§ 54-111. Nature of the association. - North Carolina Statutes

SUBCHAPTERIV. COOPERATIVE ASSOCIATIONS.

Article 16.

Organization ofAssociations.

§ 54‑111.  Nature of theassociation.

Any number of persons, notless than five, may associate themselves as a mutual association, society,company, or exchange, for the purpose of conducting any agricultural, housing(including apartment housing), horticultural, forestry, dairy, mercantile,mining, manufacturing, telephone, electric light, power, storage,refrigeration, flume, irrigation, water, sewerage, or mechanical business, orpurchase, maintain and use fire‑fighting equipment, or for any otherlawful purpose, on the mutual plan. For the purposes of this Subchapter, thewords association, company, corporation, exchange, society, or union shall beconstrued to mean the same; provided that the membership of agriculturalorganizations incorporated under this Subchapter shall consist of producers ofagricultural products, handled by such organizations or by organizations ownedand controlled by such producers. (1915, c. 144, s. 1; C.S., s.5242; 1925, c. 179, ss. 1, 2; 1931, c. 447; 1949, c. 1042, ss. 1, 2(a); 1955,c. 746, s. 1; 1959, c. 991; 1985, c. 542, s.  1.)