NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 543

SENATE BILL 656

 

 

AN ACT TO AMEND G.S. 54-136 WITH RESPECT TO THE DEATH, WITHDRAWAL OR EXPULSION OF MEMBERS OF COOPERATIVE MARKETING ASSOCIATIONS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 54-136 is hereby amended by deleting therefrom all of the second full paragraph thereof and by substituting in its place the following paragraph:

"Upon the death, withdrawal or expulsion of a member, the board of directors of the association shall, within one year, cause to be paid to such member or his estate one hundred percent (100%) of all amounts due him for any and all raw products which have been delivered by him to the association. All other amounts which might be due for capital stock, certificates of interest, reserves or on account of any other equity credits shall be payable in accordance with the charter or by laws of the association."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 11th day of May, 1979.