 - Other corporations admitted. - 54-118. Other corporations admitted. All mutual corporations, companies, or associations...

§ 54-118.1 - License taxes. - 54-118.1. License taxes. On and after June 1, 1955, the...

§ 54-118.2 - Franchise taxes. - 54-118.2. Franchise taxes. On and after July 1, 1955, the...

Article 17 - Stockholders and Officers.

§ 54-119 - Certificate for stock fully paid. - 54-119. Certificate for stock fully paid. Certificates of stock shall...

§ 54-120 - Ownership of shares limited. - 54-120. Ownership of shares limited. No shareholder in any such...

§ 54-121 - Shares issued on purchase of business. - 54-121. Shares issued on purchase of business. Whenever an association,...

§ 54-122 - Absent members voting. - 54-122. Absent members voting. At any regularly called general or...

§ 54-123 - Directors and other officers. - 54-123. Directors and other officers. Every such association shall be...

Article 18 - Powers and Duties.

§ 54-124 - Nature of business authorized. - 54-124. Nature of business authorized. An association created under this...

§ 54-125 - Amendment of articles. - 54-125. Amendment of articles. The association may amend its articles...

§ 54-126 - Apportionment of earnings. - 54-126. Apportionment of earnings. The net earnings or losses shall...

§ 54-127 - Time of allocation. - 54-127. Time of allocation. The profits or net earnings of...

§ 54-128 - Annual reports. - 54-128. Annual reports. Every association organized under the provisions of...

Article 19 - Purpose and Organization.

§ 54-129 - Declaration of policy. - 54-129. Declaration of policy. In order to promote, foster, and...

§ 54-130 - Definitions and nature. - 54-130. Definitions and nature. As used in this Subchapter- (1)...

§ 54-131 - Who may organize. - 54-131. Who may organize. Three or more persons engaged in...

§ 54-132 - Purposes. - 54-132. Purposes. An association may be organized to engage in...

§ 54-133 - Preliminary investigation. - 54-133. Preliminary investigation. Every group of persons contemplating the organization...

§ 54-134 - Articles of incorporation. - 54-134. Articles of incorporation. Each association formed under this Subchapter...

§ 54-135 - Amendments to articles of incorporation. - 54-135. Amendments to articles of incorporation. (a) An association may...

§ 54-136 - Bylaws. - 54-136. Bylaws. Each association incorporated under this Subchapter must, within...

§ 54-137 - General and special meetings; how called. - 54-137. General and special meetings; how called. In its bylaws...

§ 54-138 - Conflicting laws not to apply. - 54-138. Conflicting laws not to apply. Any provisions of law...

§ 54-139 - Foreign cooperative corporations; limitation on use of word "cooperative." - 54-139. Foreign cooperative corporations; limitation on use of word "cooperative."...

§ 54-140 - Association heretofore organized may adopt the provisions of this Subchapter. - 54-140. Association heretofore organized may adopt the provisions of this...

§ 54-141 - Associations not in restraint of trade. - 54-141. Associations not in restraint of trade. No association organized...

§ 54-142 - Application of North Carolina Business Corporation Act to cooperative associations with capital stock. - 54-142. Application of North Carolina Business Corporation Act to cooperative...

§ 54-142.1 - Application of Nonprofit Corporation Act to cooperative associations without capital stock. - 54-142.1. Application of Nonprofit Corporation Act to cooperative associations without...

§ 54-143 - License taxes. - 54-143. License taxes. On and after June 1, 1955, the...

§ 54-143.1 - Franchise taxes. - 54-143.1. Franchise taxes. On and after July 1, 1955, the...

§ 54-144 - Filing fees. - 54-144. Filing fees. For filing articles of incorporation, an association...

Article 20 - Members and Officers.

§ 54-145 - Members. - 54-145. Members. (a) Under the terms and conditions prescribed in...

§ 54-146 - Directors; election. - 54-146. Directors; election. (a) The affairs of the association shall...

§ 54-147 - Election of officers. - 54-147. Election of officers. The directors shall elect a president,...

§ 54-148 - Stock; membership certificates; when issued; voting; liability; limitation on transfer of ownership. - 54-148. Stock; membership certificates; when issued; voting; liability; limitation on...

§ 54-149 - Removal of officer or director. - 54-149. Removal of officer or director. Any member may bring...

§ 54-150 - Referendum. - 54-150. Referendum. Upon demand of one third of the entire...

Article 21 - Powers, Duties, and Liabilities.

§ 54-151 - Powers. - 54-151. Powers. Each association incorporated under this Subchapter shall have...

§ 54-152 - Marketing contract. - 54-152. Marketing contract. (a) The association and its members may...

§ 54-153 - Purchasing business of other associations, persons, firms, or corporations; payment; stock issued. - 54-153. Purchasing business of other associations, persons, firms, or corporations;...

§ 54-154 - Annual reports. - 54-154. Annual reports. Each association formed under this Subchapter shall...

§ 54-155 - Interest in other corporations or associations. - 54-155. Interest in other corporations or associations. An association may...

§ 54-156 - Contracts and agreements with other associations. - 54-156. Contracts and agreements with other associations. Any association may,...

§ 54-157 - Breach of marketing contract of cooperative association; spreading false reports about the finances or management thereof; misdemeanor. - 54-157. Breach of marketing contract of cooperative association; spreading false...

§ 54-158 - Cooperative associations may form subsidiaries. - 54-158. Cooperative associations may form subsidiaries. Nothing in this Subchapter...

Article 22 - Merger, Consolidation and Other Fundamental Changes.

§ 54-159 - Procedure for merger. - 54-159. Procedure for merger. (a) Any two or more domestic...

§ 54-160 - Procedure for consolidation. - 54-160. Procedure for consolidation. (a) Any two or more domestic...

§ 54-161 - Approval of merger or consolidation; abandonment. - 54-161. Approval of merger or consolidation; abandonment. (a) A plan...

§ 54-162 - Articles of merger or consolidation. - 54-162. Articles of merger or consolidation. (a) Upon such approval,...

§ 54-163 - Effect of merger or consolidation. - 54-163. Effect of merger or consolidation. When such merger or...

§ 54-164 - Merger or consolidation of domestic and foreign associations. - 54-164. Merger or consolidation of domestic and foreign associations. (a)...

§ 54-165 - Sale, lease or exchange of assets; mortgage or pledge of assets. - 54-165. Sale, lease or exchange of assets; mortgage or pledge...

§ 54-166 - Rights of objecting members. - 54-166. Rights of objecting members. (a) Any member of an...

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North Carolina General Statutes Chapter 54 - Cooperative Organizations

North Carolina General Statutes
Chapter 54 - Cooperative Organizations