§ 54-50. Number of incorporators; capital stock. - North Carolina Statutes

§54‑50.  Number of incorporators; capital stock.

Any number of persons,resident freeholders of the State, not less than 15, may associate to establishan association on the terms and conditions and subject to the liabilitieshereinafter prescribed. The aggregate amount of the capital stock of any suchassociation shall not be less than twenty thousand dollars ($20,000). Suchassociation shall mean a corporation organized under the laws of the State forthe purpose of making loans upon agricultural lands, forest lands and dwellinghouses within this State and known as a land mortgage association. (1925,c. 223, s. 2.)