§ 54-109.1. Definition and purposes. - North Carolina Statutes

Article14A.

Formation of CreditUnion.

§ 54‑109.1.  Definitionand purposes.

A credit union is acooperative, nonprofit association, incorporated under Articles 14A to 14L ofthis Chapter, for the purposes of encouraging thrift among its members, creatinga source of credit at a fair and reasonable rate of interest, and providing anopportunity for its members to use and control their own money in order toimprove their economic and social condition. (1975, c. 538, s. 1.)