54C-17. Insurance of accounts required.
A State savings bank shall obtain and maintain insurance on all members' and customers' deposit accounts from an insurance corporation created by an act of Congress. Before the licensing of a savings bank, a certificate of incorporation duly recorded under G.S. 54C-14(c), is deemed to be sufficient certification to the insuring corporation that the savings bank is a legal corporate entity. The insurance shall be obtained within the time limit prescribed in G.S. 54C-19. Subject to the rules of the Commissioner of Banks, a State savings bank may obtain or participate in efforts to obtain insurance of deposits that is in excess of the amount eligible for federal insurance of accounts. This insurance is known as "excess insurance". (1991, c. 680, s. 1; 2001-193, s. 16.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 2 - Incorporation and Organization.
§ 54C-7 - Application of Chapter on business corporations.
§ 54C-8 - Scope and prohibitions; existing charters; injunctions.
§ 54C-9 - Application to organize a savings bank.
§ 54C-10 - Certificate of incorporation.
§ 54C-11 - Commissioner of Banks to consider application.
§ 54C-13 - Commission to review findings and recommendations of Commissioner of Banks.
§ 54C-14 - Grounds for approval or denial of application.
§ 54C-17 - Insurance of accounts required.
§ 54C-19 - Time allowed to commence business.
§ 54C-21 - Amendments to certificate of incorporation.
§ 54C-22 - List of stockholders to be maintained.
§ 54C-24 - Request to change location of a branch or principal office.
§ 54C-25 - Approval revoked; branch office.