§ 54-109.3. Form of articles and bylaws. - North Carolina Statutes

§54‑109.3.  Form of articles and bylaws.

In order to simplify theorganization of credit unions, the Administrator of Credit Unions shall causeto be prepared a form of articles of incorporation and a form of bylaws,consistent with Articles 14A to 14L of this Chapter, which may be used bycredit union incorporators for their guidance. Such articles of incorporationand bylaws shall provide:

(1)        The name ofcorporation.

(2)        The purposes forwhich it is formed.

(3)        Qualifications formembership.

(4)        The date of theannual meeting; the manner in which members shall be notified of meetings; themanner of conducting the meetings; the number of members which constitute aquorum at the meetings, and the regulations as to voting.

(5)        The number ofmembers of the board of directors, their powers and duties, and thecompensation and duties of officers elected by the board of directors, andfrequency of meetings.

(6)        The number ofmembers of the credit committee, if any, their  powers and duties.

(7)        The number of membersof the supervisory committee, if any, their powers and duties.

(8)        The par value ofshares of capital stock.

(9)        The conditions uponwhich shares may be issued, paid in, transferred, and withdrawn.

(10)      The fines, if any,which shall be charged for failure to meet obligations to the corporationpunctually.

(11)      The conditions uponwhich deposits may be received and withdrawn. Whether the proposed corporationshall, in addition, have power to borrow funds.

(12)      The manner in whichthe funds of the corporation shall be invested.

(13)      The conditions uponwhich loans may be made and repaid.

(14)      The maximum rate ofinterest that may be charged upon loans, not to exceed, however, the legalrate.

(15)      The method ofreceipting for money paid on account of shares, deposits, or loans.

(16)      The manner in whichthe reserve fund shall be accumulated.

(17)      The manner in whichdividends shall be determined and paid to members.

(18)      The manner in which avoluntary dissolution of the corporation shall be effected.

(19)      The manner in whichthe bylaws and articles of incorporation may be amended. (1915,c. 115, s. 2; C.S., s. 5211; 1975, c. 538, s. 1.)