reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14E - Direction of Affairs. › § 54-109.47 - Loan officers.

§ 54-109.47. Loan officers.
(a) The credit committee may appoint one or more loan officers and delegate the power to approve loans, subject to such limitations or conditions as the credit committee prescribes.
(b) Loan applications not approved by a loan officer shall be reviewed and acted upon by the credit committee. (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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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. (2011­146, s. 2.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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.)
2023 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 aside
a. 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, then
b. 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 aside
a. 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, then
b. 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.)
2023 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.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14J - Reserve Allocations. › § 54-109.88 - "Risk assets" defined.

§ 54-109.88. "Risk assets" defined.
For the purpose of establishing the reserves required by G.S. 54-109.86, all assets except the following shall be considered risk assets:
(1) Cash on hand.
(2) Deposits and shares in federal or State banks, savings and loan associations, and credit unions.
(3) Assets which are issued by, fully guaranteed as to principal and interest by, or due from the U.S. government, its agencies, Fannie Mae, or the Government National Mortgage Association.
(4) Loans to other credit unions.
(5) Loans to students insured under the provision of Title IV, Part B of the Higher Education Act of 1965 (20 U.S.C. 1071, et seq.) or similar state insurance programs.
(6) Loans insured under Title I of the National Housing Act (12 U.S.C. 1703) by the Federal Housing Administration.
(7) Shares or deposits in central credit unions organized under Article 14I of this Chapter of any other State act or of the Federal Credit Union Act.
(8) Common trust investments which deal in investments authorized by Articles 14A to 14L of this Chapter.
(9) Prepaid expenses.
(10) Accrued interest on nonrisk investments.
(11) Furniture and equipment.
(12) Land and buildings.
(13) Loans secured by shares.
(14) Deposits in mutual savings guaranty associations which qualify under Article 7A of Chapter 54 of the General Statutes.
(15) Investments in the College Foundation. (1975, c. 538, s. 1; 1977, c. 559, s. 8; 2001-487, s. 14(c).)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14K - Change in Corporate Status. › § 54-109.94 - Merger.

§ 54-109.94. Merger.
Any credit union may, with the approval of the Administrator of Credit Unions, merge with another credit union subject to the rules and regulations set forth by the Administrator of Credit Unions. (1975, c. 538, s. 1.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14K - Change in Corporate Status. › § 54-109.95 - Conversion of charter.

§ 54-109.95. Conversion of charter.
(a) A credit union chartered under the laws of this State may be converted to a credit union chartered under the laws of any other state or under the laws of the United States, subject to regulations issued by the Administrator of the Credit Union Division.
(b) A credit union chartered under the laws of the United States or of any other state may convert to a credit union chartered under the laws of this State. To effect such a conversion, a credit union must comply with all the requirements of the jurisdiction under which it was originally chartered and the requirements of the Administrator of Credit Unions and file proof of such compliance with said Administrator. (1965, c. 956, s. 9; 1975, c. 538, s. 1.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14L - Taxation. › § 54-109.99 - Restriction of taxation.

§ 54-109.99. Restriction of taxation.
The corporation shall be deemed an institution for savings, and together with all accumulations therein shall not be taxable under any law which shall exempt building and loan associations or institutions for savings from taxation; nor shall any law passed taxing corporations in any form, or the shares thereof, or the accumulations therein, be deemed to include corporations doing business in pursuance of the provisions of this Article, unless they are specifically named in such law. The shares of credit unions, being hereby regarded as a system for saving, shall not be subject to any stock-transfer tax either when issued by the corporation or transferred from one member to another. (1915, c. 115, s. 26; C.S., s. 5225; 1925, c. 73, ss. 3, 16; 1935, c. 87; 1975, c. 538, s. 1.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › 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; exchange of information.
(a) The following records of information of the credit union division, the Administrator or the agent(s) of either shall be confidential and shall not be disclosed:
(1) Information obtained or compiled in preparation of, during, or as a result of an examination, audit or investigation of any credit union;
(2) Information reflecting the specific collateral given by a named borrower, or specific withdrawable accounts held by a named member;
(3) Information obtained, prepared or compiled during or as a result of an examination, audit or investigation of any credit union by an agency of the United States, if the records would be confidential under federal law or regulation;
(4) Information and reports submitted by credit unions to federal regulatory agencies, if the records or information would be confidential under federal law or regulation;
(5) Information and records regarding complaints from the members received by the division which concern credit unions when the complaint would or could result in an investigation, except to the management of those credit unions;
(6) Any other letters, reports, memoranda, recordings, charts or other documents or records which would disclose any information of which disclosure is prohibited in this subsection.
(b) A court of competent jurisdiction may order the disclosure of specific information.
(c) The information contained in an application for a new credit union shall be deemed to be public information.
(d) Nothing in this Article shall prevent the exchange of information relating to credit unions and the business thereof with the representatives of the agencies of this State, other states, or of the United States, or with reserve or insuring agencies for credit unions. Nothing in this Article shall prevent the Administrator, in his discretion, from disclosing pertinent information relating to a credit union and the business thereof with directors, officers, or members of the credit union. The private business and affairs of an individual or company shall not be disclosed by any person employed by the credit union division, or by any person with whom information is exchanged under the authority of this subsection.
(e) Any official or employee violating this section shall be liable to any person injured by disclosure of such confidential information for all damages sustained thereby. Penalties provided shall not be exclusive of other penalties.
(f) The willful or knowing violation of the provisions of this Article by any employee of the credit union division shall be a Class 1 misdemeanor. (1981, c. 512; 1993, c. 539, s. 429; 1994, Ex. Sess., c. 24, s. 14(c).)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 14N - Foreign Credit Unions. › § 54-109.106 - Foreign Credit Unions.

§ 54-109.106. Foreign Credit Unions.
(a) A credit union organized under the laws of another state or territory of the United States may conduct business as a credit union in this State with the approval of the Administrator, provided credit unions incorporated under Articles 14A through 14M of this Chapter are allowed to do business in the other state under conditions similar to these provisions. Before granting the approval, the Administrator must find that the foreign credit union:
(1) Is a credit union organized under laws similar to Articles 14A through 14M of this Chapter;
(2) Is financially solvent;
(3) Has account insurance through the federal government or any agency thereof;
(4) Is examined and supervised by a regulatory agency of the state in which it is organized;
(5) Will serve a field of membership not being served in this State or to adequately serve its members in this State;
(6) Operation by the credit union will not have adverse impact on the financial, economic or other interests of residents of this State.
(b) No foreign credit union may conduct business in this State unless it:
(1) Makes loans at such terms allowed under the provisions of Article 14G of this Chapter;
(2) Complies with the rules and regulations applicable to credit unions incorporated under Articles 14A through 14M of this Chapter;
(3) Agrees to furnish the Administrator a copy of the report of examination of its regulatory agency and such other documents or reports as may be requested or to submit to an examination as the Administrator deems necessary;
(4) Designates and maintains an agent for the service of process in this State.
(c) The Administrator may deny or revoke approval of a credit union to conduct business in this State if the Administrator finds that:
(1) The credit union fails to meet the requirements of subsection (a);
(2) The credit union fails to comply with the laws of this State or lawful rules or orders issued by the Administrator;
(3) The credit union has engaged in a pattern of unsafe or unsound credit union practices. (1991, c. 271.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.1 - Definition and purposes.

§ 54-110.1. Definition and purposes.
(a) A corporate credit union may be incorporated under this Article and shall be subject to all parts of this Chapter not inconsistent with this Article.
(b) A corporate credit union is a cooperative nonprofit association whose members consist primarily of other credit unions and whose purposes are:
(1) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;
(2) To act as an intermediary for credit union funds between members and other corporate credit unions;
(3) To obtain liquid funds from other credit union organizations, financial intermediaries, and other sources;
(4) To foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth and development of member credit unions; and
(5) To perform such other financial services of benefit to its members which are authorized by the Administrator of Credit Unions. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.2 - Membership.

§ 54-110.2. Membership.
(a) Membership in the corporate credit union shall be institutional and be limited to the subscribers to the articles of incorporation, credit unions organized under Chapter 54 of the General Statutes, the Federal Credit Union Act or any other credit union act, organizations or associations of credit unions, and such other persons or organizations provided for in the articles of incorporation unless the bylaws otherwise prescribe.
(b) The board of directors of each credit union, organization or association becoming a member of the corporate credit union shall designate one person to be a voting representative in the corporate credit union. Such voting representatives shall be eligible to hold office in the corporate credit union as if such person were himself a member of the corporate credit union. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.3 - Charter and name exclusive.

§ 54-110.3. Charter and name exclusive.
Only one corporate credit union shall be incorporated under this Article; and no other credit union may use the term "corporate credit union" as a part of its name. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.4 - Organization.

§ 54-110.4. Organization.
(a) Application to form a corporate credit union shall be made in writing to the Administrator of Credit Unions. The application shall contain the names of at least 15 credit unions which have agreed to subscribe to shares in the corporate credit union at the time the application is made.
(b) The application shall be accompanied by articles of incorporation, bylaws, and articles of association or other appropriate documents.
(c) The bylaws shall provide for the selection of a board of directors of a least five members and shall require credit unions applying for membership to subscribe to shares in a minimum amount as specified in the bylaws. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.5 - Powers and privileges.

§ 54-110.5. Powers and privileges.
(a) A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under Chapter 54 of the General Statutes in addition to those powers enumerated in this Article, notwithstanding any limitations or restrictions found elsewhere in this Article.
(b) A corporate credit union may:
(1) Accept shares or deposits in any form from its members, other state, regional or national corporate credit unions, and credit union organizations or associations;
(2) Make loans to its members and other credit unions and other State, regional or national corporate credit unions, organizations and associations of credit unions;
(3) Establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors;
(4) Invest in the shares of or make deposits in credit unions;
(5) Buy and sell any form of marketable debt obligations of domestic or foreign corporations or of federal, state or local government units;
(6) Borrow from any source without limitation, accept demand deposits from any source and issue notes or debentures;
(7) Acquire or sell the assets and assume the liabilities of a member; and
(8) Enter into agreements with credit unions to discount or purchase loans made pursuant to government-guaranteed loan programs, real estate loans made by members or any obligations of the United States or any agency thereof held by members.
(c) A corporate credit union shall not be taxable under any law which shall exempt any other credit union.
(d) The board of directors shall meet at least quarterly and shall have the general direction and control of the affairs of the corporation.
(e) The corporate credit union may exercise such incidental powers or privileges conferred upon a federal corporate credit union. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.6 - Participation in central system.

§ 54-110.6. Participation in central system.
The corporate credit union may enter into agreements for the purpose of participation in any state or federal central liquidity facility or central financial system for credit unions, and for the purpose of aiding credit unions in establishing concentrated lines of credit with other financial institutions and act as a depositor and transmitter of funds to carry out such agreements. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.7 - Right of set-off; security interest.

§ 54-110.7. Right of set-off; security interest.
(a) The corporate credit union shall have a right of immediate set-off against the balances of the share and deposit accounts of each member for any amounts due from the member to the corporate credit union.
(b) The corporate credit union shall have a lien on all share and deposit accounts of each member in the amount of the total indebtedness of the member to the corporate credit union. The lien created herein shall attach to such accounts and be effective whenever the member is indebted to the corporate credit union. The lien shall have priority over any interests of all members and unsecured creditors of the member credit unions of the corporate credit union.
(c) The board of directors or credit committee may require and accept additional security for loans to a member in the form of a pledge, assignment, hypothecation or mortgage of any assets of the member or a guarantor. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.9 - Reserves.

§ 54-110.9. Reserves.
A corporate credit union shall be exempt from the regular reserve requirements of Article 14J, but shall be required to establish and maintain an equity reserve to meet losses, in accordance with regulations prescribed by the Administrator of Credit Unions. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 15A - Corporate Credit Union. › § 54-110.10 - Applicability of Article.

§ 54-110.10. Applicability of Article.
Nothing in this Article shall be construed as affecting the status of a central association formed prior to the enactment of this Article pursuant to former G.S. 54-110. For the purposes of this Article, the corporate credit union authorized by G.S. 54-110.3 shall be the central association in existence on June 8, 1983. (1983, c. 470.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-111 - Nature of the association.

§ 54-111. Nature of the association.
Any number of persons, not less than five, may associate themselves as a mutual association, society, company, or exchange, for the purpose of conducting any agricultural, housing (including apartment housing), horticultural, forestry, dairy, mercantile, mining, manufacturing, telephone, electric light, power, storage, refrigeration, flume, irrigation, water, sewerage, or mechanical business, or purchase, maintain and use fire-fighting equipment, or for any other lawful purpose, on the mutual plan. For the purposes of this Subchapter, the words association, company, corporation, exchange, society, or union shall be construed to mean the same; provided that the membership of agricultural organizations incorporated under this Subchapter shall consist of producers of agricultural products, handled by such organizations or by organizations owned and controlled by such producers. (1915, c. 144, s. 1; C.S., s. 5242; 1925, c. 179, ss. 1, 2; 1931, c. 447; 1949, c. 1042, ss. 1, 2(a); 1955, c. 746, s. 1; 1959, c. 991; 1985, c. 542, s. 1.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-112 - Use of term restricted.

§ 54-112. Use of term restricted.
No corporation or association hereafter organized or doing business for profit in this State shall be entitled to use the term "mutual" as part of its corporate or other business name or title, unless it has complied with the provisions of this Subchapter; and any corporation or association violating the provisions of this section may be enjoined from doing business under such name at the instance of any shareholder of any association legally organized under this Subchapter. (1915, c. 144, s. 18; C.S., s. 5243; 1925, c. 179, s. 1; 1945, c. 635.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-113 - Articles of agreement.

§ 54-113. Articles of agreement.
The persons desiring to organize such association shall sign and acknowledge written articles which shall contain the name of the association and the names and residences of the persons forming the same. Such articles shall also contain a statement of the purposes of the association and shall designate the city, town, or village where its principal place of business shall be located. The articles shall also state the amount of authorized capital stock, the number of shares authorized, and the par value of each. No shareholder in any corporation organized under this Subchapter shall be personally liable for any debt of the corporation. (1915, c. 144, s. 2; C.S., s. 5244; 1985, c. 542, s. 2.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-114 - Certificate of incorporation.

§ 54-114. Certificate of incorporation.
The original articles of incorporation of corporations organized under this Subchapter, or a true copy thereof, verified as such by the affidavits of two of the signers thereof, shall be filed with the Secretary of State. A like verified copy of such articles and certificate of the Secretary of State, showing the date when such articles were filed with and accepted by the Secretary of State, within 30 days of such filing and acceptance, shall be filed with and recorded by the register of deeds of the county in which the principal place of business of the corporation is to be located, and no corporation shall, until such articles be left for record, have legal existence. The register of deeds shall forthwith transmit to the Secretary of State a certificate stating the time when such copy was recorded. Upon a receipt of such certificate, the Secretary of State shall issue a certificate of incorporation. (1915, c. 144, s. 3; C.S., s. 5245; 1967, c. 823, s. 12.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-115 - Fees for incorporation.

§ 54-115. Fees for incorporation.
For filing the articles of incorporation of corporations organized under this Subchapter, there shall be paid the Secretary of State ten dollars ($10.00) and his fees allowed by law, and for the filing of an amendment to such articles, five dollars ($5.00) and his fees allowed by law: Provided, that when the authorized capital stock of such corporations shall be less than one thousand dollars ($1,000), such fee for filing either the articles of incorporation or amendments thereto shall be two dollars ($2.00). (1915, c. 144, s. 4; C.S., s. 5246; 1967, c. 823, s. 13.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 54-116 - Bylaws adopted.

§ 54-116. Bylaws adopted.
At the time of making the articles of incorporation the incorporators shall make bylaws which shall provide:
(1) The name of the 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 shall constitute a quorum at the meetings, and regulations as to voting.
(5) The number of members of the board of directors; powers and duties; the compensation and duties of officers elected by the board of directors.
(6) In the case of selling agencies or productive societies, regulations for grading.
(7) In the case of selling agencies or productive societies, regulations governing the sale of products by the members through the organization.
(8) The par value of the shares of capital stock.
(9) The conditions upon which shares may be issued, paid in, transferred, and withdrawn.
(10) The manner in which the reserve fund shall be accumulated.
(11) The manner in which the dividends shall be determined and paid to members.
(12) Associations, societies, companies or exchanges, organized hereunder to engage in the telephone or electric light business upon a mutual basis, shall adopt a bylaw limiting the patrons and subscribers to members of the association.
(13) In the case of apartment housing, regulations governing the rental of apartments. (1915, c. 144, s. 5; C.S., s. 5247; 1925, c. 179, s. 4; 1959, c. 991.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 16 - Organization of Associations. › § 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; dealing in products of, or renting to, nonmembers.
All mutual associations shall be maintained in accordance with the general corporation law or general nonprofit corporation law, except as otherwise provided for in this Subchapter. And no corporation or association hereafter organized under this Subchapter for doing business in this State shall be permitted to deal in the products of nonmembers to an amount greater in value than such as are handled by it for members: Provided, no housing corporation or association hereafter organized under this Subchapter shall be permitted to rent to nonmembers for a period longer than 90 days. (1915, c. 144, s. 17; C.S., s. 5248; 1925, c. 179, s. 1; 1931, c. 447, s. 2; 1949, c. 1042, s. 2(b); 1985, c. 542, s. 3.)