§ 54-67. Redemption of bonds. - North Carolina Statutes

§54‑67.  Redemption of bonds.

(a)        Notice ofredemption of bonds may on no account be given on the part of the holderthereof, but may be given by the association only for the purpose of effectingredemption in accordance with the conditions of the bonds and as provided bylaw and the bylaws.

(b)        If the landmortgage association shall elect to redeem any bond prior to maturity, sixmonths' notice of redemption shall be given and shall be effected by personalservice upon the owner and holder of the bond, by notice mailed to his addressas registered or by advertising the same three times in a newspaper selected bythe State Treasurer.

(c)        The numbers of thebonds of which notice of redemption is to be given shall be determined by lot,to be drawn by the president or the vice‑president at a meeting of thetrustees. (1925, c. 223, s. 19; 1993, c. 553, s. 15.)