State Codes and Statutes
Statutes > North-carolina > Chapter_54C > GS_54C-101§54C‑101. Directors.
(a) The directors of amutual savings bank shall be elected by the members at an annual meeting, heldunder G.S. 54C‑106, for any terms as the bylaws of the savings bank mayprovide. Director's terms may be classified in the certificate ofincorporation. Voting for directors by deposit account holders shall beweighted according to the total amount of deposit accounts held by the members,subject to any maximum number of votes per member which a savings bank maychoose to prescribe in its bylaws. Voting rights for borrowers shall be fullyprescribed in a detailed manner in the bylaws of the savings bank.
(b) The directors of astock savings bank shall be elected by the stockholders at an annual meeting,held under G.S. 54C‑106, for any terms as the bylaws of the savings bankmay provide. Director's terms may be classified in the certificate ofincorporation.
(c) A director of aState savings bank shall have a significant ownership interest in the Statesavings bank.
(d) A State savingsbank shall have no less than five directors. (1991, c. 680, s. 1.)
