§ 54-45. Application of term. - North Carolina Statutes

SUBCHAPTERII. LAND AND LOAN ASSOCIATIONS.

Article 8.

Organization and Powers.

§ 54‑45.  Application ofterm.

The term "land and loanassociations" shall apply to and include all corporations, companies,societies or associations organized for the purpose of making loans to theirmembers only, and of enabling their members to acquire real estate, makeimprovements thereon, and remove encumbrances therefrom by the payment of moneyin periodical installments or principal sums, and for the accumulation of a fundto be returned to members who do not obtain advances for such purposes, wherethe principles of building and loan associations and their work are adapted tothe use of the farmers and the rural population.

It shall be unlawful for anycorporation, company, society, or association doing business in this State notso conducted to use in its corporate name the term "land and loanassociation," or in any manner or device to hold itself out to the publicas a land and loan association. (1915, c. 172, s. 1; C.S., s.5204.)