State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-137

§53‑137.  Manner of organization.

Any number of persons, notless than five, may organize an industrial bank by setting forth in acertificate of incorporation, under their hands and seals, the following:

(1)        The name of theindustrial bank.

(2)        The location of itsprincipal office in this State.

(3)        The nature of itsbusiness.

(4)        The amount of itsauthorized capital stock which shall be divided into shares of ten ($10.00),twenty ($20.00), twenty‑ five ($25.00), fifty ($50.00) or one hundreddollars ($100.00) each: Provided, fractional shares may be issued for thepurpose of complying with the requirements of G.S. 53‑88.

(5)        The names and post‑officeaddresses of subscribers for stock, and the number of shares subscribed byeach. The aggregate of such subscription shall be the amount of the capitalwith which the industrial bank will begin business.

(6)        Period, if any,limited for the duration of the industrial bank.

This section shall not applyto banks organized and doing business prior to the adoption of this section. (1923,c. 225, s. 2; C.S., s. 225(b); 1945, c. 743, s. 1.)