North Carolina Statutes
§ 54-120 — Ownership of shares limited
North Carolina·Ch. 54 Cooperative Organizations·Art. 17 Stockholders and Officers·Subch. IV COOPERATIVE ASSOCIATIONS
No shareholder in any such association shall own shares of a greater aggregate par value than twenty percent (20%) of the paid-in capital stock, except as hereinafter provided, or be entitled to more than one vote. A mutual association shall reserve the right of purchasing the stock of any member whose stock is for sale, and may restrict the transfer of stock to such persons as are made eligible to membership in the bylaws. (1915, c. 144, s. 9; C.S., s. 5251; 1925, c. 179, s. 1.)
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Nearby Sections
15
§ 54-109.1
Definition and purposes§ 54-109.10
Creation and supervision of Division§ 54-109.105
What information deemed confidential; disclosure; certain information deemed public; exchange of information§ 54-109.106
Foreign Credit Unions§ 54-109.11
Duties of Administrator§ 54-109.12
Corporations organized hereunder subject to Administrator of Credit Unions; rules and regulations§ 54-109.13
Revocation of certificate; liquidation§ 54-109.14
Fees§ 54-109.15
Reports§ 54-109.16
Examinations required; payment of cost§ 54-109.17
Records§ 54-109.19
Removal of officers§ 54-109.2
Organization procedure§ 54-109.20
Reserved for future codification purposes