§ 54-47. Loans. - North Carolina Statutes

§54‑47.  Loans.

The board of directors of landand loan associations may contract for loans to the amount of seventy‑fivepercent (75%) of the securities used by them as collateral, where the loans areon long time (three or more years), and for at least one percent (1%) less thanis charged by such associations on their loans to shareholders; and they maymake short loans to their shareholders on their shares and personal endorsementor personal property. (1915, c. 172, s. 3; C.S., s. 5206.)