2005 North Carolina Code - General Statutes § 54C-100. Membership of a mutual association.

Article 6.

Corporate Administration.

§ 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 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.)