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Current as of January 01, 2023 | Updated by FindLaw Staff
The membership of a mutual State savings bank shall consist of:
(1) Those who hold deposit accounts in a savings bank, and
(2) Those who borrow funds and those who become obligated on a loan from the savings bank, for as long as the loan remains unpaid and the borrower remains liable to the savings bank for the payment of the loan.
A person, as a matter of right or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision, or public or governmental unit or entity may become a member of a mutual savings bank. Members shall be possessed of voting rights and any other rights as are provided by a savings bank's certificate of incorporation and bylaws as approved by the Commissioner of Banks. Members are the owners of a mutual savings bank.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 54C. Savings Banks § 54C-100. Membership of a mutual association - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-54c-savings-banks/nc-gen-st-sect-54c-100/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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