§ 54-110.4. Organization. - North Carolina Statutes

§54‑110.4.  Organization.

(a)        Application to forma corporate credit union shall be made in writing to the Administrator ofCredit Unions. The application shall contain the names of at least 15 creditunions which have agreed to subscribe to shares in the corporate credit unionat the time the application is made.

(b)        The applicationshall be accompanied by articles of incorporation, bylaws, and articles ofassociation or other appropriate documents.

(c)        The bylaws shallprovide for the selection of a board of directors of a least five members andshall require credit unions applying for membership to subscribe to shares in aminimum amount as specified in the bylaws. (1983, c. 470.)