04 NCAC 16D .0103. BYLAWS

(a)  The Board of Directors of an association shall, pursuant to Chapter 55 of the General Statutes, enact bylaws for the regulation and governance of the affairs of the association.

(b)  A certified copy of an association's bylaws and any subsequent amendments thereto shall be filed with the Commissioner of Banks for approval as set out in G.S. 54B-12 and G.S. 54B-14.  Provided, bylaws in effect on the effective date of this Rule need not be submitted for approval by the Commissioner of Banks.  Provided further, the Commissioner of Banks shall be deemed to have approved any bylaws or amendments to which he has not objected within 25 days after the date on which such bylaws or amendments are filed.

 

History Note:        Authority G.S. 54B-2; 54B-9; 54B-52; 54B-55; 54C-2; 54C-9; 54C-52; 54C-53;

Eff. August 31, 1981;

Amended Eff. December 1, 2011.