§ 54B-237. Organization of a mutual deposit guaranty association. - North Carolina Statutes

§54B‑237.  Organization of a mutual deposit guaranty association.

(a)        Any number ofinstitutions, not less than 25, may become incorporated as a mutual depositguaranty association without capital stock subject to the limitationsprescribed in this Article. A mutual deposit guaranty association shall begoverned by a board of directors or board of trustees of which a majority shallbe representatives of the public and shall not be employees or directors of anyinsured member institution or have an interest in any insured memberinstitution other than as a result of being a depositor or borrower.

(b)        Articles ofincorporation of a guaranty association shall be filed in the office of theSecretary of State. The Secretary of State shall, upon receipt of such articles,transmit a copy of them to the Secretary of Commerce and shall not record themuntil authorized to do so by the Secretary of Commerce. (1981,c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 9(c); 1991 (Reg. Sess.,1992), c. 959, s. 7.)