North Carolina General Statutes 54C-101. Directors
Terms Used In North Carolina General Statutes 54C-101
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) The directors of a mutual savings bank shall be elected by the members at an annual meeting, held under N.C. Gen. Stat. § 54C-106, for any terms as the bylaws of the savings bank may provide. Director’s terms may be classified in the certificate of incorporation. Voting for directors by deposit account holders shall be weighted 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 may choose to prescribe in its bylaws. Voting rights for borrowers shall be fully prescribed in a detailed manner in the bylaws of the savings bank.
(b) The directors of a stock savings bank shall be elected by the stockholders at an annual meeting, held under N.C. Gen. Stat. § 54C-106, for any terms as the bylaws of the savings bank may provide. Director’s terms may be classified in the certificate of incorporation.
(c) A director of a State savings bank shall have a significant ownership interest in the State savings bank.
(d) A State savings bank shall have no less than five directors. (1991, c. 680, s. 1.)