GENERAL ASSEMBLY OF NORTH CAROLINA
1983 SESSION
CHAPTER 568
AN ACT TO MAKE CERTAIN REVISIONS AND ADDITIONS TO THE CREDIT UNION LAW.
The General Assembly of North Carolina enacts:
Section 1. G.S. 54-109.2(b)(3) is rewritten to read as follows:
"(3) The initial par value of the shares of the credit union."
Sec. 2. G.S. 54-109.21(25) is rewritten to read:
"(25) engage in activity permitted under this subsection.
Notwithstanding any other provision of this Chapter, the Administrator of Credit Unions, subject to the advice and consent of the Credit Union Commission, and upon a finding that action is necessary to preserve and protect the welfare of credit unions and to promote the general economy of the State, may adopt rules allowing State-chartered credit unions to engage in any activity in which they could engage if they were federally chartered credit unions."
Sec. 3. G.S. 54-109.54 is rewritten to read as follows:
"§ 54-109.54. Dividends. - The board of directors of any credit union may declare dividends as its bylaws provide."
Sec. 4. The first paragraph of G.S. 54-109.65 is rewritten to read as follows:
"§ 54-109.65. Purposes, terms and interest rate. - A credit union may loan to its members for such purpose and upon such security and terms as the board of directors prescribes at rates of interest not exceeding eighteen percent (18%) annual percentage rate, unless a greater rate not to exceed the annual percentage rate permitted to be charged by federally chartered credit unions, is otherwise approved by the Credit Union Commission. Such action by the Commission will be uniform and apply to all credit unions."
Sec. 5. G.S. 54-109.67 is rewritten to read as follows:
"§ 54-109.67. Loan limit. - No loan shall be made to any member in an aggregate amount in excess of ten percent (10%) of the credit union's unimpaired capital and surplus. In accordance with the bylaws and subject to such rules and regulations as the Administrator may prescribe, the Board of Directors shall determine and set the maximum unsecured loan limits subject to the limitation contained in the preceding sentence."
Sec. 6. This act shall become effective July 1, 1983.
In the General Assembly read three times and ratified, this the 20th day of June, 1983.