§ 54-123. Directors and other officers. - North Carolina Statutes

§54‑123.  Directors and other officers.

Every such association shallbe managed by a board of not less than five directors. The directors shall beelected by and from the stockholders of the association at such time and forsuch term of office as the bylaws may prescribe, and shall hold office for thetime for which elected and until their successors are elected and shall enterupon the discharge of such duties as are prescribed in the bylaws; but amajority of the stockholders shall have the power at any regular or specialstockholders' meeting, legally called, to remove any director or officer forcause, and fill the vacancy, and thereupon the director or officer so removedshall cease to be a director or officer of the association. The officers ofevery such association shall be a president, one or more vice‑presidents,a secretary and treasurer, who shall be elected annually by the directors, andeach of the officers must be a director of the association. The office ofsecretary and treasurer may be combined, and when so combined the personfilling the office shall be secretary‑treasurer. (1915,c. 144, s. 6; C.S., s. 5254.)