North Carolina Statutes

Chapter 54B Savings and Loan Associations

Article 1 - General Provisions.

  • § 54B-1   Title
    This Chapter shall be known and may be cited as "Savings and Loan Associations." (1981, c. 282, s. 3.)
  • § 54B-2   Purpose
    The purpose of this Chapter is: (1) To provide for the safe and sound conduct of the business of savings and loan associations, the conservation...
  • § 54B-3   Applicability of Chapter
    The provisions of this Chapter, unless the context otherwise specifies, shall apply to all State associations. (1981, c. 282, s. 3.)
  • § 54B-4   Definitions and application of terms
    (a) The terms "building and loan association" and "savings and loan association" when used in the General Statutes, shall mean an association and shall be...

Article 2 - Incorporation and Organization.

  • § 54B-5   Severability
    If any section or subsection of this Chapter, or the application thereof to any person is held invalid, the remaining sections or subsections of this...
  • § 54B-6   Hearings
    Any hearing required to be held by this Chapter shall be conducted in accordance with the applicable provisions of Article 3 of Chapter 150B of...
  • § 54B-7   Application of Chapter on business corporations
    All the provisions of law relating to private corporations, and particularly those enumerated in Chapter 55, of the General Statutes, entitled "North Carolina Business Corporation...
  • § 54B-8   Scope and prohibitions; existing charters; injunctions
    (a) Nothing in this Chapter shall be construed to invalidate any charter that was valid prior to the enactment of this Chapter. All such associations...
  • § 54B-9   Application to organize a savings and loan association
    (a) It shall be lawful for any five or more natural persons (hereinafter referred to as the "incorporators"), who are domiciled in this State, to...
  • § 54B-10   Certificate of incorporation
    (a) The certificate of incorporation of a proposed mutual savings and loan association shall set forth: (1) The name of the association, which must not...
  • § 54B-11   Commissioner of Banks to consider application
    Upon receipt of an application to organize and establish a savings and loan association, the Commissioner of Banks shall examine or cause to be examined...
  • § 54B-12   Criteria to be met before the Commissioner of Banks may recommend approval of an application
    (a) The Commissioner of Banks may recommend approval of an application to form a mutual association only when all of the following criteria are met:...
  • § 54B-13   State Banking Commission to review findings and recommendations of Commissioner of Banks
    (a) If the Commissioner of Banks does not have the completed application within 120 days of the filing of the preliminary application, the application shall...
  • § 54B-14   Grounds for approval or denial of application
    (a) After consideration of the findings and recommendation of the Commissioner of Banks and his oral testimony, if any, and the consideration of such other...
  • § 54B-15   Final decision
    The Commission shall present the Commissioner of Banks with a final decision which shall be in accordance with the applicable provisions of Chapter 150B of...
  • § 54B-16   Appeal
    The final decision of the Commission may be appealed in accordance with Chapter 150B of the General Statutes. (1981, c. 282, s. 3; 1987, c....
  • § 54B-17   Insurance of accounts required
    All State associations must obtain and maintain insurance on all members' and customers' withdrawable accounts. Contracts for such insurance may be made only with an...
  • § 54B-18   Time allowed to commence business
    A newly chartered association shall commence business within six months after the date upon which its corporate existence shall have begun. An association which shall...
  • § 54B-19   Licensing
    A newly chartered association shall be entitled to a license to operate upon payment to the Division of the appropriate license fee as prescribed by...
  • § 54B-20   Amendments to certificate of incorporation
    (a) Any addition, alteration or amendment to the certificate of incorporation of any State association shall be made at any annual or special meeting of...
  • § 54B-21   List of stockholders to be maintained
    Every stock association organized and operated under the provisions of this Chapter or its predecessor shall at all times cause to be kept an up‑to‑date...
  • § 54B-22   Branch offices
    (a) Any State association may apply to the Commissioner of Banks for permission to establish a branch office. The application shall be in such form...
  • § 54B-23   Application to change location of a branch or principal office
    (a) The board of directors of a State association may change the location of a branch office or the principal office of the association by...
  • § 54B-24   Approval revoked; branch office
    The Commission may, for good cause and after a hearing, order the closing of a branch office. Such order shall be made in writing to...
  • § 54B-25   Branch offices closed
    The board of a State association may discontinue the operation of a branch office upon giving at least 90 days' prior written notice to the...
  • § 54B-26   Repealed by Session Laws 1991, c. 680, s. 3
  • § 54B-27 through 54B-29   Reserved for future codification purposes

Article 3 - Fundamental Changes.

Article 3A - North Carolina Regional Reciprocal Savings and Loan Acquisition Act.

  • § 54B-48.1   Title
    This Article shall be known and may be cited as the North Carolina Regional Reciprocal Savings and Loan Acquisition Act. (1983 (Reg. Sess., 1984), c....
  • § 54B-48.2   Definitions
    Notwithstanding the provisions of G.S. 54B‑4, as used in this Article, unless the context requires otherwise: (1) "Acquire", as applied to an association or a...
  • § 54B-48.3   Acquisitions by Southern Region savings and loan holding companies and Southern Region associations
    (a) A Southern Region savings and loan holding company or a Southern Region association that does not have a North Carolina association subsidiary (other than...
  • § 54B-48.4   Exceptions
    A North Carolina savings and loan holding company, a North Carolina association, a Southern Region savings and loan holding company, or a Southern Region association...
  • § 54B-48.5   Prohibitions
    (a) Except as may be expressly permitted by federal law, no savings and loan holding company that is not either a North Carolina savings and...
  • § 54B-48.6   Applicable laws, rules and regulations
    (a) Any North Carolina association that is controlled by a savings and loan holding company that is not a North Carolina savings and loan holding...
  • § 54B-48.7   Appeal of Commissioner of Banks' decision
    Notwithstanding any other provision of law, any aggrieved party in a proceeding under G.S. 54B‑48.3 or G.S. 54B‑48.4(2) may, within 30 days after final decision...
  • § 54B-48.8   Periodic reports; interstate agreements
    (a) The Commissioner of Banks may from time to time require reports under oath in such scope and detail as he may reasonably determine of...
  • § 54B-48.9   Enforcement
    The Commissioner of Banks shall have the power to enforce the provisions of this Article, including the divestiture requirement of G.S. 54B‑48.5(b), through an action...
  • § 54B-49 through 54B-51   Reserved for future codification purposes

Article 4 - Supervision and Regulation.

  • § 54B-52   Commissioner of Banks
    The Commissioner of Banks of the State is hereby empowered and directed to perform all the duties and exercise all the powers as to savings...
  • § 54B-53   Repealed by Session Laws 2001-193, s. 3
  • § 54B-54   Deputy commissioner of Savings Institutions Division
    There shall be a deputy commissioner of the Savings Institutions Division as appointed by the Commissioner in G.S. 53‑93.1(b). The deputy commissioner authorized by this...
  • § 54B-55   Power of Commissioner of Banks to promulgate rules and regulations; reproduction of records
    (a) The Commissioner of Banks shall have the right, and is empowered, to promulgate rules, instructions and regulations as may be necessary to the discharge...
  • § 54B-56   Examinations by Commissioner of Banks; report
    (a) If at any time the Commissioner of Banks deems it prudent, it shall be his duty to examine and investigate everything relating to the...
  • § 54B-57   Supervision and examination fees
    (a) Every State association, including associations in process of voluntary liquidation or savings and loan holding company, shall pay into the office of the Commissioner...
  • § 54B-58   Prolonged audit, examination or revaluation; payment of costs
    (a) If, in the opinion of the Commissioner of Banks, an examination conducted under the provisions of G.S. 54B‑57 fails to disclose the complete financial...
  • § 54B-59   Cease and desist orders
    (a) If any person or association is engaging in, or has engaged in, any unsafe or unsound practice or unfair and discriminatory practice in conducting...
  • § 54B-60   Commissioner of Banks to have right of access to books and records of association; right to issue subpoenas, administer oaths, examine witnesses
    (a) The Commissioner of Banks and his agents: (1) Shall have free access to all books and records of an association, or a service corporation...
  • § 54B-61   Test appraisals of collateral for loans; expense paid
    (a) The Commissioner of Banks may direct the making of test appraisals of real estate and other collateral securing loans made by associations doing business...
  • § 54B-62   Relationship of savings and loan associations with the Savings Institutions Division
    (a) Except as provided by subsection (b) of this section, a savings and loan association or any director, officer, employee, or representative thereof shall not...
  • § 54B-63   Confidential information
    (a) The following records or information of the Commission, the Commissioner of Banks or the agent(s) of either shall be confidential and shall not be...
  • § 54B-63.1   Confidential records
    (a) As used in this section: (1) "Compliance review committee" means: a. An audit, loan review, or compliance committee appointed by the board of directors...
  • § 54B-64   Civil penalties; State associations
    (a) Except as otherwise provided in this Article, any association which is found to have violated any provision of this Article may be ordered to...
  • § 54B-65   Civil penalties; directors, officers and employees
    (a) Any person, whether a director, officer or employee, who is found to have violated any provision of this Article, whether willfully or as a...
  • § 54B-66   Criminal penalties
    (a) The provisions of this section shall in no event extend to persons who are found to have acted only with gross negligence, simple negligence,...
  • § 54B-67   Primary jurisdiction
    Whenever an agency of the United States government shall defer to the Commissioner of Banks, or notify the Commissioner of Banks of pending action against...
  • § 54B-68   Supervisory control
    (a) Whenever the Commissioner of Banks determines that an association is conducting its business in an unsafe or unsound manner or in any fashion which...
  • § 54B-69   Removal of directors, officers and employees
    (a) If, in the Commissioner of Banks' opinion, one or more directors, officers or employees of any association has participated in or consented to any...
  • § 54B-70   Involuntary liquidation
    (a) The Commissioner of Banks with prior approval of the Commission may take custody of the books, records and assets of every kind and character...
  • § 54B-71   Judicial review
    Any person or State association against whom a cease and desist order is issued or a fine is imposed may have such order or fine...
  • § 54B-72   Indemnity
    No person who is fined or penalized for a violation of any criminal provision of this Article shall be reimbursed or indemnified in any fashion...
  • § 54B-73   Cumulative penalties
    All penalties, fines, and remedies provided by this Article shall be cumulative. (1981, c. 282, s. 3.)
  • § 54B-74   Annual license fees
    All State associations shall pay an annual license fee set by the Commissioner of Banks, subject to the advice and consent of the Commission. Such...
  • § 54B-75   Statement; fees
    Every State association shall file in the office of the Commissioner of Banks, on or before the first day of February in each year, in...
  • § 54B-76   Statement examined, approved, and published
    It shall be the duty of the Commissioner of Banks to receive and thoroughly examine each annual statement required by G.S. 54B‑75, and if made...
  • § 54B-77   Certain powers granted to State associations
    (a) In addition to the powers granted under this Chapter, any savings and loan association incorporated or operated under the provisions of this Chapter is...
  • § 54B-78   Prohibited practices
    Any person or association who shall engage in any of the following acts or practices shall be guilty of a Class 1 misdemeanor: (1) Defamation:...
  • § 54B-79 through 54B-99   Reserved for future codification purposes

Article 5 - Corporate Administration.

  • § 54B-100   Membership of a mutual association
    The membership of a mutual association organized or operated under the provisions of this Chapter shall consist of: (1) Those who hold withdrawable accounts in...
  • § 54B-101   Directors
    (a) The directors of a mutual association shall be elected by the members at an annual meeting, held pursuant to the terms of G.S. 54B‑106,...
  • § 54B-102   Employment policies
    Employment policies appropriate for the transaction of the business of a State association may be set forth in the bylaws or established by resolution of...
  • § 54B-103   Duties and liabilities of officers and directors to their associations
    Officers and directors of a State association shall act in a fiduciary capacity towards the association and its members or stockholders. They shall discharge duties...
  • § 54B-104   Conflicts of interest
    Each director, officer and employee of a State association has a fundamental duty to avoid placing himself in a position which creates, or which leads...
  • § 54B-105   Voting rights
    Voting rights in the affairs of a State association may be exercised by members and stockholders by voting either in person or by proxy. The...
  • § 54B-106   Annual meetings; notice required
    (a) Each association shall hold an annual meeting of its members or stockholders. The annual meeting shall be held at a time and place as...
  • § 54B-107   Special meetings; notice required
    (a) Special meetings of members or stockholders of an association may be called by the president or the board of directors or by such other...
  • § 54B-108   Quorum
    Unless otherwise provided in the association's charter or bylaws, 50 holders of withdrawable accounts in a mutual association or 50 stockholders or a majority of...
  • § 54B-109   Indemnification
    (a) An association shall maintain a blanket indemnity bond of at least a minimum amount as prescribed by the Commissioner of Banks. (b) An association...
  • § 54B-110   Days and hours of operation
    Any association may operate on such days and during such hours, and may observe such holidays, as the association's board of directors shall designate. (1987,...
  • § 54B-111 through 54B-120   Reserved for future codification purposes

Article 6 - Withdrawable Accounts.

  • § 54B-121   Creation of withdrawable accounts
    (a) Every State association shall be authorized to raise capital through the solicitation of investments from any person, natural or corporate, except as restricted or...
  • § 54B-122   Additional requirements
    Withdrawable accounts shall be: (1) Withdrawable upon demand, subject to the requisite advance notice to the association by the holder, as listed in G.S. 54B‑121(c)(2)b...
  • § 54B-123   Dividends on withdrawable accounts
    (a) An association shall compute and pay dividends on withdrawable accounts in accordance with such terms and conditions as are herein prescribed, and subject to...
  • § 54B-124   Withdrawals from withdrawable accounts
    (a) A withdrawable account holder may at any time make written application for withdrawal of all or any part of the withdrawal value thereof except...
  • § 54B-125   Emergency limitations
    The Commissioner of Banks, with the approval of the Governor, may impose a limitation upon the amounts withdrawable or payable from withdrawable accounts of State...
  • § 54B-126   Forced retirement of withdrawable accounts
    (a) At any time that funds may be on hand and available for such a purpose, and the bylaws of an association and withdrawable account...
  • § 54B-127   Negotiable orders of withdrawal
    Notwithstanding any other provisions of law, the Commissioner of Banks shall by regulation, authorize associations to accept deposits to withdrawable accounts which may be withdrawn...
  • § 54B-128   Option on nonnegotiable orders of withdrawal
    Notwithstanding any other provisions of law, the Commissioner of Banks may by regulation authorize State associations to establish nonnegotiable orders or authorizations of withdrawal. (1981,...
  • § 54B-129   Joint accounts
    (a) Any two or more persons may open or hold a withdrawable account or accounts. The withdrawable account and any balance thereof shall be held...
  • § 54B-130   Payable on Death (POD) accounts
    (a) If any person or persons establishing a withdrawable account shall execute a written agreement with the association containing a statement that it is executed...
  • § 54B-131   Right of setoff on withdrawable accounts
    (a) Every association shall have a right of setoff, without further agreement or pledge, upon all withdrawable accounts owned by any member or customer to...
  • § 54B-132   Minors as withdrawable account holders; safe deposit box lessees
    (a) An association may issue a withdrawable account to a minor as the sole and absolute owner, or as a joint owner, and receive payments,...
  • § 54B-133   Withdrawable accounts as deposit of securities
    Notwithstanding any restrictions or limitations contained in any law of this State, the withdrawable accounts of any State association or of any federal association having...
  • § 54B-134   New account books
    A new account book or certificate or other evidence of ownership of a withdrawable account may be issued in the name of the holder of...
  • § 54B-135   Transfer of withdrawable accounts
    The owner of a withdrawable account may transfer his rights therein absolutely or conditionally to any other person eligible to hold the same but such...
  • § 54B-136   Authority of power of attorney
    An association may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals either...
  • § 54B-137   Reserved for future codification purposes
  • § 54B-138   Reserved for future codification purposes
  • § 54B-139   Personal agency accounts
    (a) A person may open a personal agency account by written contract containing a statement that it is executed pursuant to the provisions of this...
  • § 54B-140 through 54B-146   Reserved for future codification purposes

Article 6A - Fee for Returned Checks.

Article 7 - Loans.

  • § 54B-150   Manner of making loans
    (a) The board of directors shall establish procedures by which loans are to be considered, approved, and made by the association. (b) All actions on...
  • § 54B-151   Permitted loans
    (a) An association may lend funds on the sole security of pledged withdrawable accounts, but no loan so made shall exceed the withdrawal value of...
  • § 54B-152   Real property encumbrances
    (a) Real property is deemed unencumbered within the meaning of this Chapter unless the security instrument thereon establishes a first lien upon such real property...
  • § 54B-153   Prohibited security
    No association may accept its own capital stock or its own mutual capital certificates as security for any loan made by such association. (1981, c....
  • § 54B-154   Insider loans
    The Commissioner of Banks may promulgate rules and regulations no less stringent than the requirements of the appropriate federal regulatory authority, and as he deems...
  • § 54B-155   Rule-making power of Commissioner of Banks
    The Commissioner of Banks shall, from time to time, promulgate such rules and regulations in respect to loans permitted to be made by State associations...
  • § 54B-156   Loan expenses and fees
    (a) Subject to the provisions of N.C.G.S. Chapter 24, an association may require borrowers to pay all reasonable expenses incurred by the association in connection...
  • § 54B-157   Loans conditioned on certain transactions prohibited
    No association or service corporation thereof shall require as a condition of making a loan that the borrower contract with any specific person or organization...
  • § 54B-158   Insured or guaranteed loans
    An association may make insured or guaranteed loans in accordance with the provisions of G.S. 53‑45. (1981, c. 282, s. 3.)
  • § 54B-159   Purchase of loans
    An association may invest any funds on hand in the purchase of loans of a type which the association could make in accordance with the...
  • § 54B-160   Participation in loans
    An association may invest in a participating interest in loans of a type which the association would be authorized to originate. (1981, c. 282, s....
  • § 54B-161   Sale of loans
    An association may sell any loan, including any participating interest in a loan. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s.
  • § 54B-162   Power to borrow money
    An association, in its certificate of incorporation or in its bylaws, may authorize the board of directors to borrow money and the board of directors...
  • § 54B-163   Methods of loan repayment
    Subject to such rules and regulations as the Commissioner of Banks may prescribe, an association shall agree in writing with borrowers as to the method...
  • § 54B-164   Loans to one borrower
    (a) The aggregate amount of mortgage loans outstanding granted by an association to any one borrower shall not exceed ten percent (10%) of the net...
  • § 54B-165   Professional services
    (a) A State association or service corporation thereof must notify borrowers prior to the loan commitment of their right to select the attorney or law...
  • § 54B-166   Nonconforming investments
    Unless otherwise provided, every loan or other investment made in violation of this Chapter shall be due and payable according to its terms and the...
  • § 54B-167   Scope of Article
    Nothing in this Article shall be construed to modify Chapter 24 of the General Statutes, or other applicable law, or to allow fees, charges, or...
  • § 54B-168 through 54B-179   Reserved for future codification purposes

Article 8 - Other Investments.

  • § 54B-180   Other investments
    In addition to the loans and investments permitted under Article 7 of this Chapter, the assets of a State association in excess of the demands...
  • § 54B-181   Business property of a State association
    A State association may invest in real property and equipment necessary for the conduct of its business and in real property to be held for...
  • § 54B-182   United States obligations
    A State association may invest in any obligation issued and fully guaranteed in principal and interest by the United States government or any instrumentality thereof....
  • § 54B-183   North Carolina obligations
    A State association may invest in any obligation issued and fully guaranteed in principal and interest by the State of North Carolina or any instrumentality...
  • § 54B-184   Federal Home Loan Bank obligations
    A State association may invest in the stock of the Federal Home Loan Bank of which such association is a member, and in bonds or...
  • § 54B-185   Deposits in banks
    A State association may invest in certificates of deposit, time insured deposits, savings accounts, or demand deposits of such banks as are approved by the...
  • § 54B-186   Deposits in other associations
    A State association may invest in withdrawable accounts of any association as approved by the board of directors. (1981, c. 282, s. 3; 1981 (Reg....
  • § 54B-187   Fannie Mae obligations
    A State association may invest in stock or other evidences of indebtedness or obligations of Fannie Mae, or any successor thereto. (1981, c. 282, s....
  • § 54B-188   Municipal and county obligations
    A State association may invest in bonds or other evidences of indebtedness which are direct general obligations of any county, city, town, village, school district,...
  • § 54B-189   Stock in education agency
    A State association may invest in stock or obligations of any corporation doing business in this State, or of any agency of this State or...
  • § 54B-190   Industrial development corporation stock
    A State association may invest in stock or other evidence of indebtedness or obligations of business or industrial development corporations chartered by this State or...
  • § 54B-191   Urban renewal investment corporation stock
    A State association may invest in stock or other evidence of indebtedness or obligations of an urban renewal investment corporation chartered under the laws of...
  • § 54B-192   Urban renewal projects
    (a) A State association may invest in the initial purchase and development, or the purchase or commitment to purchase after completion, of unimproved residential real...
  • § 54B-193   Loans on sufficient collateral; other investments
    (a) A State association may invest in loans secured by any collateral deemed sufficient by the board of directors to properly secure loans; however, if...
  • § 54B-194   Service corporations
    (a) Any association or group of associations whose principal offices are located within this State, may establish service corporations under the provisions of Chapter 55...
  • § 54B-195   Any loan or investment permitted for federal associations
    Subject to such limitations and restrictions as the Commissioner of Banks may prescribe through rules and regulations, any State association is authorized and permitted to...
  • § 54B-196   Reserved for future codification purposes
  • § 54B-197   Effect of change in law or regulation
    Any loan or investment made by a State association which was in compliance with the law or regulations in effect at the time such loan...
  • § 54B-198 through 54B-209   Reserved for future codification purposes

Article 9 - Liquidity Fund.

Article 10 - General Reserve.

  • § 54B-216   General reserve
    (a) Every State association shall establish and maintain general valuation allowances and specific loss reserves in compliance with the requirements of the appropriate federal regulatory...
  • § 54B-217 through 54B-220   Reserved for future codification purposes

Article 11 - Foreign Associations.

Article 12 - Mutual Deposit Guaranty Associations.

  • § 54B-236   Definitions
    The term "institution" as used in this Article shall mean savings and loan associations organized or operated under the provisions of this Chapter, or credit...
  • § 54B-237   Organization of a mutual deposit guaranty association
    (a) Any number of institutions, not less than 25, may become incorporated as a mutual deposit guaranty association without capital stock subject to the limitations...
  • § 54B-238   Examination and certification by Secretary of Commerce
    (a) Upon receipt from the Secretary of State of a copy of the articles of incorporation of a proposed guaranty association, the Secretary of Commerce...
  • § 54B-239   Recordation of articles of incorporation
    Upon receipt of the certification provided for in G.S. 54B‑238, the Secretary of State shall record the articles of incorporation of such guaranty association and...
  • § 54B-240   Proposed amendments submitted to Secretary of Commerce
    Any proposed amendments to the articles of incorporation of a mutual deposit guaranty association shall be filed in the office of the Secretary of State,...
  • § 54B-241   Examination and certification of amendments
    (a) Upon receipt from the Secretary of State of a copy of proposed amendments to the articles of incorporation of a mutual deposit guaranty association,...
  • § 54B-242   Recordation of amendments
    Upon receipt of the certification provided for in G.S. 54B‑241, the Secretary of State shall record the amendments to the articles of incorporation and furnish...
  • § 54B-243   Reserve for losses
    A mutual deposit guaranty association shall maintain at all times an amount of funds equal to no less than one percent (1%) of its insured...
  • § 54B-244   Purposes and powers of mutual deposit guaranty associations
    (a) The purposes of a mutual deposit guaranty association incorporated in accordance with the provisions of this Article are to: (1) Assure the liquidity of...
  • § 54B-245   Filing of semiannual financial reports; fees
    Each mutual deposit guaranty association shall on the 30th day of June and the 31st day of December of each year, or within 40 days...
  • § 54B-246   Supervision by Secretary of Commerce
    (a) In addition to any and all other powers, duties and functions vested in the Secretary of Commerce under the provisions of this Article, and...
  • § 54B-247   Special examinations
    Whenever the Secretary of Commerce deems it necessary, he may make or cause to be made a special examination or audit of any mutual deposit...
  • § 54B-248   Right to enter and to conduct investigations
    The Secretary of Commerce or any examiner appointed by him shall have access to and may compel the production of all books, papers, securities, moneys,...
  • § 54B-249   Removal of officers or employees
    The Secretary of Commerce shall have the right, and is hereby empowered, to require the board of directors or board of trustees of any guaranty...
  • § 54B-250 through 54B-260   Reserved for future codification purposes

Article 13 - Savings and Loan Holding Companies.

Article 14 - Savings and Loan Interstate Branches.

  • § 54B-265   Title
    This Article shall be known and may be cited as the North Carolina Savings and Loan Interstate Branch Act. (1993, c. 191, s. 2.)
  • § 54B-266   Definitions
    As used in this Article, unless the context clearly requires otherwise, the following definitions apply: (1) Repealed by Session Laws 2004‑203, s. 35(a), effective August...
  • § 54B-267   Establishment of branches by out-of-state associations
    Any out‑of‑state association that meets the requirements of this Article may establish a branch within North Carolina either by (i) de novo entry; (ii) the...
  • § 54B-268   Application requirements
    (a) Any out‑of‑state association desiring to establish a branch office under this Article shall file with the Commissioner of Banks a written application meeting the...
  • § 54B-269   Conditions for approval
    No application by an out‑of‑state association received under this Article may be finally approved by the Commissioner of Banks unless: (1) The Commissioner of Banks...
  • § 54B-270   Special conditions
    (a) The Commissioner of Banks may require an out‑of‑state association to designate one of its branches in North Carolina as a "headquarters branch" and may,...
  • § 54B-271   Powers
    An out‑of‑state association that establishes a branch in North Carolina may engage in all the activities authorized by North Carolina law for a State association...
  • § 54B-272   Establishment of out-of-state branches by state associations
    With the prior consent of the Commissioner of Banks, any association chartered under the laws of North Carolina may establish a branch in any other...
  • § 54B-273   Regulatory and supervisory oversight
    (a) The Commissioner of Banks may enter into such agreements as necessary regarding the scope, timing, coordination, and frequency of examinations and other supervisory matters,...
  • § 54B-274   Enforcement
    (a) Any enforcement authority available to the Commissioner of Banks for use against a State association may, subject to the provisions of Chapter 150B of...
  • § 54B-275   Branch closings
    An out‑of‑state association that is subject to an order or written agreement revoking its authority to establish or maintain a branch in North Carolina and...
  • § 54B-276   Rules
    The Commission may adopt rules as necessary to carry out the provisions of this Article. (1993, c. 191, s. 2.)
  • § 54B-277   Appeal of Commissioner of Banks' decision
    Any aggrieved party in a proceeding under this Article may, within 30 days after final decision of the Commissioner of Banks, appeal such decision to...
  • § 54B-278   Severability
    If any provision of this Article or the application of such provision to any persons or circumstances is found invalid, the remainder of this Article...