Laws of North Carolina (Last Updated: May 12, 2015) |
Chapter54. Cooperative Organizations. |
SubchapterIII. CREDIT UNIONS |
Article14G. Loans |
§54-109.70. Line of credit
Latest version.
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A line of credit and advances may be granted to each member within guidelines established by the board of directors. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such line of credit.
(1975, c. 538, s. 1.)