NC General Statutes

N.C. Gen. Stat. § 117-13 (2026)

Board of directors; compensation; president and secretary

✓ current as of July 2026

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Each corporation formed under this Article shall have a board of directors, in which management of the affairs of the corporation is vested. The directors of the corporation, other than those named in its certificate of incorporation, shall be elected annually by the members entitled to vote, but if the bylaws so provide the directors may be elected on a staggered-term basis: Provided, that the total number of directors on a board shall be so divided that not less than one third of them, or as nearly thereto as their division for that purpose will permit, shall be elected annually, and no term shall be longer than for three years; and provided further that, except as may be necessary in inaugurating such a plan, all directors shall be elected for terms of equal duration. The directors shall be entitled to receive for their services only such compensation as is provided in the bylaws. The board shall elect annually from its own number a president and a secretary. The directors must be members of the corporation, except that for those corporations whose principal purpose is to furnish bulk electric wholesale power supplies and whose membership consists of other electric membership corporations, the directors may be members, directors, officers or managers of the member corporations, and shall be elected by the member corporation's board of directors. (1935, c. 291, s. 8; 1959, c. 387, s. 1; 1969, c. 760; 1975, c. 314; 1979, c. 285, s. 2; 1981, c. 478.)

Notes of Decisions

Cited in 3 cases, 1961–2006 · leading case: Hammonds v. Lumbee River Elec. M'ship Corp., 631 S.E.2d 1 (N.C. Ct. App. 2006).

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Hammonds v. Lumbee River Elec. M'ship Corp., 631 S.E.2d 1 (N.C. Ct. App. 2006). · cites it 14× “By statute, each rural electric membership corporation is required to have a board of directors, elected as set out in N.C. Gen.Stat. § 117-13. In pertinent part, this provision provides that the members of the corporation's board of directors "shall be elected annually by the…”

Hammonds v. Lumbee River Elec. Membership Corp., 178 N.C. App. 1 (N.C. Ct. App. 2006). · cites it 14× “By statute, each rural electric membership corporation is required to have a board of directors, elected as set out in N.C. Gen. Stat. § 117-13 . In pertinent part, this provision provides that the members of the corporation’s board of directors “shall be elected annually by the…”

Duke Power Co. v. Blue Ridge Elec. Membership Corp., 117 S.E.2d 812 (N.C. 1961). “§ 117-13. To accomplish its purpose, when unable to persuade power companies to extend their lines and to provide service, the Electrification Authority could authorize the creation of electric membership corporations.”

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