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SECTION .0200 ‑ ORGANIZATION OF CREDIT UNIONS

 

 

04 NCAC 06C .0201          INCORPORATION OF STATE CHARTERED CREDIT UNIONS

(a)  All credit unions desiring a state charter must be organized as a corporation under the General Statutes, Articles 14A to 15 of Subchapter III, Chapter 54.  The Credit Union law requires that the responsibility, character, and general fitness of the officers, directors, and committeemen is such to command the confidence of the members and the community, and to warrant belief by the Credit Union administrator that the business of the Credit Union will be operated honestly, fairly, and efficiently.  The Administrator shall determine whether the proposed field of membership is favorable to the success of such credit union and such determination will include an evaluation of any overlap in field of membership with existing credit unions, the field of membership requirements, the number of potential members, availability of payroll deductions, data processing, and evaluation of feasibility studies as conducted by North Carolina Credit Union League, the Credit Union Division or others, and other factors involved in its successful operation.

(b)  The following fees shall be charged when new credit unions are established:

(1)           five dollars ($5.00)‑‑charter fee; and

(2)           twenty dollars ($20.00)‑‑investigation fee.

 

History Note:        Authority G.S. 54‑109.1; 54‑109.2(e); 54‑109.3; 54‑109.11(3); 54‑109.12;

Eff. February 1, 1976;

Readopted Eff. April 4, 1978;

Amended Eff. October 1, 1983.