54C-100. Membership of a mutual association. The membership of a mutual State savings bank shall consist of: (1) Those who hold deposit accounts in a savings bank, and (2) Those who borrow funds and those who become obligated on a loan from the savings bank, for as long as the loan remains unpaid and the […]
54C-101. Directors. (a) The directors of a mutual savings bank shall be elected by the members at an annual meeting, held under G.S. 54C-106, for any terms as the bylaws of the savings bank may provide. Director’s terms may be classified in the certificate of incorporation. Voting for directors by deposit account holders shall be […]
54C-102. Bylaws. The bylaws and any amendments shall be certified by the appropriate corporate official and submitted to the Commissioner of Banks for approval before they may become effective. (1991, c. 680, s. 1; 2001-193, s. 16.)
54C-103. Duties and liabilities of officers and directors to their associations. Officers and directors of a State savings bank shall act in a fiduciary capacity towards the savings bank 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 persons […]
54C-104. Conflicts of interest. Each director, officer, and employee of a State savings bank 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, […]
54C-105. Voting rights. Voting rights in the affairs of a State savings bank may be exercised by members and stockholders by voting either in person or by proxy. (1991, c. 680, s. 1.)
54C-106. Annual meetings notice required. (a) A savings bank 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 savings bank shall […]
54C-107. Special meetings; notice required. (a) Special meetings of members or stockholders of a savings bank may be called by the president or the board of directors or by any other officers or persons as may be provided for in the charter or bylaws of the savings bank. (b) Notice of any special meeting of […]
54C-108. Quorum. Unless otherwise provided in the savings bank’s charter or bylaws, 50 holders of deposit accounts in a mutual savings bank or 50 stockholders or a majority of shares eligible to vote in a stock savings bank, present in person or represented by proxy, shall constitute a quorum at any annual or special meeting. […]
54C-109. Bonding. (a) A savings bank shall maintain a blanket indemnity bond of at least a minimum amount as prescribed by the Commissioner of Banks. (b) A savings bank that employs collection agents, who for any reason are not covered by the bond required in this section, shall provide for the bonding of each agent […]
