53C-4-7. Directors may declare distributions.
Provided a bank does not make distributions that reduce its capital below its applicable required capital, the board of directors of a bank may declare such distributions as it deems proper. (2012-56, s. 4.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53C - Regulation of Banks
Article 4 - Governance of Banks.
§ 53C-4-1 - Banks - Form of organization.
§ 53C-4-2 - Banks controlled by boards of directors.
§ 53C-4-3 - Committees of boards of directors.
§ 53C-4-4 - Minutes of meetings of directors and committees.
§ 53C-4-5 - Qualifications of bank directors.
§ 53C-4-6 - Liability of directors.
§ 53C-4-7 - Directors may declare distributions.
§ 53C-4-8 - Officers and employees shall give bond.
§ 53C-4-9 - Affiliate transactions.
§ 53C-4-10 - Examination of board composition, structure, and conduct.
§ 53C-4-12 - Compliance review committee.
§ 53C-4-13 - Immediate report of changes in directors and certain officers.