NORTH CAROLINA GENERAL ASSEMBLY
1971 SESSION

CHAPTER 487
SENATE BILL 325

AN ACT REGARDING THE REPAYMENT OF LOANS IN SAVINGS AND LOAN ASSOCIATIONS.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 54-22 is hereby amended by deleting all of the section following the comma after the word "therefrom" in line five, and inserting in lieu thereof the following:
"with interest at the rate agreed upon in the note to date of settlement, and all fines and dues then assessed and remaining unpaid. Upon such settlement he shall be credited with only the withdrawal value of his shares as fixed by the charter or by-laws, or by the directors of such association. In case of default by a shareholder who has borrowed from the association and a foreclosure of his mortgage or deed of trust, the amount of his indebtedness to such association shall be ascertained in the manner provided by this section."
Sec. 2.  This act shall become effective upon ratification.
In the General Assembly read three times and ratified, this the 2nd day of June, 1971.