North Carolina § 54-50 Number of incorporators; capital stock

North Carolina Statutes

§ 54-50 — Number of incorporators; capital stock

North Carolina § 54-50

Ch. 54Cooperative Organizations

Art. 8Organization and Powers

Subch. IILAND AND LOAN ASSOCIATIONS

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Bluebook

N.C. Gen. Stat. § 54-50 (2026).

Text

Any number of persons, resident freeholders of the State, not less than 15, may associate to establish an association on the terms and conditions and subject to the liabilities hereinafter prescribed. The aggregate amount of the capital stock of any such association shall not be less than twenty thousand dollars ($20,000). Such association shall mean a corporation organized under the laws of the State for the purpose of making loans upon agricultural lands, forest lands and dwelling houses within this State and known as a land mortgage association. (1925, c. 223, s. 2.)

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Any number of persons, resident freeholders of the State, not less than 15, may associate to establish an association on the terms and conditions and subject to the liabilities hereinafter prescribed. The aggregate amount of the capital stock of any such association shall not be less than twenty thousand dollars ($20,000). Such association shall mean a corporation organized under the laws of the State for the purpose of making loans upon agricultural lands, forest lands and dwelling houses within this State and known as a land mortgage association. (1925, c. 223, s. 2.)