§ 54-109.13. Revocation of certificate; liquidation. - North Carolina Statutes

§54‑109.13.  Revocation of certificate; liquidation.

If any such corporation shallneglect to make its annual report, as provided in this Article, or any otherreport required by the Administrator of Credit Unions for more than 15 days, orshall fail to pay the charges required, including the fines for delay in filingreports, the Administrator of Credit Unions shall give notice to suchcorporation of his intention to revoke the certificate of approval of thecorporation for such neglect or failure, and if such neglect or failurecontinues for 15 days after such notice, the said Administrator shall, at hisdiscretion, personally or by an agent appointed by him, take possession of theproperty and business of the corporation and retain possession until such timeas he may permit it to resume business, or until its affairs be finallyliquidated as provided for in G.S. 54‑109.93. (1915, c. 115, s. 7; C.S., s.5240; 1925, c. 73, ss. 3, 8; 1935, c. 87; 1957, c. 989, s. 8; 1965, c. 956,  s.1; 1975, c. 538, s. 1.)