reglab/housing_qa huggingface dataset:
NC Gen Stat § 54-109.48 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14E - Direction of Affairs.|§ 54-109.48 - When credit committee dispensed with.

 54-109.48. When credit committee dispensed with.The credit committee may be dispensed with, and loan officer(s) empowered to approve or disapprove loans under conditions prescribed by the board of directors. In the event the credit committee is dispensed with, the procedures prescribed in G.S. 54-109.45, 54-109.46 and 54-109.47 do not apply, and no loans shall be made unless approved by the loan officer(s). (1915, c. 115, s. 11; C.S., s. 5235; 1961, c. 1187, s. 22; 1965, c. 956, s. 1; 1969, c. 69, s. 5; 1973, c. 199, s. 10; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.49 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14E - Direction of Affairs.|§ 54-109.49 - Duties of supervisory committee.

 54-109.49. Duties of supervisory committee.The supervisory committee shall make or cause to be made an annual audit, in accordance with rules and regulations promulgated by the Administrator of Credit Unions, and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union. The supervisory committee shall make or cause to be made such supplemental audits as deemed necessary by it or as may be ordered by the Administrator of Credit Unions. Any violation of this Article or of the bylaws or of any practice of the corporation which in the opinion of the supervisory committee is unsafe, unsound, or unauthorized, shall be reported to the board of directors and the Administrator of Credit Unions within seven days after its discovery. (1915, c. 115, s. 12; C.S., s. 5236; 1965, c. 956, s. 21; 1973, c. 199, s. 11; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.53 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.53 - Shares.

 54-109.53. Shares.(a) The capital of a credit union consists of the payments made by members on shares, undivided surplus, and reserves.(b) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.(c) A certificate need not be issued to denote ownership of a share in a credit union. (1915, c. 115, s. 13; C.S., s. 5226; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss. 16, 17; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.54 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.54 - Dividends.

 54-109.54. Dividends.The board of directors of any credit union may declare dividends as its bylaws provide. (1915, c. 115, s. 22; C.S., s. 5223; 1925, c. 73, s. 3; 1935, c. 87; 1957, c. 989, s. 3; 1965, c. 956, s. 15; 1969, c. 69, ss. 3, 4; 1973, c. 199, s. 7; 1975, c. 538, s. 1; 1983, c. 568, s. 3.)
NC Gen Stat § 54-109.55 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.55 - Deposits.

 54-109.55. Deposits.A credit union may receive on deposit the savings of its members and also nonmembers in such amounts and upon such terms as the board of directors may determine and the bylaws shall provide. (1915, c. 115, s. 16; C.S., s. 5217; 1925, c. 73, s. 3; 1935, c. 87; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.56 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.56 - Thrift accounts.

 54-109.56. Thrift accounts.Christmas clubs, vacation clubs, and other thrift accounts may be operated under conditions established by the board of directors. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.59 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.59 - Liens.

 54-109.59. Liens.The credit union shall have a lien on the shares, deposits and accumulated dividends or interest of a member in his individual, joint or trust account, for any sum past due the credit union from said member or for any loan endorsed by him. (1915, c. 115, s. 13; C.S., s. 5226; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss. 16, 17; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.60A (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.60A - Minors.

 54-109.60A. Minors.(a) A credit union may issue and operate a share or deposit account in the name of (i) a minor or (ii) the names of two or more individuals, one or more of which are minors. A minor who obtains a share or deposit account from a credit union under this subsection, whether individually or together with others, is bound by the terms of the account agreement to the same extent as if the minor were of full age and legal capacity.(b) If a minor with a share account, other than a joint account with right of survivorship or a payable on death account, dies, a parent or legal guardian of the minor may access and withdraw the funds on deposit, and the credit union is discharged to the extent of any withdrawal.(c) This section shall not affect the law governing transactions with minors in cases outside the scope of this section, including transactions that constitute an extension of credit to a minor.  (2013-132, s. 3.)
NC Gen Stat § 54-109.60B (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.60B - Accounts opened by adults for minors.

 54-109.60B. Accounts opened by adults for minors.(a) One or more adults may open and maintain a custodial share account for or in the name of a minor and using the minor's taxpayer identification number. Unless otherwise provided in the agreement governing the account, the following terms apply:(1) Beneficial ownership of the account vests exclusively in the minor. All interest credited to the account shall belong to the minor and shall be reported to the appropriate taxing authorities in the name of the minor using the minor's taxpayer identification number.(2) Except as otherwise provided, control of the account vests exclusively in the custodian whose name appears on the credit union's records for the account. If there is more than one custodian named on the credit union's account records, each may act independently. Any one or more of the custodians named on the credit union's records may turn over control of the account to the minor at any time, either before or after the minor reaches the age of majority.(3) If the custodian has not already transferred control, then after the minor beneficiary reaches the age of majority, the beneficiary may instruct the credit union to transfer control to the beneficiary and remove the named custodian.(4) If the custodian or, if more than one custodian is on the account, the last of the custodians to survive dies before the minor reaches the age of majority, the minor's parent or the minor's legal guardian may act as custodian or name another custodian on the account.(b) This section shall not be deemed exclusive. Accounts not conforming to this section shall be governed by other applicable provisions of the General Statutes, including Chapter 33A, the North Carolina Uniform Transfers to Minors Act, or the common law, as appropriate.  (2013-132, s. 3.)
NC Gen Stat § 54-109.61 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.61 - Reduction in shares.

 54-109.61. Reduction in shares.(a) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the members present at a special meeting called for that purpose order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.(b) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.62 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 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 disability to personal representative or guardian.(a) A credit union may pay any balance on deposit to the credit of any deceased individual to the duly qualified personal representative, collector, or public administrator of the decedent who is qualified as such under the laws of any state.(b) A credit union may pay any balance on deposit to the credit of any individual judicially declared incompetent or otherwise under a legal disability to the duly qualified personal representative, guardian, curator, conservator, or committee of the person declared incompetent or under disability who is qualified as such under the laws of any state.(c) The presentation of a letter of qualification as personal representative, collector, public administrator, guardian, curator, conservator, or committee of the person issued or certified by the appointing court shall be conclusive proof of the jurisdiction of the court issuing the same and sufficient authority for the payment.(d) Payment by a credit union in good faith under the authority of this section discharges the liability of the bank to the extent of the payment.  (2013-132, s. 3.)
NC Gen Stat § 54-109.62A (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.62A - Powers of attorney; notice of revocation; payment after notice.

 54-109.62A. Powers of attorney; notice of revocation; payment after notice.(a) Any credit union may continue to recognize any act of an attorney-in-fact or other agent until the credit union receives actual notice of the principal's death or a written notice of revocation signed by the principal who granted the authority or, in the case of a company, evidence satisfactory to the credit union of the revocation. Payment by the credit union to or at the direction of an attorney-in-fact or other agent before receipt of the notice is a total discharge of the credit union's obligation as to the amount so paid.(b) Notwithstanding that a credit union has received written notice of revocation of the authority of an attorney-in-fact or other designated agent, a credit union may, until 10 days after receipt of notice, pay any item made, drawn, accepted, or endorsed by the attorney-in-fact or agent prior to the revocation, provided that the item is otherwise properly payable.  (2013-132, s. 3.)
NC Gen Stat § 54-109.64 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14F - Savings Accounts.|§ 54-109.64 - Savings promotion raffles.

 54-109.64. Savings promotion raffles.A credit union may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the credit union. A credit union shall maintain records sufficient to facilitate an audit of the savings promotion raffle, shall conduct the savings promotion raffle in a safe and sound manner, and shall fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the credit union.  (2011 146, s. 2.)
NC Gen Stat § 54-109.65 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.65 - Purposes, terms and interest rate.

 54-109.65. Purposes, terms and interest rate.A credit union may loan to its members for such purpose and upon such security and terms as the board of directors prescribes at rates of interest not exceeding eighteen percent (18%) annual percentage rate, unless a greater rate not to exceed the annual percentage rate permitted to be charged by federally chartered credit unions, is otherwise approved by the Credit Union Commission. Such action by the Commission will be uniform and apply to all credit unions.The term "interest," as used in this section, shall not be deemed to include charges made by a credit union for appraisals of real or personal property; attorneys' fees for searching title to real property, preparing notes, deeds of trust, mortgages and closing loans; and recording fees. Rate of interest and terms of repayment shall appear on each note but the corporation may, for the purpose of making loans, discount and negotiate promissory notes and deduct in advance, from the proceeds of such loan, interest at a rate not to exceed the rate herein fixed, which shall be the legal rate for corporations organized under this Article, and such deductions shall be made upon the amount of the loan from the date thereof until the maturity of the final installment, notwithstanding that the principal amount of such loan is required to be repaid in such installments. (1915, c. 115, ss. 19, 20; 1917, c. 232, s. 4; C.S., ss. 5220, 5221; 1925, c. 73, s. 3; 1935, c. 87; 1955, c. 1135, s. 2; 1957, c. 989, s. 2; 1961, c. 1187, s. 1; 1965, c. 956, ss. 1, 12, 13; 1969, c. 69, s. 9; 1973, c. 199, ss. 5, 6; 1975, c. 538, s. 1; 1983, c. 568, s. 4.)
NC Gen Stat § 54-109.66 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.66 - Application.

 54-109.66. Application.Every application for a loan shall be made in writing upon a form, which the board of directors prescribe. The application shall state the purpose for which the loan is desired, and the security, if any, offered. Each loan shall be evidenced by a written document. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.67 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.67 - Loan limit.

 54-109.67. Loan limit.No loan shall be made to any member in an aggregate amount in excess of ten percent (10%) of the credit union's unimpaired capital and surplus. In accordance with the bylaws and subject to such rules and regulations as the Administrator may prescribe, the board of directors shall determine and set the maximum unsecured loan limits subject to the limitation contained in the preceding sentence. (1915, c. 115, s. 19; 1917, c. 232, s. 4; C.S., s. 5220; 1925, c. 73, s. 3; 1935, c. 87; 1955, c. 1135, s. 2; 1961, c. 1187, s. 1; 1965, c. 956, ss. 1, 12, 13; 1969, c. 69, s. 9; 1973, c. 199, s. 5; 1975, c. 538, s. 1; 1983, c. 568, s. 5.)
NC Gen Stat § 54-109.68 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.68 - Security.

 54-109.68. Security.In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares, in a manner consistent with the laws of this State, shall be deemed security within the meaning of Articles 14A to 14L of this Chapter. The adequacy of any security shall be determined by the board of directors subject to Articles 14A to 14L of this Chapter and the bylaws. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.69 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.69 - Installments.

 54-109.69. Installments.A member may receive a loan in installments, or in one sum, and may pay the whole or any part of his loan on any day on which the office of the credit union is open for business. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.70 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.70 - Line of credit.

 54-109.70. Line of credit.A line of credit and advances may be granted to each member within guidelines established by the board of directors. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such line of credit. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.71 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14G - Loans.|§ 54-109.71 - Other loan programs.

 54-109.71. Other loan programs.(a) A credit union may participate in loans to credit union members jointly with other credit unions, corporations, or financial organizations.(b) A credit union may participate in guaranteed loan programs of the federal and State government.(c) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.75 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14H - Insurance and Group Purchasing.|§ 54-109.75 - Insurance for members.

 54-109.75. Insurance for members.(a) A credit union may purchase or make available insurance for its members in amounts related to their respective ages, shares, deposits or loan balances or to any combination of them.(b) A credit union may enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of insurance including, but not by way of limitation, life insurance, disability insurance, accident and health insurance, property insurance, liability insurance, and legal expense insurance.(c) Insurance may be provided through any insurance company or through any subsidiary insurance company owned by the credit union.  (1975, c. 538, s. 1; 2011-221, s. 2.)
NC Gen Stat § 54-109.76 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14H - Insurance and Group Purchasing.|§ 54-109.76 - Liability insurance for officers.

 54-109.76. Liability insurance for officers.A credit union may purchase and maintain liability insurance on behalf of any person who is or was a director, officer, employee, or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person's status as such, whether or not the credit union would have the power to indemnify such person against such liability. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.77 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14H - Insurance and Group Purchasing.|§ 54-109.77 - Group purchasing.

 54-109.77. Group purchasing.A credit union may enter into cooperative marketing arrangements to facilitate its members' voluntary purchase of such goods and services as are in the interest of improving economic and social conditions of the members. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.78 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14H - Insurance and Group Purchasing.|§ 54-109.78 - Share and deposit insurance.

 54-109.78. Share and deposit insurance.(a) All credit unions established under this Chapter shall, no later than July 1, 1976, apply for insurance of member share and deposit accounts from any mutual deposit guaranty association which qualifies under Article 7A of Chapter 54 of the General Statutes (Mutual Deposit Guaranty Associations), or from the National Credit Union Administration under the Federal Credit Union Act. All such credit unions shall, on or before January 1, 1977, obtain and thereafter maintain the above-mentioned insurance. A credit union which is unable to obtain a commitment for insurance of the share and deposit accounts within the time limit specified above shall be dissolved by action of the Administrator of Credit Unions or permitted to merge with another credit union. Provided, the Administrator may grant additional time to obtain the insurance commitment, upon satisfactory evidence that the credit union has made or is making a substantial effort to achieve the conditions precedent to issuance of the commitment. Granting of additional time or times to obtain the insurance commitment shall not extend later than January 1, 1978.(b) All credit unions chartered under Articles 14A to 14L of this Chapter after ratification shall apply for and obtain insurance as a condition to granting the charter. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.86 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14J - Reserve Allocations.|§ 54-109.86 - Transfers to regular reserve.

 54-109.86. Transfers to regular reserve.(a) At the end of each accounting period the gross income shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in regulations prescribed pursuant to law, sums in accordance with the following schedule:(1) A credit union in operation for more than four years and having assets of five hundred thousand dollars ($500,000) or more shall set asidea. Ten per centum (10%) of gross income until the regular reserve shall equal four per centum (4%) of the total of outstanding loans and risk assets, thenb. Five per centum (5%) of gross income until the regular reserve shall equal six per centum (6%) of the total of outstanding loans and risk assets.(2) A credit union in operation less than four years or having assets of less than five hundred thousand dollars ($500,000) shall set asidea. Ten per centum (10%) of gross income until the regular reserve shall equal seven and one-half per centum (7 1/2%) of the total of outstanding loans and risk assets, thenb. Five per centum (5%) of gross income until the regular reserve shall equal ten per centum (10%) of the total outstanding loans and risk assets.(3) Whenever the regular reserve falls below the stated per centum of the total of outstanding loans and risk assets, it shall be replenished by regular contributions in such amounts as may be determined by the Administrator to maintain the stated reserve goals.(b) The Administrator, with the advice and consent of the Credit Union Commission, may increase or decrease the reserve requirement set forth in subsection (a) of this section when such an increase or decrease is deemed necessary or desirable in order to conform to the reserve requirements of federally chartered credit unions.(c) In addition to such regular reserve, special reserves to protect the interests of members shall be established:(1) When required by regulation; or(2) When found by the Administrator, in any special case, to be necessary for that purpose.(d) Nothing in this section shall be construed as limiting the amount that a credit union may set apart to its reserve fund. (1915, c. 115, s. 21; C.S., s. 5222; 1939, c. 400, s. 2; 1955, c. 1135, s. 1; 1969, c. 69, ss. 2, 10; 1975, c. 538, s. 1; 1979, c. 293; 1997-456, s. 27.)
NC Gen Stat § 54-109.87 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14J - Reserve Allocations.|§ 54-109.87 - Use of regular reserve.

 54-109.87. Use of regular reserve.The regular reserve shall belong to the credit union and shall be used to meet losses except those resulting from an excess of expenses over income and shall not be distributed except on liquidation of the credit union, or in accordance with a plan approved by the Administrator of Credit Unions. (1975, c. 538, s. 1.)