reglab/housing_qa huggingface dataset:
NC Gen Stat § 54-57 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-57 - Terms of payment.

 54-57. Terms of payment.A borrower may repay his loan by installments of such frequency and amounts as may be agreed upon: Provided, that not less than one percent (1%) of the original amount of the mortgage shall be paid upon the principal thereof annually, and commencing not later than the sixth year succeeding the year in which the loan was made the borrower may pay a larger installment upon the principal, or the whole of it, at any interest date, such payments to be in amounts equal to additions of one or more principal amortization payments. Such payment may be made in cash, or by tendering at par bonds of the association. For failure to pay the interest or any installment required by the terms of the loan, the borrower may be fined as the bylaws may prescribe. But the borrower shall never be required to pay more than the specified installment, nor to pay the principal before it is due except as prescribed herein for partial repayment on account of depreciation and for foreclosure by the association. The borrower may on 60 days' notice repay the association his total indebtedness, or, without such notice, upon payment of 60 days' interest upon the principal unpaid. The borrower shall be entitled to a receipt for all installments as paid, and where the repayment is complete to a satisfaction of his note and mortgage. (1925, c. 223, s. 9.)
NC Gen Stat § 54-58 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-58 - Transfer of mortgaged lands.

 54-58. Transfer of mortgaged lands.The acquirer of any lands mortgaged to a land mortgage association shall enter at once, on the acquisition of the land, into a written agreement with the association, attested by a notary, or a justice, and assume the personal responsibility for the indebtedness to the association attaching to such lands. This document must be presented to the trustees within 14 days after demand. (1925, c. 223, s. 10.)
NC Gen Stat § 54-59 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-59 - Calling in loans before due.

 54-59. Calling in loans before due.Every land mortgage association shall have the power to call in loans upon 60 days' notice:(1) When the person acquiring the lands upon which money has been loaned does not comply with the provisions of G.S. 54-58 and fulfill the obligations incumbent upon him;(2) When the debtor does not meet the obligation imposed upon him by his contract and the bylaws of the land mortgage association;(3) When the mortgaged premises become subject to forced sale;(4) When the mortgaged premises are depreciating in value because of lack of care, of failure to maintain and conserve or from other cause.The trustees of the association, whenever necessary, shall provide for an inspection of the mortgaged premises by the State Department of Agriculture and Consumer Services for an investigation of the care which is being given said premises, and may employ an expert to inspect the soil with a view of determining whether or not the same is being depleted. (1925, c. 223, s. 11; 1997-261, s. 109.)
NC Gen Stat § 54-60 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-60 - Partial recall of debt.

 54-60. Partial recall of debt.The association may require a suitable partial repayment of the debt if the mortgaged premises may have at any time become depreciated in value from any cause whatsoever. (1925, c. 223, s. 12.)
NC Gen Stat § 54-61 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-61 - Foreclosure.

 54-61. Foreclosure.Whenever any loan is called in and the borrower shall fail to pay the principal and interest due to the association as required by law and the notices given him, the land mortgage association may then foreclose upon the mortgaged premises as for a past-due loan. But in no case shall a borrower be liable for a sum greater than the amount of the unpaid portion of the loan with any accretions of interest thereon and expenses incidental to the collection thereof. (1925, c. 223, s. 13.)
NC Gen Stat § 54-62 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-62 - Appraisal of lands.

 54-62. Appraisal of lands.Upon application for a loan the land mortgage association shall cause the lands which it is proposed to mortgage to the association to be appraised by a competent appraiser furnished it by the State Department of Agriculture and Consumer Services. (1925, c. 223, s. 14; 1997-261, s. 109.)
NC Gen Stat § 54-63 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-63 - Preference prohibited; association borrowing money.

 54-63. Preference prohibited; association borrowing money.No land mortgage association, and no officer or agent thereof, shall give any preference to any creditor by pledging any of the assets of such association as collateral security, except that any such association may borrow money for temporary purposes, and may pledge assets of the association as collateral security therefor. Whenever it shall appear that any land mortgage association has borrowed habitually for the purpose of reloaning, the Commissioner of Banks may require such association to pay off such amount so borrowed. (1925, c. 223, s. 15; 1931, c. 243, s. 5.)
NC Gen Stat § 54-64 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-64 - Bond issues.

 54-64. Bond issues.(a) The bonds to be issued by any land mortgage association may be issued for such amounts, bearing such serial number, and date or dates, and be payable at such time and times, bear such rate of interest, and be redeemable at maturity or upon notice at such times and in such manner, as the land mortgage association may, subject to the approval of the Banking Commission, deem advisable.(b) Each land mortgage association shall keep a register for the registration and transfer of bonds issued by it in which it shall register, or cause to be registered, all bonds upon presentation thereof for such purpose; and such register shall contain the post-office address of all registered holders of bonds and shall, at all reasonable times, be open to the inspection of the Banking Commission, or any of its deputies, and to the State Treasurer. (1925, c. 223, s. 16.)
NC Gen Stat § 54-65 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-65 - Deed of trust.

 54-65. Deed of trust.(a) To secure the payment of such bonds, the land mortgage association shall issue a collateral deed of trust to the State Treasurer, pledging as security for such bonds the notes and mortgages taken or purchased, as provided herein, in an amount equal to or exceeding the aggregate amount of bonds issued or to be issued.(b) The total amount of bonds actually outstanding shall not at any time exceed the total amount unpaid upon the notes secured by the mortgages belonging to the association and pledged for the payment of the bonds, plus such securities and moneys as may be on deposit with the State Treasurer under the provisions hereof.(c) The aggregate amount of the principal of all bonds issued by land mortgage associations and outstanding at any one time shall not exceed 20 times the amount of the capital and surplus of the company. (1925, c. 223, s. 17.)
NC Gen Stat § 54-66 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-66 - Collaterals deposited with State Treasurer.

 54-66. Collaterals deposited with State Treasurer.All mortgages pledged to secure the payment of the bonds issued hereunder shall be deposited and left with the State Treasurer. The land mortgage association may, with the approval of the State Treasurer, remove such mortgages from the custody of the State Treasurer, substituting in place thereof other of its mortgages, or money or State of North Carolina bonds or certificates of deposit, endorsed in blank, issued by State or national banks located in North Carolina, farm mortgage bonds issued under the provisions of the Federal Farm Loan Act approved July 17, 1916, or obligations of the United States government, in an amount equal to or greater than the amount unpaid upon the notes secured by the mortgages withdrawn. (1925, c. 223, s. 18.)
NC Gen Stat § 54-67 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-67 - Redemption of bonds.

 54-67. Redemption of bonds.(a) Notice of redemption of bonds may on no account be given on the part of the holder thereof, but may be given by the association only for the purpose of effecting redemption in accordance with the conditions of the bonds and as provided by law and the bylaws.(b) If the land mortgage association shall elect to redeem any bond prior to maturity, six months' notice of redemption shall be given and shall be effected by personal service upon the owner and holder of the bond, by notice mailed to his address as registered or by advertising the same three times in a newspaper selected by the State Treasurer.(c) The numbers of the bonds of which notice of redemption is to be given shall be determined by lot, to be drawn by the president or the vice-president at a meeting of the trustees. (1925, c. 223, s. 19; 1993, c. 553, s. 15.)
NC Gen Stat § 54-68 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-68 - Validity of bonds after maturity.

 54-68. Validity of bonds after maturity.In case the holder of any bond outstanding shall not have presented the same for payment within the period of two years after its maturity or within two years after the date fixed for the redemption, as the case may be, then such bonds shall cease to be a lien upon the mortgages, moneys, and securities pledged to the State Treasurer and deposited with him as security therefor, but such bond shall still constitute, until the statute of limitation running against such bonds shall have expired, a single legal money claim or demand against the land mortgage association issuing the same, and be recoverable from it in a suit at law, and in no event shall any interest be collectible upon such bond after the maturity thereof or after the date fixed for its redemption. (1925, c. 223, s. 20.)
NC Gen Stat § 54-69 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-69 - Bonds as payment.

 54-69. Bonds as payment.If the association gives notice to a debtor for repayment of the mortgage loan the latter must pay to the association in cash or in its bonds at par the face of the same so far as it has not yet been covered by his assets in the amortization and payments. (1925, c. 223, s. 21.)
NC Gen Stat § 54-70 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-70 - Bonds as investments.

 54-70. Bonds as investments.The bonds of a land mortgage association shall be a legal investment for savings associations, trust companies, or other financial institutions chartered under the laws of this State and shall also be a legal investment for trustees, executors, administrators, or custodians of public or private funds, or corporations, partnerships or associations. (1925, c. 223, s. 22.)
NC Gen Stat § 54-71 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-71 - Application of earnings; reserve fund.

 54-71. Application of earnings; reserve fund.The gross earnings of the association shall be ascertained annually, and there shall first be deducted therefrom the expenses incurred by the association for the preceding year and the balance thereof shall be set aside as a reserve fund for the payment of contingent losses, to an amount equal to two percent (2%) of the capital stock outstanding, and until such reserve fund equals twenty percent (20%) of the capital stock of such association. (1925, c. 223, s. 23.)
NC Gen Stat § 54-72 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-72 - Restriction on holding real estate.

 54-72. Restriction on holding real estate.No land mortgage association shall acquire real estate (other than for the occupation of its offices) except to protect its interest in case any of the mortgages owned by it are foreclosed and the property therein described sold to pay the indebtedness secured thereby. All real estate so acquired shall be promptly sold. (1925, c. 223, s. 24.)
NC Gen Stat § 54-73 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 8 - Organization and Powers.|§ 54-73 - Banking laws applicable.

 54-73. Banking laws applicable.The banking laws as defined in G.S. 53C-1-4(5), insofar as applicable and not in conflict with the provisions hereof shall apply to land mortgage associations.  (1925, c. 223, s. 25; 2012-56, s. 35.)
NC Gen Stat § 54-109.1 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.1 - Definition and purposes.

 54-109.1. Definition and purposes.A credit union is a cooperative, nonprofit association, incorporated under Articles 14A to 14L of this Chapter, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. (1975, c. 538, s. 1.)
NC Gen Stat § 54-109.3 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.3 - Form of articles and bylaws.

 54-109.3. Form of articles and bylaws.In order to simplify the organization of credit unions, the Administrator of Credit Unions shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with Articles 14A to 14L of this Chapter, which may be used by credit union incorporators for their guidance. Such articles of incorporation and bylaws shall provide:(1) The name of corporation.(2) The purposes for which it is formed.(3) Qualifications for membership.(4) The date of the annual meeting; the manner in which members shall be notified of meetings; the manner of conducting the meetings; the number of members which constitute a quorum at the meetings, and the regulations as to voting.(5) The number of members of the board of directors, their powers and duties, and the compensation and duties of officers elected by the board of directors, and frequency of meetings.(6) The number of members of the credit committee, if any, their powers and duties.(7) The number of members of the supervisory committee, if any, their powers and duties.(8) The par value of shares of capital stock.(9) The conditions upon which shares may be issued, paid in, transferred, and withdrawn.(10) The fines, if any, which shall be charged for failure to meet obligations to the corporation punctually.(11) The conditions upon which deposits may be received and withdrawn. Whether the proposed corporation shall, in addition, have power to borrow funds.(12) The manner in which the funds of the corporation shall be invested.(13) The conditions upon which loans may be made and repaid.(14) The maximum rate of interest that may be charged upon loans, not to exceed, however, the legal rate.(15) The method of receipting for money paid on account of shares, deposits, or loans.(16) The manner in which the reserve fund shall be accumulated.(17) The manner in which dividends shall be determined and paid to members.(18) The manner in which a voluntary dissolution of the corporation shall be effected.(19) The manner in which the bylaws and articles of incorporation may be amended. (1915, c. 115, s. 2; C.S., s. 5211; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.4 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.4 - Amendments.

 54-109.4. Amendments.(a) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Administrator of Credit Unions who shall approve or disapprove the amendments within 60 days.(b) Amendments shall become effective upon approval in writing by the Administrator and no fee shall be charged for such approval. (1915, c. 115, s. 3; C.S., s. 5213; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, s. 6; 1973, c. 1331, s. 3; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.5 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.5 - Use of name exclusive.

 54-109.5. Use of name exclusive.With the exception of a credit union organized under the provisions of Articles 14A to 14L of this Chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person, corporation, copartnership or association using a name or title containing the words "credit union" or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union shall be guilty of a Class 1 misdemeanor, and may be permanently enjoined from using such words in its name. (1915, c. 115, s. 4; C.S., s. 5214; 1925, c. 73, s. 3; 1935, c. 87; 1941, c. 236; 1975, c. 538, s. 1; 1993, c. 539, s. 428; 1994, Ex. Sess., c. 24, s. 14(c).)
NC Gen Stat § 54-109.6 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.6 - Office facilities.

 54-109.6. Office facilities.(a) A credit union may maintain service facilities at locations other than its main office if the maintenance of such offices is reasonably necessary to furnish service to its members, subject to the approval of the Administrator of Credit Unions.(b) A credit union may change its place of business within this State upon written notice to the Credit Union Division. Such a change shall be recorded in the office of the register of deeds where its office was located, and a second duplicate in the office of the register of deeds of the county in which the new office is to be located, if same is changed to another county. If the change is from one location to another in the same county, then only the Administrator of Credit Unions need be notified.(c) A credit union may share office space with one or more credit unions and contract with any person or corporation to provide facilities or personnel. (1915, c. 115, ss. 9, 25; C.S., ss. 5215, 5233; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, ss. 1, 7, 19; 1967, c. 823, s. 10; 1973, c. 199, s. 8; c. 1331, s. 3; 1975, c. 538, s. 1.)
NC Gen Stat § 54-109.7 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14A - Formation of Credit Union.|§ 54-109.7 - Conducting business outside this State.

 54-109.7. Conducting business outside this State.A credit union incorporated under this Subchapter may conduct business outside of this State in any state where it is permitted to conduct business as a credit union. (1991, c. 651, s. 1.)
NC Gen Stat § 54-109.10 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|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 in the North Carolina Department of Commerce a Credit Union Division which shall be under the supervision of the Administrator of Credit Unions appointed by the Secretary of Commerce. The Credit Union Division and the Administrator of Credit Unions shall be under the general direction and supervision of the Secretary of Commerce, and there shall be such assistants to the Administrator of Credit Unions as may be necessary and the salaries of the Administrator and assistants shall be fixed by the State Personnel Council. (1915, c. 115, s. 1; C.S., s. 5208; 1925, c. 73, s. 4; 1935, c. 87; 1965, c. 956, s. 1; 1971, c. 864, s. 17; 1975, c. 538, s. 1; 1989, c. 751, s. 9(c); 1991 (Reg. Sess., 1992), c. 959, s. 3.)
NC Gen Stat § 54-109.12 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14B - Supervision and Regulation.|§ 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; rules and regulations.In addition to any and all other powers, duties and functions vested in the Administrator of Credit Unions under the provisions of this Article, the Administrator of Credit Unions shall have general control, management and supervision over all corporations organized under the provisions of Article 14A. All corporations organized under the provisions of Article 14A shall be subject to the management, control and supervision of the Administrator of Credit Unions as to their conduct, organization, management, business practices and their financial and fiscal matters. The Administrator of Credit Unions may prescribe rules and regulations for the administration of this Article, as well as rules and regulations relating to financial records, business practices and the conduct and management of credit unions, and it shall be the duty of the board of directors and of the various officers of the credit union to put into effect and to carry out such regulations. (1915, c. 115, s. 7; C.S., s. 5237; 1925, c. 73, s. 3; 1935, c. 87; 1957, c. 989, s. 6; 1965, c. 956, ss. 1, 22; 1975, c. 538, s. 1; 1979, c. 198.)
NC Gen Stat § 54-109.13 (2021)
2021 North Carolina General Statutes|Chapter 54 - Cooperative Organizations|Article 14B - Supervision and Regulation.|§ 54-109.13 - Revocation of certificate; liquidation.

 54-109.13. Revocation of certificate; liquidation.If any such corporation shall neglect to make its annual report, as provided in this Article, or any other report required by the Administrator of Credit Unions for more than 15 days, or shall fail to pay the charges required, including the fines for delay in filing reports, the Administrator of Credit Unions shall give notice to such corporation of his intention to revoke the certificate of approval of the corporation for such neglect or failure, and if such neglect or failure continues for 15 days after such notice, the said Administrator shall, at his discretion, personally or by an agent appointed by him, take possession of the property and business of the corporation and retain possession until such time as he may permit it to resume business, or until its affairs be finally liquidated as provided for in G.S. 54-109.93. (1915, c. 115, s. 7; C.S., s. 5240; 1925, c. 73, ss. 3, 8; 1935, c. 87; 1957, c. 989, s. 8; 1965, c. 956, s. 1; 1975, c. 538, s. 1.)