{"data":{"id":"us-nc/n.c.-gen.-stat.-54-109.3","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 54-109.3","heading":"Form of articles and bylaws.","body":"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:\n(1)\tThe name of corporation.\n(2)\tThe purposes for which it is formed.\n(3)\tQualifications for membership.\n(4)\tThe 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.\n(5)\tThe 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.\n(6)\tThe number of members of the credit committee, if any, their powers and duties.\n(7)\tThe number of members of the supervisory committee, if any, their powers and duties.\n(8)\tThe par value of shares of capital stock.\n(9)\tThe conditions upon which shares may be issued, paid in, transferred, and withdrawn.\n(10)\tThe fines, if any, which shall be charged for failure to meet obligations to the corporation punctually.\n(11)\tThe conditions upon which deposits may be received and withdrawn. Whether the proposed corporation shall, in addition, have power to borrow funds.\n(12)\tThe manner in which the funds of the corporation shall be invested.\n(13)\tThe conditions upon which loans may be made and repaid.\n(14)\tThe maximum rate of interest that may be charged upon loans, not to exceed, however, the legal rate.\n(15)\tThe method of receipting for money paid on account of shares, deposits, or loans.\n(16)\tThe manner in which the reserve fund shall be accumulated.\n(17)\tThe manner in which dividends shall be determined and paid to members.\n(18)\tThe manner in which a voluntary dissolution of the corporation shall be effected.\n(19)\tThe 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.)","path":["Chapter 54. Cooperative Organizations.","SUBCHAPTER III. CREDIT UNIONS.","Article 14A. Formation of Credit Union."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_54/GS_54-109.3.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:32Z","sha256":"33497ba19bc8fedf75fa0da554253271aa2f4984eb299c25bd961db8b9439e73","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-54-109.2","next":"us-nc/n.c.-gen.-stat.-54-109.4"},"notice":"GroundRules: Original legal text. Not legal advice."}