NOTE: The Statutes on the North Carolina General Assembly website reflect changes made in the 2017 Regular Session. The changes from all Sessions are listed in the NC Statutes and Session Laws affected by ratified bills documents.

The General Statutes published on this website are not official. Please read the caveats for more information.


North Carolina General Statutes
Chapter 54: Cooperative Organizations.

Full-Text Search?:
Look-Up by Citation:
  Example: 17D-4

View Consolidated Chapter [HTML] [RTF]

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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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G.S. 54-42 through 54-43§§ 54-42 through 54-43: Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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 Repealed by Session Laws 1981, c. 282, s. 1.[HTML] [RTF]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

Shortcuts
Helpful Links
Link to the NCGA Chamber Dashboard

Chamber Dashboard