54B-100. Membership of a mutual association. The membership of a mutual association organized or operated under the provisions of this Chapter shall consist of: (1) Those who hold withdrawable accounts in an association; and (2) Those who borrow funds and those who become obligated on a loan from the association, for such time as the […]
54B-101. Directors. (a) The directors of a mutual association shall be elected by the members at an annual meeting, held pursuant to the terms of G.S. 54B-106, for such terms as the bylaws of the association may provide. Directors’ terms may be classified in the certificate of incorporation. Voting for directors by withdrawable account holders […]
54B-102. Employment policies. Employment policies appropriate for the transaction of the business of a State association may be set forth in the bylaws or established by resolution of the board of directors. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 22.)
54B-103. Duties and liabilities of officers and directors to their associations. Officers and directors of a State association shall act in a fiduciary capacity towards the association and its members or stockholders. They shall discharge duties of their respective positions in good faith, and with that diligence and care which ordinarily prudent men would exercise […]
54B-104. Conflicts of interest. Each director, officer and employee of a State association has a fundamental duty to avoid placing himself in a position which creates, or which leads to or could lead to a conflict of interest or appearance of a conflict of interest having adverse effects on the interests of members, customers or […]
54B-105. Voting rights. Voting rights in the affairs of a State association may be exercised by members and stockholders by voting either in person or by proxy. The Commissioner of Banks shall promulgate rules and regulations governing forms of proxies, holders of proxies and proxy solicitation. (1981, c. 282, s. 3; 2001-193, s. 16.)
54B-106. Annual meetings; notice required. (a) Each association shall hold an annual meeting of its members or stockholders. The annual meeting shall be held at a time and place as shall be provided in the bylaws or determined by the board of directors. (b) The board of directors of a mutual association shall cause to […]
54B-107. Special meetings; notice required. (a) Special meetings of members or stockholders of an association may be called by the president or the board of directors or by such other officers or persons as may be provided for in the charter or bylaws of the association. (b) Notice of any special meeting of members or […]
54B-108. Quorum. Unless otherwise provided in the association’s charter or bylaws, 50 holders of withdrawable accounts in a mutual association or 50 stockholders or a majority of shares eligible to vote in a stock association, present in person or represented by proxy, shall constitute a quorum at any annual or special meeting. (1981, c. 282, […]
54B-109. Indemnification. (a) An association shall maintain a blanket indemnity bond of at least a minimum amount as prescribed by the Commissioner of Banks. (b) An association which employs collection agents, who for any reason are not covered by the bond as hereinabove required, shall provide for the bonding of each such agent in an […]
54B-110. Days and hours of operation. Any association may operate on such days and during such hours, and may observe such holidays, as the association’s board of directors shall designate. (1987, c. 853, s. 3; 1995 (Reg. Sess., 1996), c. 556, s. 3.)
