North Carolina General Statutes 55A-6-20. Designations, qualifications, rights, and obligations of members
If a corporation has members, the designations, qualifications, rights, and obligations of members shall be set forth in or authorized by the articles of incorporation or bylaws, and may include any provisions not inconsistent with law or the articles of incorporation with respect to:
(1) Conditions of admission and membership;
Terms Used In North Carolina General Statutes 55A-6-20
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) Voting rights and the manner of exercising voting rights;
(3) The relative rights and obligations of members among themselves, to the corporation, and with respect to the property of the corporation;
(4) The manner of terminating membership in the corporation;
(5) The rights and obligations of the members and the corporation upon such termination;
(6) The transferability or nontransferability of memberships; and
(7) Any other matters.
Except as otherwise provided in or authorized by the articles of incorporation or bylaws, all members shall have the same designations, qualifications, rights, and obligations. (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 35; 1993, c. 398, s. 1.)