§ 53A-45. Board of directors. - North Carolina Statutes

§53A‑45.  Board of directors.

The business and affairs of aNorth Carolina Enterprise Corporation shall be managed and conducted bya board of directors and by such officers and agents as the corporation by itsbylaws shall authorize.  The initial board of directors shall be those listedin the Articles of Incorporation.  At the initial shareholders meeting, andthereafter annually, the voting common stock shareholders shall elect a boardof directors comprised of not less than thirteen (13) members in accordancewith the following conditions:

(1)        Not less than five(5) members who are employed by the North Carolina banks that invest in thecommon stock of the North Carolina Enterprise Corporation;

(2)        Not less than five(5) members who are representatives of North Carolina savings and loans,insurance companies, utility companies, endowment funds, public investors,private businesses, private individuals, or others that invest in the commonstock of the North Carolina Enterprise Corporation;

(3)        Not less than two(2) members who are the representatives of appropriate public interests, whichpersons shall not be employed by any bank, entity, or person that owns commonstock of the North Carolina Enterprise Corporation;

(4)        One member who isthe President or the Chief Executive Officer of the North Carolina EnterpriseCorporation. (1987,Reg. Sess., 1988), c. 882, s. 1.)