§ 54B-100. Membership of a mutual association. - North Carolina Statutes

Article 5.

Corporate Administration.

§ 54B‑100.  Membershipof a mutual association.

The membership of a mutualassociation organized or operated under the provisions of this Chapter shallconsist of:

(1)        Those who holdwithdrawable accounts in an association; and

(2)        Those who borrowfunds and those who become obligated on a loan from the association, for suchtime as the loan remains unpaid and the borrower remains liable to theassociation for the payment thereof.

Any person in his own right, orin a trust or other fiduciary capacity, or any partnership, association,corporation, political subdivision or public or governmental unit or entity maybecome a member of a mutual association. Members shall be possessed of suchvoting rights and such other rights as are provided by an association'scertificate of incorporation and bylaws as approved by the Commissioner ofBanks. Members are the owners of a mutual association. (1981, c. 282, s. 3; 2001‑193,s. 16.)