Source: https://ncleg.gov/Laws/GeneralStatuteSections/Chapter54
Timestamp: 2019-04-18 20:36:28+00:00

Document:
Chapter 54 - Cooperative Organizations.
§§ 54-1 through 54-12.1. Repealed by Session Laws 1981, c. 282, s. 1.
Article 2 - Shares and Shareholders.
§§ 54-13 through 54-18.2. Repealed by Session Laws 1981, c. 282, s. 1.
Article 2A - Savings Accounts.
§§ 54-18.3 through 54-18.6. Repealed by Session Laws 1981, c. 282, s. 1.
§§ 54-19 through 54-23. Repealed by Session Laws 1981, c. 282, s. 1.
Article 4 - Under Control of Administrator of the Savings and Loan Division.
§§ 54-24 through 54-33.3. Repealed by Session Laws 1981, c. 282, s. 1.
Article 5 - Foreign Associations.
§§ 54-34 through 54-41. Repealed by Session Laws 1981, c. 282, s. 1.
§ 54-41.1. Repealed by Session Laws 1981, c. 282, s. 1.
§§ 54-42 through 54-43: Repealed by Session Laws 1981, c. 282, s. 1.
Article 7 - Statements of Financial Condition of Associations.
§ 54-44. Repealed by Session Laws 1981, c. 282, s. 1.
Article 7A - Mutual Deposit Guaranty Associations.
§§ 54-44.1 through 54-44.14. Repealed by Session Laws 1981, c. 282, s. 1.
Article 8 - Organization and Powers.
§ 54-45. Application of term.
§ 54-46. Incorporation and powers.
§ 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.
§ 54-57. Terms of payment.
§ 54-58. Transfer of mortgaged lands.
§ 54-59. Calling in loans before due.
§ 54-60. Partial recall of debt.
§ 54-62. Appraisal of lands.
§ 54-63. Preference prohibited; association borrowing money.
§ 54-65. Deed of trust.
§ 54-66. Collaterals deposited with State Treasurer.
§ 54-67. Redemption of bonds.
§ 54-68. Validity of bonds after maturity.
§ 54-69. Bonds as payment.
§ 54-70. Bonds as investments.
§ 54-71. Application of earnings; reserve fund.
§ 54-72. Restriction on holding real estate.
§ 54-73. Banking laws applicable.
Article 9 - Credit Union Division; Administrator of Credit Unions.
§§ 54-74 through 54-75.1. Repealed by Session Laws 1975, c. 538, s. 1.
Article 10 - Incorporation of Credit Unions.
§§ 54-76 through 54-81. Repealed by Session Laws 1975, c. 538, s. 1.
Article 11 - Powers of Credit Unions.
§§ 54-82 through 54-93. Repealed by Session Laws 1975, c. 538, s. 1.
Article 12 - Shares in the Corporation.
§§ 54-94 through 54-97. Repealed by Session Laws 1975, c. 538, s. 1.
Article 13 - Members and Officers.
§§ 54-98 through 54-104. Repealed by Session Laws 1975, c. 538, s. 1.
Article 14 - Supervision and Control.
§§ 54-105 through 54-109. Repealed by Session Laws 1975, c. 538, s. 1.
Article 14A - Formation of Credit Union.
§ 54-109.1. Definition and purposes.
§ 54-109.3. Form of articles and bylaws.
§ 54-109.5. Use of name exclusive.
§ 54-109.7. Conducting business outside this State.
§ 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.
§ 54-109.11. Duties of Administrator.
§ 54-109.12. Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations.
§ 54-109.13. Revocation of certificate; liquidation.
§ 54-109.16. Examinations required; payment of cost.
§ 54-109.18. Selection of attorneys to handle loan-closing proceedings.
§ 54-109.19. Removal of officers.
§ 54-109.20. Reserved for future codification purposes.
Article 14C - Powers of Credit Union.
§§ 54-109.23 through 54-109.25. Reserved for future codification purposes.
§ 54-109.27. Societies and other associations.
§ 54-109.28. Other credit unions.
§ 54-109.29. Members who leave field.
§ 54-109.30. Liability of shareholders.
§ 54-109.31. Meetings of members.
§§ 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.
§ 54-109.36. Record of board and committee members.
§ 54-109.38. Compensation of officials.
§ 54-109.39. Conflicts of interest.
§ 54-109.41. Authority of directors.
§ 54-109.43. Meetings of directors.
§ 54-109.44. Duties of directors.
§ 54-109.45. Authority of credit committee.
§ 54-109.46. Meetings of credit committee.
§ 54-109.48. When credit committee dispensed with.
§ 54-109.49. Duties of supervisory committee.
§§ 54-109.50 through 54-109.52. Reserved for future codification purposes.
Article 14F - Savings Accounts.
§ 54-109.57: Repealed by Session Laws 2011-236, s. 4, effective October 1, 2011.
§ 54-109.57A. Payable on Death (POD) accounts.
§ 54-109.60. Repealed by Session Laws 1977, c. 559, s. 6.
§ 54-109.60B. Accounts opened by adults for minors.
§ 54-109.61. Reduction in shares.
§ 54-109.62. Payment of balance of deceased person or person under disability to personal representative or guardian.
§ 54-109.62A. Powers of attorney; notice of revocation; payment after notice.
§ 54-109.63. Personal agency accounts.
§ 54-109.64. Savings promotion raffles.
§ 54-109.65. Purposes, terms and interest rate.
§ 54-109.70. Line of credit.
§ 54-109.71. Other loan programs.
§§ 54-109.72 through 54-109.74. Reserved for future codification purposes.
Article 14H - Insurance and Group Purchasing.
§ 54-109.75. Insurance for members.
§ 54-109.76. Liability insurance for officers.
§ 54-109.78. Share and deposit insurance.
§§ 54-109.79 through 54-109.81. Reserved for future codification purposes.
§ 54-109.82. Investment of funds.
§§ 54-109.83 through 54-109.85. Reserved for future codification purposes.
Article 14J - Reserve Allocations.
§ 54-109.86. Transfers to regular reserve.
§ 54-109.87. Use of regular reserve.
§ 54-109.88. "Risk assets" defined.
§§ 54-109.89 through 54-109.91. Reserved for future codification purposes.
Article 14K - Change in Corporate Status.
§ 54-109.92. Suspension and conservation.
§ 54-109.95. Conversion of charter.
§§ 54-109.96 through 54-109.98. Reserved for future codification purposes.
§ 54-109.99. Restriction of taxation.
§§ 54-109.100 through 54-109.104. Reserved for future codification purposes.
Article 14M - Confidential Information.
§ 54-109.105. What information deemed confidential; disclosure; certain information deemed public; exchange of information.
Article 14N - Foreign Credit Unions.
§ 54-109.106. Foreign Credit Unions.
Article 15 - Central Associations.
§ 54-110: Recodified as §§ 54-110.1 through 54-110.10.
Article 15A - Corporate Credit Union.
§ 54-110.1. Definition and purposes.
§ 54-110.3. Charter and name exclusive.
§ 54-110.5. Powers and privileges.
§ 54-110.6. Participation in central system.
§ 54-110.7. Right of set-off; security interest.
§ 54-110.10. Applicability of Article.
Article 16 - Organization of Associations.
§ 54-111. Nature of the association.
§ 54-111.1. Repealed by Session Laws 1959, c. 991.
§ 54-112. Use of term restricted.
§ 54-113. Articles of agreement.
§ 54-114. Certificate of incorporation.
§ 54-115. Fees for incorporation.
§ 54-117. General corporation law or general nonprofit corporation law applied; dealing in products of, or renting to, nonmembers.
§ 54-118. Other corporations admitted.
Article 17 - Stockholders and Officers.
§ 54-119. Certificate for stock fully paid.
§ 54-120. Ownership of shares limited.
§ 54-121. Shares issued on purchase of business.
§ 54-122. Absent members voting.
§ 54-123. Directors and other officers.
Article 18 - Powers and Duties.
§ 54-124. Nature of business authorized.
§ 54-125. Amendment of articles.
§ 54-126. Apportionment of earnings.
§ 54-127. Time of allocation.
Article 19 - Purpose and Organization.
§ 54-129. Declaration of policy.
§ 54-130. Definitions and nature.
§ 54-131. Who may organize.
§ 54-134. Articles of incorporation.
§ 54-135. Amendments to articles of incorporation.
§ 54-137. General and special meetings; how called.
§ 54-138. Conflicting laws not to apply.
§ 54-139. Foreign cooperative corporations; limitation on use of word "cooperative."
§ 54-140. Association heretofore organized may adopt the provisions of this Subchapter.
§ 54-141. Associations not in restraint of trade.
§ 54-142. Application of North Carolina Business Corporation Act to cooperative associations with capital stock.
§ 54-142.1. Application of Nonprofit Corporation Act to cooperative associations without capital stock.
Article 20 - Members and Officers.
§ 54-147. Election of officers.
§ 54-148. Stock; membership certificates; when issued; voting; liability; limitation on transfer of ownership.
§ 54-149. Removal of officer or director.
Article 21 - Powers, Duties, and Liabilities.
§ 54-153. Purchasing business of other associations, persons, firms, or corporations; payment; stock issued.
§ 54-155. Interest in other corporations or associations.
§ 54-156. Contracts and agreements with other associations.
§ 54-157. Breach of marketing contract of cooperative association; spreading false reports about the finances or management thereof; misdemeanor.
§ 54-158. Cooperative associations may form subsidiaries.
Article 22 - Merger, Consolidation and Other Fundamental Changes.
§ 54-159. Procedure for merger.
§ 54-160. Procedure for consolidation.
§ 54-161. Approval of merger or consolidation; abandonment.
§ 54-162. Articles of merger or consolidation.
§ 54-163. Effect of merger or consolidation.
§ 54-164. Merger or consolidation of domestic and foreign associations.
§ 54-165. Sale, lease or exchange of assets; mortgage or pledge of assets.
§ 54-166. Rights of objecting members.

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