§ 54-109.12. Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations. - North Carolina Statutes

§54‑109.12.  Corporations organized hereunder subject to Administrator ofCredit Unions; rules and regulations.

In addition to any and allother powers, duties and functions vested in the Administrator of Credit Unionsunder the provisions of this Article, the Administrator of Credit Unions shallhave general control, management and supervision over all corporationsorganized under the provisions of Article 14A. All corporations organized underthe provisions of Article 14A shall be subject to the management, control andsupervision of the Administrator of Credit Unions as to their conduct,organization, management, business practices and their financial and fiscalmatters. The Administrator of Credit Unions may prescribe rules and regulationsfor the administration of this Article, as well as rules and regulationsrelating to financial records, business practices and the conduct andmanagement of credit unions, and it shall be the duty of the board of directorsand of the various officers of the credit union to put into  effect and tocarry out such regulations. (1915, c. 115, s. 7; C.S., s.5237; 1925, c. 73, s. 3; 1935, c. 87; 1957, c. 989, s. 6; 1965, c. 956, ss. 1,22; 1975, c. 538, s. 1; 1979, c. 198.)