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North Carolina General Statutes
Chapter 54: Cooperative Organizations.

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Article 1 - Organization. [RTF] [PDF]
G.S. 54-1 through 54-12.1 54-1 through 54-12.1. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 2 - Shares and Shareholders. [RTF] [PDF]
G.S. 54-13 through 54-18.2 54-13 through 54-18.2. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 2A - Savings Accounts. [RTF] [PDF]
G.S. 54-18.3 through 54-18.6 54-18.3 through 54-18.6. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 3 - Loans. [RTF] [PDF]
G.S. 54-19 through 54-23 54-19 through 54-23. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 4 - Under Control of Administrator of the Savings and Loan Division. [RTF] [PDF]
G.S. 54-24 through 54-33.3 54-24 through 54-33.3. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 5 - Foreign Associations. [RTF] [PDF]
G.S. 54-34 through 54-41 54-34 through 54-41. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 5A - Reserves. [RTF] [PDF]
G.S. 54-41.1 54-41.1. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 6 - Withdrawals. [RTF] [PDF]
G.S. 54-42 through 54-43 54-42 through 54-43: Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 7 - Statements of Financial Condition of Associations. [RTF] [PDF]
G.S. 54-44 54-44. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 7A - Mutual Deposit Guaranty Associations. [RTF] [PDF]
G.S. 54-44.1 through 54-44.14 54-44.1 through 54-44.14. Repealed by Session Laws 1981, c. 282, s. 1.[RTF] [PDF]
Article 8 - Organization and Powers. [RTF] [PDF]
G.S. 54-45 54-45. Application of term.[RTF] [PDF]
G.S. 54-46 54-46. Incorporation and powers.[RTF] [PDF]
G.S. 54-47 54-47. Loans.[RTF] [PDF]
G.S. 54-48 54-48. Reserve associations.[RTF] [PDF]
G.S. 54-49 54-49. Land Conservation and Development Bureau; land mortgage associations.[RTF] [PDF]
G.S. 54-50 54-50. Number of incorporators; capital stock.[RTF] [PDF]
G.S. 54-51 54-51. Incorporation.[RTF] [PDF]
G.S. 54-52 54-52. Organization.[RTF] [PDF]
G.S. 54-53 54-53. Corporate powers.[RTF] [PDF]
G.S. 54-54 54-54. Restrictions.[RTF] [PDF]
G.S. 54-55 54-55. Mortgage forms; approval.[RTF] [PDF]
G.S. 54-56 54-56. Repayment of loan and interest.[RTF] [PDF]
G.S. 54-57 54-57. Terms of payment.[RTF] [PDF]
G.S. 54-58 54-58. Transfer of mortgaged lands.[RTF] [PDF]
G.S. 54-59 54-59. Calling in loans before due.[RTF] [PDF]
G.S. 54-60 54-60. Partial recall of debt.[RTF] [PDF]
G.S. 54-61 54-61. Foreclosure.[RTF] [PDF]
G.S. 54-62 54-62. Appraisal of lands.[RTF] [PDF]
G.S. 54-63 54-63. Preference prohibited; association borrowing money.[RTF] [PDF]
G.S. 54-64 54-64. Bond issues.[RTF] [PDF]
G.S. 54-65 54-65. Deed of trust.[RTF] [PDF]
G.S. 54-66 54-66. Collaterals deposited with State Treasurer.[RTF] [PDF]
G.S. 54-67 54-67. Redemption of bonds.[RTF] [PDF]
G.S. 54-68 54-68. Validity of bonds after maturity.[RTF] [PDF]
G.S. 54-69 54-69. Bonds as payment.[RTF] [PDF]
G.S. 54-70 54-70. Bonds as investments.[RTF] [PDF]
G.S. 54-71 54-71. Application of earnings; reserve fund.[RTF] [PDF]
G.S. 54-72 54-72. Restriction on holding real estate.[RTF] [PDF]
G.S. 54-73 54-73. Banking laws applicable.[RTF] [PDF]
Article 9 - Credit Union Division; Administrator of Credit Unions. [RTF] [PDF]
G.S. 54-74 through 54-75.1 54-74 through 54-75.1. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 10 - Incorporation of Credit Unions. [RTF] [PDF]
G.S. 54-76 through 54-81 54-76 through 54-81. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 11 - Powers of Credit Unions. [RTF] [PDF]
G.S. 54-82 through 54-93 54-82 through 54-93. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 12 - Shares in the Corporation. [RTF] [PDF]
G.S. 54-94 through 54-97 54-94 through 54-97. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 13 - Members and Officers. [RTF] [PDF]
G.S. 54-98 through 54-104 54-98 through 54-104. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 14 - Supervision and Control. [RTF] [PDF]
G.S. 54-105 through 54-109 54-105 through 54-109. Repealed by Session Laws 1975, c. 538, s. 1.[RTF] [PDF]
Article 14A - Formation of Credit Union. [RTF] [PDF]
G.S. 54-109.1 54-109.1. Definition and purposes.[RTF] [PDF]
G.S. 54-109.2 54-109.2. Organization procedure.[RTF] [PDF]
G.S. 54-109.3 54-109.3. Form of articles and bylaws.[RTF] [PDF]
G.S. 54-109.4 54-109.4. Amendments.[RTF] [PDF]
G.S. 54-109.5 54-109.5. Use of name exclusive.[RTF] [PDF]
G.S. 54-109.6 54-109.6. Office facilities.[RTF] [PDF]
G.S. 54-109.7 54-109.7. Conducting business outside this State.[RTF] [PDF]
G.S. 54-109.8 54-109.8. Reserved for future codification purposes.[RTF] [PDF]
G.S. 54-109.9 54-109.9. Reserved for future codification purposes.[RTF] [PDF]
Article 14B - Supervision and Regulation. [RTF] [PDF]
G.S. 54-109.10 54-109.10. Creation and supervision of Division.[RTF] [PDF]
G.S. 54-109.11 54-109.11. Duties of Administrator.[RTF] [PDF]
G.S. 54-109.12 54-109.12. Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations.[RTF] [PDF]
G.S. 54-109.13 54-109.13. Revocation of certificate; liquidation.[RTF] [PDF]
G.S. 54-109.14 54-109.14. Fees.[RTF] [PDF]
G.S. 54-109.15 54-109.15. Reports.[RTF] [PDF]
G.S. 54-109.16 54-109.16. Annual examinations required; payment of cost.[RTF] [PDF]
G.S. 54-109.17 54-109.17. Records.[RTF] [PDF]
G.S. 54-109.18 54-109.18. Selection of attorneys to handle loan-closing proceedings.[RTF] [PDF]
G.S. 54-109.19 54-109.19. Removal of officers.[RTF] [PDF]
G.S. 54-109.20 54-109.20. Reserved for future codification purposes.[RTF] [PDF]
Article 14C - Powers of Credit Union. [RTF] [PDF]
G.S. 54-109.21 54-109.21. General powers.[RTF] [PDF]
G.S. 54-109.22 54-109.22. Incidental powers.[RTF] [PDF]
G.S. 54-109.23 through 54-109.25 54-109.23 through 54-109.25. Reserved for future codification purposes.[RTF] [PDF]
Article 14D - Membership. [RTF] [PDF]
G.S. 54-109.26 54-109.26. "Membership" defined.[RTF] [PDF]
G.S. 54-109.27 54-109.27. Societies and other associations.[RTF] [PDF]
G.S. 54-109.28 54-109.28. Other credit unions.[RTF] [PDF]
G.S. 54-109.29 54-109.29. Members who leave field.[RTF] [PDF]
G.S. 54-109.30 54-109.30. Liability of shareholders.[RTF] [PDF]
G.S. 54-109.31 54-109.31. Meetings of members.[RTF] [PDF]
G.S. 54-109.32 through 54-109.34 54-109.32 through 54-109.34. Reserved for future codification purposes.[RTF] [PDF]
Article 14E - Direction of Affairs. [RTF] [PDF]
G.S. 54-109.35 54-109.35. Election or appointment of officials.[RTF] [PDF]
G.S. 54-109.36 54-109.36. Record of board and committee members.[RTF] [PDF]
G.S. 54-109.37 54-109.37. Vacancies.[RTF] [PDF]
G.S. 54-109.38 54-109.38. Compensation of officials.[RTF] [PDF]
G.S. 54-109.39 54-109.39. Conflicts of interest.[RTF] [PDF]
G.S. 54-109.40 54-109.40. Executive officers.[RTF] [PDF]
G.S. 54-109.41 54-109.41. Authority of directors.[RTF] [PDF]
G.S. 54-109.42 54-109.42. Executive committee.[RTF] [PDF]
G.S. 54-109.43 54-109.43. Meetings of directors.[RTF] [PDF]
G.S. 54-109.44 54-109.44. Duties of directors.[RTF] [PDF]
G.S. 54-109.45 54-109.45. Authority of credit committee.[RTF] [PDF]
G.S. 54-109.46 54-109.46. Meetings of credit committee.[RTF] [PDF]
G.S. 54-109.47 54-109.47. Loan officers.[RTF] [PDF]
G.S. 54-109.48 54-109.48. When credit committee dispensed with.[RTF] [PDF]
G.S. 54-109.49 54-109.49. Duties of supervisory committee.[RTF] [PDF]
G.S. 54-109.50 through 54-109.52 54-109.50 through 54-109.52. Reserved for future codification purposes.[RTF] [PDF]
Article 14F - Savings Accounts. [RTF] [PDF]
G.S. 54-109.53 54-109.53. Shares.[RTF] [PDF]
G.S. 54-109.54 54-109.54. Dividends.[RTF] [PDF]
G.S. 54-109.55 54-109.55. Deposits.[RTF] [PDF]
G.S. 54-109.56 54-109.56. Thrift accounts.[RTF] [PDF]
G.S. 54-109.57 54-109.57: Repealed by Session Laws 2011-236, s. 4, effective October 1, 2011.[RTF] [PDF]
G.S. 54-109.57A 54-109.57A. Payable on Death (POD) accounts.[RTF] [PDF]
G.S. 54-109.58 54-109.58. Joint accounts.[RTF] [PDF]
G.S. 54-109.59 54-109.59. Liens.[RTF] [PDF]
G.S. 54-109.60 54-109.60. Repealed by Session Laws 1977, c. 559, s. 6.[RTF] [PDF]
G.S. 54-109.60A 54-109.60A. Minors.[RTF] [PDF]
G.S. 54-109.60B 54-109.60B. Accounts opened by adults for minors.[RTF] [PDF]
G.S. 54-109.61 54-109.61. Reduction in shares.[RTF] [PDF]
G.S. 54-109.62 54-109.62. Payment of balance of deceased person or person under disability to personal representative or guardian.[RTF] [PDF]
G.S. 54-109.62A 54-109.62A. Powers of attorney; notice of revocation; payment after notice.[RTF] [PDF]
G.S. 54-109.63 54-109.63. Personal agency accounts.[RTF] [PDF]
G.S. 54-109.64 54-109.64. Savings promotion raffles.[RTF] [PDF]
Article 14G - Loans. [RTF] [PDF]
G.S. 54-109.65 54-109.65. Purposes, terms and interest rate.[RTF] [PDF]
G.S. 54-109.66 54-109.66. Application.[RTF] [PDF]
G.S. 54-109.67 54-109.67. Loan limit.[RTF] [PDF]
G.S. 54-109.68 54-109.68. Security.[RTF] [PDF]
G.S. 54-109.69 54-109.69. Installments.[RTF] [PDF]
G.S. 54-109.70 54-109.70. Line of credit.[RTF] [PDF]
G.S. 54-109.71 54-109.71. Other loan programs.[RTF] [PDF]
G.S. 54-109.72 through 54-109.74 54-109.72 through 54-109.74. Reserved for future codification purposes.[RTF] [PDF]
Article 14H - Insurance and Group Purchasing. [RTF] [PDF]
G.S. 54-109.75 54-109.75. Insurance for members.[RTF] [PDF]
G.S. 54-109.76 54-109.76. Liability insurance for officers.[RTF] [PDF]
G.S. 54-109.77 54-109.77. Group purchasing.[RTF] [PDF]
G.S. 54-109.78 54-109.78. Share and deposit insurance.[RTF] [PDF]
G.S. 54-109.79 through 54-109.81 54-109.79 through 54-109.81. Reserved for future codification purposes.[RTF] [PDF]
Article 14I - Investments. [RTF] [PDF]
G.S. 54-109.82 54-109.82. Investment of funds.[RTF] [PDF]
G.S. 54-109.83 through 54-109.85 54-109.83 through 54-109.85. Reserved for future codification purposes.[RTF] [PDF]
Article 14J - Reserve Allocations. [RTF] [PDF]
G.S. 54-109.86 54-109.86. Transfers to regular reserve.[RTF] [PDF]
G.S. 54-109.87 54-109.87. Use of regular reserve.[RTF] [PDF]
G.S. 54-109.88 54-109.88. "Risk assets" defined.[RTF] [PDF]
G.S. 54-109.89 through 54-109.91 54-109.89 through 54-109.91. Reserved for future codification purposes.[RTF] [PDF]
Article 14K - Change in Corporate Status. [RTF] [PDF]
G.S. 54-109.92 54-109.92. Suspension and conservation.[RTF] [PDF]
G.S. 54-109.93 54-109.93. Liquidation.[RTF] [PDF]
G.S. 54-109.94 54-109.94. Merger.[RTF] [PDF]
G.S. 54-109.95 54-109.95. Conversion of charter.[RTF] [PDF]
G.S. 54-109.96 through 54-109.98 54-109.96 through 54-109.98. Reserved for future codification purposes.[RTF] [PDF]
Article 14L - Taxation. [RTF] [PDF]
G.S. 54-109.99 54-109.99. Restriction of taxation.[RTF] [PDF]
G.S. 54-109.100 through 54-109.104 54-109.100 through 54-109.104. Reserved for future codification purposes.[RTF] [PDF]
Article 14M - Confidential Information. [RTF] [PDF]
G.S. 54-109.105 54-109.105. What information deemed confidential; disclosure; certain information deemed public; exchange of information.[RTF] [PDF]
Article 14N - Foreign Credit Unions. [RTF] [PDF]
G.S. 54-109.106 54-109.106. Foreign Credit Unions.[RTF] [PDF]
Article 15 - Central Associations. [RTF] [PDF]
G.S. 54-110 54-110: Recodified as 54-110.1 through 54-110.10.[RTF] [PDF]
Article 15A - Corporate Credit Union. [RTF] [PDF]
G.S. 54-110.1 54-110.1. Definition and purposes.[RTF] [PDF]
G.S. 54-110.2 54-110.2. Membership.[RTF] [PDF]
G.S. 54-110.3 54-110.3. Charter and name exclusive.[RTF] [PDF]
G.S. 54-110.4 54-110.4. Organization.[RTF] [PDF]
G.S. 54-110.5 54-110.5. Powers and privileges.[RTF] [PDF]
G.S. 54-110.6 54-110.6. Participation in central system.[RTF] [PDF]
G.S. 54-110.7 54-110.7. Right of set-off; security interest.[RTF] [PDF]
G.S. 54-110.8 54-110.8. Fees.[RTF] [PDF]
G.S. 54-110.9 54-110.9. Reserves.[RTF] [PDF]
G.S. 54-110.10 54-110.10. Applicability of Article.[RTF] [PDF]
Article 16 - Organization of Associations. [RTF] [PDF]
G.S. 54-111 54-111. Nature of the association.[RTF] [PDF]
G.S. 54-111.1 54-111.1. Repealed by Session Laws 1959, c. 991.[RTF] [PDF]
G.S. 54-112 54-112. Use of term restricted.[RTF] [PDF]
G.S. 54-113 54-113. Articles of agreement.[RTF] [PDF]
G.S. 54-114 54-114. Certificate of incorporation.[RTF] [PDF]
G.S. 54-115 54-115. Fees for incorporation.[RTF] [PDF]
G.S. 54-116 54-116. Bylaws adopted.[RTF] [PDF]
G.S. 54-117 54-117. General corporation law or general nonprofit corporation law applied; dealing in products of, or renting to, nonmembers.[RTF] [PDF]
G.S. 54-118 54-118. Other corporations admitted.[RTF] [PDF]
G.S. 54-118.1 54-118.1. License taxes.[RTF] [PDF]
G.S. 54-118.2 54-118.2. Franchise taxes.[RTF] [PDF]
Article 17 - Stockholders and Officers. [RTF] [PDF]
G.S. 54-119 54-119. Certificate for stock fully paid.[RTF] [PDF]
G.S. 54-120 54-120. Ownership of shares limited.[RTF] [PDF]
G.S. 54-121 54-121. Shares issued on purchase of business.[RTF] [PDF]
G.S. 54-122 54-122. Absent members voting.[RTF] [PDF]
G.S. 54-123 54-123. Directors and other officers.[RTF] [PDF]
Article 18 - Powers and Duties. [RTF] [PDF]
G.S. 54-124 54-124. Nature of business authorized.[RTF] [PDF]
G.S. 54-125 54-125. Amendment of articles.[RTF] [PDF]
G.S. 54-126 54-126. Apportionment of earnings.[RTF] [PDF]
G.S. 54-127 54-127. Time of allocation.[RTF] [PDF]
G.S. 54-128 54-128. Annual reports.[RTF] [PDF]
Article 19 - Purpose and Organization. [RTF] [PDF]
G.S. 54-129 54-129. Declaration of policy.[RTF] [PDF]
G.S. 54-130 54-130. Definitions and nature.[RTF] [PDF]
G.S. 54-131 54-131. Who may organize.[RTF] [PDF]
G.S. 54-132 54-132. Purposes.[RTF] [PDF]
G.S. 54-133 54-133. Preliminary investigation.[RTF] [PDF]
G.S. 54-134 54-134. Articles of incorporation.[RTF] [PDF]
G.S. 54-135 54-135. Amendments to articles of incorporation.[RTF] [PDF]
G.S. 54-136 54-136. Bylaws.[RTF] [PDF]
G.S. 54-137 54-137. General and special meetings; how called.[RTF] [PDF]
G.S. 54-138 54-138. Conflicting laws not to apply.[RTF] [PDF]
G.S. 54-139 54-139. Foreign cooperative corporations; limitation on use of word "cooperative."[RTF] [PDF]
G.S. 54-140 54-140. Association heretofore organized may adopt the provisions of this Subchapter.[RTF] [PDF]
G.S. 54-141 54-141. Associations not in restraint of trade.[RTF] [PDF]
G.S. 54-142 54-142. Application of North Carolina Business Corporation Act to cooperative associations with capital stock.[RTF] [PDF]
G.S. 54-142.1 54-142.1. Application of Nonprofit Corporation Act to cooperative associations without capital stock.[RTF] [PDF]
G.S. 54-143 54-143. License taxes.[RTF] [PDF]
G.S. 54-143.1 54-143.1. Franchise taxes.[RTF] [PDF]
G.S. 54-144 54-144. Filing fees.[RTF] [PDF]
Article 20 - Members and Officers. [RTF] [PDF]
G.S. 54-145 54-145. Members.[RTF] [PDF]
G.S. 54-146 54-146. Directors; election.[RTF] [PDF]
G.S. 54-147 54-147. Election of officers.[RTF] [PDF]
G.S. 54-148 54-148. Stock; membership certificates; when issued; voting; liability; limitation on transfer of ownership.[RTF] [PDF]
G.S. 54-149 54-149. Removal of officer or director.[RTF] [PDF]
G.S. 54-150 54-150. Referendum.[RTF] [PDF]
Article 21 - Powers, Duties, and Liabilities. [RTF] [PDF]
G.S. 54-151 54-151. Powers.[RTF] [PDF]
G.S. 54-152 54-152. Marketing contract.[RTF] [PDF]
G.S. 54-153 54-153. Purchasing business of other associations, persons, firms, or corporations; payment; stock issued.[RTF] [PDF]
G.S. 54-154 54-154. Annual reports.[RTF] [PDF]
G.S. 54-155 54-155. Interest in other corporations or associations.[RTF] [PDF]
G.S. 54-156 54-156. Contracts and agreements with other associations.[RTF] [PDF]
G.S. 54-157 54-157. Breach of marketing contract of cooperative association; spreading false reports about the finances or management thereof; misdemeanor.[RTF] [PDF]
G.S. 54-158 54-158. Cooperative associations may form subsidiaries.[RTF] [PDF]
Article 22 - Merger, Consolidation and Other Fundamental Changes. [RTF] [PDF]
G.S. 54-159 54-159. Procedure for merger.[RTF] [PDF]
G.S. 54-160 54-160. Procedure for consolidation.[RTF] [PDF]
G.S. 54-161 54-161. Approval of merger or consolidation; abandonment.[RTF] [PDF]
G.S. 54-162 54-162. Articles of merger or consolidation.[RTF] [PDF]
G.S. 54-163 54-163. Effect of merger or consolidation.[RTF] [PDF]
G.S. 54-164 54-164. Merger or consolidation of domestic and foreign associations.[RTF] [PDF]
G.S. 54-165 54-165. Sale, lease or exchange of assets; mortgage or pledge of assets.[RTF] [PDF]
G.S. 54-166 54-166. Rights of objecting members.[RTF] [PDF]