§ 54-120. Ownership of shares limited. - North Carolina Statutes

§54‑120.  Ownership of shares limited.

No shareholder in any suchassociation shall own shares of a greater aggregate par value than twentypercent (20%) of the paid‑in capital stock, except as hereinafterprovided, or be entitled to more than one vote. A mutual association shallreserve the right of purchasing the stock of any member whose stock is forsale, and may restrict the transfer of stock to such persons as are madeeligible to membership in the bylaws. (1915, c. 144, s. 9; C.S., s.5251; 1925, c. 179, s. 1.)