PUBLISHED

N.C.G.S. § 54C-100

Membership of a mutual association.

Effective date: 2026-08-08
Last verified: 2026-08-09
Source: official source
Revision history: view all versions

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 borrower remains liable to the savings bank for the payment of the loan. A person, as a matter of right or in a trust or other fiduciary capacity, or any partnership, association, corporation, political subdivision, or public or governmental unit or entity may become a member of a mutual savings bank. Members shall be possessed of voting rights and any other rights as are provided by a savings bank's certificate of incorporation and bylaws as approved by the Commissioner of Banks. Members are the owners of a mutual savings bank. (1991, c. 680, s. 1; 2001-193, s. 16.)