State Codes and Statutes
Statutes > North-carolina > Chapter_54 > GS_54-109_27§54‑109.27. Societies and other associations.
Societies, and copartnershipscomposed primarily of individuals who are eligible to membership, andcorporations whose stockholders are composed primarily of such individuals, maybe admitted to membership in the same manner and under the same conditions asindividuals, but may not borrow in excess of their shareholdings. Provided,however, secured loans in excess of shareholdings may be made to nonprofitsocieties, copartnerships, and corporations who are members. (1975,c. 538, s. 1; 1979, c. 809, s. 1.)
