{"data":{"id":"us-nc/n.c.-gen.-stat.-58-20-15","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-20-15","heading":"Board of trustees.","body":"(a)\tA Club shall be operated by a board of trustees. Each trustee shall also be a member of an association. The trustees shall be selected by the Club members under the rules of organization of the Club. The board of trustees shall:\n(1)\tEstablish the terms and conditions of hull insurance and protection and indemnity coverage within the Club, including underwriting and exclusions of coverage;\n(2)\tEnsure that all valid claims are paid promptly;\n(3)\tTake all necessary precautions to safeguard the assets of the Club;\n(4)\tMaintain minutes of its meeting and make those minutes available to the Commissioner;\n(5)\tDesignate an administrator to carry out the policies established by the trustees; and\n(6)\tEstablish guidelines for membership in the Club.\n(b)\tThe board of trustees shall not:\n(1)\tExtend credit to an individual member for payment of a premium, except under a payment plan approved by the Commissioner; or\n(2)\tBorrow money from the Club, or in the name of the Club, except in the ordinary course of business.\nWhenever the board of trustees borrow money from the Club as authorized by this subdivision it shall first advise the Commissioner of the nature and purpose of the loan, and shall obtain his prior approval of such loan. (1987, c. 330.)","path":["Chapter 58. Insurance.","Article 20. Hull Insurance, and Protection and Indemnity Clubs."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-20-15.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"0d8a328a0c6e962896cb56355a51af3d6f7050f745a89927b83ee15927e429bf","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-20-10","next":"us-nc/n.c.-gen.-stat.-58-20-20"},"notice":"GroundRules: Original legal text. Not legal advice."}