§ 54C-100. Membership of a mutual association.
Article 6.
Corporate Administration.
§ 54C‑100. Membershipof a mutual association.
The membership of a mutualState savings bank shall consist of:
(1) Those who holddeposit accounts in a savings bank, and
(2) Those who borrowfunds and those who become obligated on a loan from the savings bank, for aslong as the loan remains unpaid and the borrower remains liable to the savingsbank for the payment of the loan.
A person, as a matter of rightor in a trust or other fiduciary capacity, or any partnership, association,corporation, political subdivision, or public or governmental unit or entitymay become a member of a mutual savings bank. Members shall be possessed ofvoting rights and any other rights as are provided by a savings bank'scertificate of incorporation and bylaws as approved by the Commissioner ofBanks. Members are the owners of a mutual savings bank. (1991, c. 680, s. 1; 2001‑193,s. 16.)