§ 54B-101. Directors. - North Carolina Statutes

§54B‑101.  Directors.

(a)        The directors of amutual association shall be elected by the members at an annual meeting, heldpursuant to the terms of G.S. 54B‑106, for such terms as the bylaws ofthe association may provide.  Directors' terms may be classified in thecertificate of incorporation.  Voting for directors by withdrawable accountholders shall be weighted according to the total amount of withdrawableaccounts held by such members, subject to any maximum number of votes permember which an association may choose to prescribe in the bylaws of theassociation.  Such requirements shall be fully prescribed in a detailed mannerin the bylaws of the association.

(b)        The directors of astock association shall be elected by the stockholders at an annual meeting,held pursuant to the terms of G.S. 54B‑106, for such terms as the bylawsof the association may provide.  Directors' terms may be classified in thecertificate of incorporation.

     (c)  Every State associationshall have no less than five directors. (1981, c. 282, s. 3; 1983, c.144, s. 17; 1991, c. 707, s. 4.)