(a) Any 12 or moreresidents of this State, of legal age, who have a common bond referred to inG.S. 54‑109.26 may make application to organize a credit union and becomecharter members thereof by complying with this section.
(b) The subscribersshall execute in duplicate articles of incorporation and agree to the termsthereof, which articles shall state:
(1) The name, whichshall include the words "credit union" and which shall not be thesame as that of any other existing credit union in this State, and the locationwhere the proposed credit union is to have its principal place of business;
(2) That the existenceof the credit union shall be perpetual;
(3) The initial parvalue of the shares of the credit union.
(4) The names andaddresses of the subscribers to the articles of incorporation, and the value ofshares subscribed to by each, which shall be not less than five dollars($5.00); and
(5) That the creditunion may exercise such incidental powers as are necessary or requisite toenable it to carry on effectively the business for which it is incorporated,and those powers which are inherent in the credit union as a legal entity.
(c) The subscribersshall prepare and adopt bylaws for the general government of the credit union,consistent with Articles 14A to 14L of this Chapter, and execute the same induplicate.
(d) They shall selectat least five qualified persons who agree to serve on the board of directors,and at least three qualified persons who agree to serve on the supervisorycommittee. A signed agreement to serve in these capacities until the firstannual meeting or until the election of their successors, whichever is later,shall be executed by those who so agree. This agreement shall be submitted tothe administrator of credit unions.
(e) The subscribersshall forward the required charter fee and an investigation fee, as prescribedby the Credit Union Commission, and the articles of incorporation and thebylaws to the Administrator of the Credit Union Division. The Administrator mayissue a certificate of approval if the articles and the bylaws are inconformity with Articles 14A to 14L of this Chapter and he is satisfied thatthe proposed field of operation is favorable to the success of such creditunion and that the standing of the proposed organizers is such as to giveassurance that its affairs will be properly administered. He shall issue to thecorporation a certificate of approval, annexed to a duplicate certificate ofincorporation and of the bylaws, which certificate of approval, together withthe attached duplicate certificate of incorporation, shall be recorded in theoffice of the register of deeds of the county in which the office of suchcredit union is situated, and upon recordation of the incorporators shallbecome and be a corporation for the purposes set forth in this Article. Theregister of deeds of the county in which such recordation is made shall chargethe same fee for such recordation as he is now allowed to charge for handlingand recording a certificate of incorporation of a corporation organized underthe business corporation laws of this State. The application shall be actedupon within 30 days. (1915, c. 115, ss. 2, 9; C.S., ss. 5210, 5211, 5233; 1925, c. 73, s. 3;1935, c. 87; 1965, c. 956, ss. 1, 4, 19; 1973, c. 199, s. 8; 1975, c. 538, s.1; 1983, c. 568, s. 1.)
(a) Any 12 or moreresidents of this State, of legal age, who have a common bond referred to inG.S. 54‑109.26 may make application to organize a credit union and becomecharter members thereof by complying with this section.
(b) The subscribersshall execute in duplicate articles of incorporation and agree to the termsthereof, which articles shall state:
(1) The name, whichshall include the words "credit union" and which shall not be thesame as that of any other existing credit union in this State, and the locationwhere the proposed credit union is to have its principal place of business;
(2) That the existenceof the credit union shall be perpetual;
(3) The initial parvalue of the shares of the credit union.
(4) The names andaddresses of the subscribers to the articles of incorporation, and the value ofshares subscribed to by each, which shall be not less than five dollars($5.00); and
(5) That the creditunion may exercise such incidental powers as are necessary or requisite toenable it to carry on effectively the business for which it is incorporated,and those powers which are inherent in the credit union as a legal entity.
(c) The subscribersshall prepare and adopt bylaws for the general government of the credit union,consistent with Articles 14A to 14L of this Chapter, and execute the same induplicate.
(d) They shall selectat least five qualified persons who agree to serve on the board of directors,and at least three qualified persons who agree to serve on the supervisorycommittee. A signed agreement to serve in these capacities until the firstannual meeting or until the election of their successors, whichever is later,shall be executed by those who so agree. This agreement shall be submitted tothe administrator of credit unions.
(e) The subscribersshall forward the required charter fee and an investigation fee, as prescribedby the Credit Union Commission, and the articles of incorporation and thebylaws to the Administrator of the Credit Union Division. The Administrator mayissue a certificate of approval if the articles and the bylaws are inconformity with Articles 14A to 14L of this Chapter and he is satisfied thatthe proposed field of operation is favorable to the success of such creditunion and that the standing of the proposed organizers is such as to giveassurance that its affairs will be properly administered. He shall issue to thecorporation a certificate of approval, annexed to a duplicate certificate ofincorporation and of the bylaws, which certificate of approval, together withthe attached duplicate certificate of incorporation, shall be recorded in theoffice of the register of deeds of the county in which the office of suchcredit union is situated, and upon recordation of the incorporators shallbecome and be a corporation for the purposes set forth in this Article. Theregister of deeds of the county in which such recordation is made shall chargethe same fee for such recordation as he is now allowed to charge for handlingand recording a certificate of incorporation of a corporation organized underthe business corporation laws of this State. The application shall be actedupon within 30 days. (1915, c. 115, ss. 2, 9; C.S., ss. 5210, 5211, 5233; 1925, c. 73, s. 3;1935, c. 87; 1965, c. 956, ss. 1, 4, 19; 1973, c. 199, s. 8; 1975, c. 538, s.1; 1983, c. 568, s. 1.)
(a) Any 12 or moreresidents of this State, of legal age, who have a common bond referred to inG.S. 54‑109.26 may make application to organize a credit union and becomecharter members thereof by complying with this section.
(b) The subscribersshall execute in duplicate articles of incorporation and agree to the termsthereof, which articles shall state:
(1) The name, whichshall include the words "credit union" and which shall not be thesame as that of any other existing credit union in this State, and the locationwhere the proposed credit union is to have its principal place of business;
(2) That the existenceof the credit union shall be perpetual;
(3) The initial parvalue of the shares of the credit union.
(4) The names andaddresses of the subscribers to the articles of incorporation, and the value ofshares subscribed to by each, which shall be not less than five dollars($5.00); and
(5) That the creditunion may exercise such incidental powers as are necessary or requisite toenable it to carry on effectively the business for which it is incorporated,and those powers which are inherent in the credit union as a legal entity.
(c) The subscribersshall prepare and adopt bylaws for the general government of the credit union,consistent with Articles 14A to 14L of this Chapter, and execute the same induplicate.
(d) They shall selectat least five qualified persons who agree to serve on the board of directors,and at least three qualified persons who agree to serve on the supervisorycommittee. A signed agreement to serve in these capacities until the firstannual meeting or until the election of their successors, whichever is later,shall be executed by those who so agree. This agreement shall be submitted tothe administrator of credit unions.
(e) The subscribersshall forward the required charter fee and an investigation fee, as prescribedby the Credit Union Commission, and the articles of incorporation and thebylaws to the Administrator of the Credit Union Division. The Administrator mayissue a certificate of approval if the articles and the bylaws are inconformity with Articles 14A to 14L of this Chapter and he is satisfied thatthe proposed field of operation is favorable to the success of such creditunion and that the standing of the proposed organizers is such as to giveassurance that its affairs will be properly administered. He shall issue to thecorporation a certificate of approval, annexed to a duplicate certificate ofincorporation and of the bylaws, which certificate of approval, together withthe attached duplicate certificate of incorporation, shall be recorded in theoffice of the register of deeds of the county in which the office of suchcredit union is situated, and upon recordation of the incorporators shallbecome and be a corporation for the purposes set forth in this Article. Theregister of deeds of the county in which such recordation is made shall chargethe same fee for such recordation as he is now allowed to charge for handlingand recording a certificate of incorporation of a corporation organized underthe business corporation laws of this State. The application shall be actedupon within 30 days. (1915, c. 115, ss. 2, 9; C.S., ss. 5210, 5211, 5233; 1925, c. 73, s. 3;1935, c. 87; 1965, c. 956, ss. 1, 4, 19; 1973, c. 199, s. 8; 1975, c. 538, s.1; 1983, c. 568, s. 1.)
