North Carolina General Statutes
Chapter 54B - Savings and Loan Associations

§ 54B-12 - Criteria to be met before the Commissioner of Banks may recommend approval of an application. - 54B-12. Criteria to be met before the Commissioner of Banks...

§ 54B-13 - State Banking Commission to review findings and recommendations of Commissioner of Banks. - 54B-13. State Banking Commission to review findings and recommendations of...

§ 54B-14 - Grounds for approval or denial of application. - 54B-14. Grounds for approval or denial of application. (a) After...

§ 54B-15 - Final decision. - 54B-15. Final decision. The Commission shall present the Commissioner of...

§ 54B-16 - Appeal. - 54B-16. Appeal. The final decision of the Commission may be...

§ 54B-17 - Insurance of accounts required. - 54B-17. Insurance of accounts required. All State associations must obtain...

§ 54B-18 - Time allowed to commence business. - 54B-18. Time allowed to commence business. A newly chartered association...

§ 54B-19 - Licensing. - 54B-19. Licensing. A newly chartered association shall be entitled to...

§ 54B-20 - Amendments to certificate of incorporation. - 54B-20. Amendments to certificate of incorporation. (a) Any addition, alteration...

§ 54B-21 - List of stockholders to be maintained. - 54B-21. List of stockholders to be maintained. Every stock association...

§ 54B-22 - Branch offices. - 54B-22. Branch offices. (a) Any State association may apply to...

§ 54B-23 - Application to change location of a branch or principal office. - 54B-23. Application to change location of a branch or principal...

§ 54B-24 - Approval revoked; branch office. - 54B-24. Approval revoked; branch office. The Commission may, for good...

§ 54B-25 - Branch offices closed. - 54B-25. Branch offices closed. The board of a State association...

Article 3 - Fundamental Changes.

§ 54B-30 - Conversion from State to federal association. - 54B-30. Conversion from State to federal association. Any State savings...

§ 54B-31 - Conversion from federal to State association. - 54B-31. Conversion from federal to State association. Any federal savings...

§ 54B-32 - Simultaneous charter and ownership conversion. - 54B-32. Simultaneous charter and ownership conversion. (a) In the event...

§ 54B-33 - Conversion of mutual to stock association. - 54B-33. Conversion of mutual to stock association. (a) Any mutual...

§ 54B-34 - Conversion of stock associations to mutual associations. - 54B-34. Conversion of stock associations to mutual associations. Any stock...

§ 54B-34.1 - Conversion to State association. - 54B-34.1. Conversion to State association. (a) A savings bank or...

§ 54B-34.2 - Conversion to bank. - 54B-34.2. Conversion to bank. (a) A savings and loan association,...

§ 54B-35 - Merger of like savings and loan associations. - 54B-35. Merger of like savings and loan associations. Any two...

§ 54B-36 - Merger of associations where ownership is converted. - 54B-36. Merger of associations where ownership is converted. (a) Any...

§ 54B-37 - Merger of mutual and stock associations. - 54B-37. Merger of mutual and stock associations. (a) Any State...

§ 54B-37.1 - Simultaneous conversion/merger. - 54B-37.1. Simultaneous conversion/merger. (a) The Commissioner of Banks shall not...

§ 54B-39 - Merger of federal with State associations. - 54B-39. Merger of federal with State associations. (a) Any two...

§ 54B-40 - Voluntary dissolution by directors. - 54B-40. Voluntary dissolution by directors. A State association may be...

§ 54B-41 - Voluntary dissolution by stockholders or members. - 54B-41. Voluntary dissolution by stockholders or members. At any annual...

§ 54B-42 - Rules, regulations and reports of voluntary dissolution. - 54B-42. Rules, regulations and reports of voluntary dissolution. (a) The...

§ 54B-43 - Stock dividends. - 54B-43. Stock dividends. No dividend on stock shall be paid...

§ 54B-44 - Supervisory mergers, consolidations, conversions, and combination mergers and conversions. - 54B-44. Supervisory mergers, consolidations, conversions, and combination mergers and conversions....

§ 54B-45 - Interim associations. - 54B-45. Interim associations. (a) Article 2 of this Chapter shall...

§ 54B-46 - Conversion of bank to stock association. - 54B-46. Conversion of bank to stock association. (a) Any bank,...

§ 54B-47 - Merger of banks and associations. - 54B-47. Merger of banks and associations. (a) Any State association,...

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

§ 54B-48.1 - Title. - 54B-48.1. Title. This Article shall be known and may be...

§ 54B-48.2 - Definitions. - 54B-48.2. Definitions. Notwithstanding the provisions of G.S. 54B-4, as used...

§ 54B-48.3 - Acquisitions by Southern Region savings and loan holding companies and Southern Region associations. - 54B-48.3. Acquisitions by Southern Region savings and loan holding companies...

§ 54B-48.4 - Exceptions. - 54B-48.4. Exceptions. A North Carolina savings and loan holding company,...

§ 54B-48.5 - Prohibitions. - 54B-48.5. Prohibitions. (a) Except as may be expressly permitted by...

§ 54B-48.6 - Applicable laws, rules and regulations. - 54B-48.6. Applicable laws, rules and regulations. (a) Any North Carolina...

§ 54B-48.7 - Appeal of Commissioner of Banks' decision. - 54B-48.7. Appeal of Commissioner of Banks' decision. Notwithstanding any other...

§ 54B-48.8 - Periodic reports; interstate agreements. - 54B-48.8. Periodic reports; interstate agreements. (a) The Commissioner of Banks...

§ 54B-48.9 - Enforcement. - 54B-48.9. Enforcement. The Commissioner of Banks shall have the power...

Article 4 - Supervision and Regulation.

§ 54B-52 - Commissioner of Banks. - 54B-52. Commissioner of Banks. The Commissioner of Banks of the...

§ 54B-54 - Deputy commissioner of Savings Institutions Division. - 54B-54. Deputy commissioner of Savings Institutions Division. There shall be...

§ 54B-55 - Power of Commissioner of Banks to promulgate rules and regulations; reproduction of records. - 54B-55. Power of Commissioner of Banks to promulgate rules and...

§ 54B-56 - Examinations by Commissioner of Banks; report. - 54B-56. Examinations by Commissioner of Banks; report. (a) If at...

§ 54B-57 - Supervision and examination fees. - 54B-57. Supervision and examination fees. (a) Every State association, including...

§ 54B-58 - Prolonged audit, examination or revaluation; payment of costs. - 54B-58. Prolonged audit, examination or revaluation; payment of costs. (a)...

§ 54B-59 - Cease and desist orders. - 54B-59. Cease and desist orders. (a) If any person or...

§ 54B-60 - Commissioner of Banks to have right of access to books and records of association; right to issue subpoenas, administer oaths, examine witnesses. - 54B-60. Commissioner of Banks to have right of access to...

§ 54B-61 - Test appraisals of collateral for loans; expense paid. - 54B-61. Test appraisals of collateral for loans; expense paid. (a)...

§ 54B-62 - Relationship of savings and loan associations with the Savings Institutions Division. - 54B-62. Relationship of savings and loan associations with the Savings...

§ 54B-63 - Confidential information. - 54B-63. Confidential information. (a) The following records or information of...

§ 54B-63.1 - Confidential records. - 54B-63.1. Confidential records. (a) As used in this section: (1)...

§ 54B-64 - Civil penalties; State associations. - 54B-64. Civil penalties; State associations. (a) Except as otherwise provided...

§ 54B-65 - Civil penalties; directors, officers and employees. - 54B-65. Civil penalties; directors, officers and employees. (a) Any person,...

§ 54B-66 - Criminal penalties. - 54B-66. Criminal penalties. (a) The provisions of this section shall...

§ 54B-67 - Primary jurisdiction. - 54B-67. Primary jurisdiction. Whenever an agency of the United States...

§ 54B-68 - Supervisory control. - 54B-68. Supervisory control. (a) Whenever the Commissioner of Banks determines...

§ 54B-69 - Removal of directors, officers and employees. - 54B-69. Removal of directors, officers and employees. (a) If, in...

§ 54B-70 - Involuntary liquidation. - 54B-70. Involuntary liquidation. (a) The Commissioner of Banks with prior...

§ 54B-71 - Judicial review. - 54B-71. Judicial review. Any person or State association against whom...

§ 54B-72 - Indemnity. - 54B-72. Indemnity. No person who is fined or penalized for...

§ 54B-73 - Cumulative penalties. - 54B-73. Cumulative penalties. All penalties, fines, and remedies provided by...

§ 54B-74 - Annual license fees. - 54B-74. Annual license fees. All State associations shall pay an...

§ 54B-75 - Statement filed by savings and loan association; fees and examination. - 54B-75. Statement filed by savings and loan association; fees and...

§ 54B-77 - Certain powers granted to State associations. - 54B-77. Certain powers granted to State associations. (a) In addition...

§ 54B-78 - Prohibited practices. - 54B-78. Prohibited practices. Any person or association who shall engage...

Article 5 - Corporate Administration.

§ 54B-100 - Membership of a mutual association. - 54B-100. Membership of a mutual association. The membership of a...

§ 54B-101 - Directors. - 54B-101. Directors. (a) The directors of a mutual association shall...

§ 54B-102 - Employment policies. - 54B-102. Employment policies. Employment policies appropriate for the transaction of...

§ 54B-103 - Duties and liabilities of officers and directors to their associations. - 54B-103. Duties and liabilities of officers and directors to their...

§ 54B-104 - Conflicts of interest. - 54B-104. Conflicts of interest. Each director, officer and employee of...

§ 54B-105 - Voting rights. - 54B-105. Voting rights. Voting rights in the affairs of a...

§ 54B-106 - Annual meetings; notice required. - 54B-106. Annual meetings; notice required. (a) Each association shall hold...

§ 54B-107 - Special meetings; notice required. - 54B-107. Special meetings; notice required. (a) Special meetings of members...

§ 54B-108 - Quorum. - 54B-108. Quorum. Unless otherwise provided in the association's charter or...

§ 54B-109 - Indemnification. - 54B-109. Indemnification. (a) An association shall maintain a blanket indemnity...

§ 54B-110 - Days and hours of operation. - 54B-110. Days and hours of operation. Any association may operate...

Article 6 - Withdrawable Accounts.

§ 54B-121 - Creation of withdrawable accounts. - 54B-121. Creation of withdrawable accounts. (a) Every State association shall...

§ 54B-122 - Additional requirements. - 54B-122. Additional requirements. Withdrawable accounts shall be: (1) Withdrawable upon...

§ 54B-123 - Dividends on withdrawable accounts. - 54B-123. Dividends on withdrawable accounts. (a) An association shall compute...

§ 54B-124 - Withdrawals from withdrawable accounts. - 54B-124. Withdrawals from withdrawable accounts. (a) A withdrawable account holder...

§ 54B-125 - Emergency limitations. - 54B-125. Emergency limitations. The Commissioner of Banks, with the approval...

§ 54B-126 - Forced retirement of withdrawable accounts. - 54B-126. Forced retirement of withdrawable accounts. (a) At any time...

§ 54B-127 - Negotiable orders of withdrawal. - 54B-127. Negotiable orders of withdrawal. Notwithstanding any other provisions of...

§ 54B-128 - Option on nonnegotiable orders of withdrawal. - 54B-128. Option on nonnegotiable orders of withdrawal. Notwithstanding any other...

§ 54B-129 - Joint accounts. - 54B-129. Joint accounts. (a) Any two or more persons may...

§ 54B-130.1 - Payable on Death (POD) accounts. - 54B-130.1. Payable on Death (POD) accounts. (a) If any natural...

§ 54B-131 - Right of setoff on withdrawable accounts. - 54B-131. Right of setoff on withdrawable accounts. (a) Every association...

§ 54B-132 - Minors as withdrawable account holders; safe deposit box lessees. - 54B-132. Minors as withdrawable account holders; safe deposit box lessees....

§ 54B-133 - Withdrawable accounts as deposit of securities. - 54B-133. Withdrawable accounts as deposit of securities. Notwithstanding any restrictions...

§ 54B-134 - New account books. - 54B-134. New account books. A new account book or certificate...

§ 54B-135 - Transfer of withdrawable accounts. - 54B-135. Transfer of withdrawable accounts. The owner of a withdrawable...

§ 54B-136 - Authority of power of attorney. - 54B-136. Authority of power of attorney. An association may continue...

§ 54B-139 - Personal agency accounts. - 54B-139. Personal agency accounts. (a) A person may open a...

§ 54B-140 - Savings promotion raffles. - 54B-140. Savings promotion raffles. A savings and loan association may...

Article 6A - Fee for Returned Checks.

§ 54B-147 - Collection of processing fee for returned checks. - 54B-147. Collection of processing fee for returned checks. Notwithstanding any...

Article 7 - Loans.

§ 54B-150 - Manner of making loans. - 54B-150. Manner of making loans. (a) The board of directors...

§ 54B-151 - Permitted loans. - 54B-151. Permitted loans. (a) An association may lend funds on...

§ 54B-152 - Real property encumbrances. - 54B-152. Real property encumbrances. (a) Real property is deemed unencumbered...

§ 54B-153 - Prohibited security. - 54B-153. Prohibited security. No association may accept its own capital...

§ 54B-154 - Insider loans. - 54B-154. Insider loans. The Commissioner of Banks may promulgate rules...

§ 54B-155 - Rule-making power of Commissioner of Banks. - 54B-155. Rule-making power of Commissioner of Banks. The Commissioner of...

§ 54B-156 - Loan expenses and fees. - 54B-156. Loan expenses and fees. (a) Subject to the provisions...

§ 54B-157 - Loans conditioned on certain transactions prohibited. - 54B-157. Loans conditioned on certain transactions prohibited. No association or...

§ 54B-158 - Insured or guaranteed loans. - 54B-158. Insured or guaranteed loans. An association may make insured...

§ 54B-159 - Purchase of loans. - 54B-159. Purchase of loans. An association may invest any funds...

§ 54B-160 - Participation in loans. - 54B-160. Participation in loans. An association may invest in a...

§ 54B-161 - Sale of loans. - 54B-161. Sale of loans. An association may sell any loan,...

§ 54B-162 - Power to borrow money. - 54B-162. Power to borrow money. An association, in its certificate...

§ 54B-163 - Methods of loan repayment. - 54B-163. Methods of loan repayment. Subject to such rules and...

§ 54B-164 - Loans to one borrower. - 54B-164. Loans to one borrower. (a) The aggregate amount of...

§ 54B-165 - Professional services. - 54B-165. Professional services. (a) A State association or service corporation...

§ 54B-166 - Nonconforming investments. - 54B-166. Nonconforming investments. Unless otherwise provided, every loan or other...

§ 54B-167 - Scope of Article. - 54B-167. Scope of Article. Nothing in this Article shall be...

Article 8 - Other Investments.

§ 54B-180 - Other investments. - 54B-180. Other investments. In addition to the loans and investments...

§ 54B-181 - Business property of a State association. - 54B-181. Business property of a State association. A State association...

§ 54B-182 - United States obligations. - 54B-182. United States obligations. A State association may invest in...

§ 54B-183 - North Carolina obligations. - 54B-183. North Carolina obligations. A State association may invest in...

§ 54B-184 - Federal Home Loan Bank obligations. - 54B-184. Federal Home Loan Bank obligations. A State association may...

§ 54B-185 - Deposits in banks. - 54B-185. Deposits in banks. A State association may invest in...

§ 54B-186 - Deposits in other associations. - 54B-186. Deposits in other associations. A State association may invest...

§ 54B-187 - Fannie Mae obligations. - 54B-187. Fannie Mae obligations. A State association may invest in...

§ 54B-188 - Municipal and county obligations. - 54B-188. Municipal and county obligations. A State association may invest...

§ 54B-189 - Stock in education agency. - 54B-189. Stock in education agency. A State association may invest...

§ 54B-190 - Industrial development corporation stock. - 54B-190. Industrial development corporation stock. A State association may invest...

§ 54B-191 - Urban renewal investment corporation stock. - 54B-191. Urban renewal investment corporation stock. A State association may...

§ 54B-192 - Urban renewal projects. - 54B-192. Urban renewal projects. (a) A State association may invest...

§ 54B-193 - Loans on sufficient collateral; other investments. - 54B-193. Loans on sufficient collateral; other investments. (a) A State...

§ 54B-194 - Service corporations. - 54B-194. Service corporations. (a) Any association or group of associations...

§ 54B-195 - Any loan or investment permitted for federal associations. - 54B-195. Any loan or investment permitted for federal associations. Subject...

§ 54B-197 - Effect of change in law or regulation. - 54B-197. Effect of change in law or regulation. Any loan...

Article 9 - Liquidity Fund.

§ 54B-210 - Components of liquidity fund. - 54B-210. Components of liquidity fund. (a) Every State association shall...

§ 54B-211 - Renewal of liquidity fund. - 54B-211. Renewal of liquidity fund. If the liquidity fund falls...

Article 10 - General Reserve.

§ 54B-216 - General reserve. - 54B-216. General reserve. (a) Every State association shall establish and...

Article 12 - Mutual Deposit Guaranty Associations.

§ 54B-236 - Definitions. - 54B-236. Definitions. The term "institution" as used in this Article...

§ 54B-237 - Organization of a mutual deposit guaranty association. - 54B-237. Organization of a mutual deposit guaranty association. (a) Any...

§ 54B-238 - Examination and certification by Secretary of Commerce. - 54B-238. Examination and certification by Secretary of Commerce. (a) Upon...

§ 54B-239 - Recordation of articles of incorporation. - 54B-239. Recordation of articles of incorporation. Upon receipt of the...

§ 54B-240 - Proposed amendments submitted to Secretary of Commerce. - 54B-240. Proposed amendments submitted to Secretary of Commerce. Any proposed...

§ 54B-241 - Examination and certification of amendments. - 54B-241. Examination and certification of amendments. (a) Upon receipt from...

§ 54B-242 - Recordation of amendments. - 54B-242. Recordation of amendments. Upon receipt of the certification provided...

§ 54B-243 - Reserve for losses. - 54B-243. Reserve for losses. A mutual deposit guaranty association shall...

§ 54B-244 - Purposes and powers of mutual deposit guaranty associations. - 54B-244. Purposes and powers of mutual deposit guaranty associations. (a)...

§ 54B-245 - Filing of semiannual financial reports; fees. - 54B-245. Filing of semiannual financial reports; fees. Each mutual deposit...

§ 54B-246 - Supervision by Secretary of Commerce. - 54B-246. Supervision by Secretary of Commerce. (a) In addition to...

§ 54B-247 - Special examinations. - 54B-247. Special examinations. Whenever the Secretary of Commerce deems it...

§ 54B-248 - Right to enter and to conduct investigations. - 54B-248. Right to enter and to conduct investigations. The Secretary...

§ 54B-249 - Removal of officers or employees. - 54B-249. Removal of officers or employees. The Secretary of Commerce...

Article 13 - Savings and Loan Holding Companies.

§ 54B-261 - Savings and loan holding companies. - 54B-261. Savings and loan holding companies. (a) Notwithstanding any other...

§ 54B-262 - Supervision of savings and loan holding companies. - 54B-262. Supervision of savings and loan holding companies. Savings and...

Article 14 - Savings and Loan Interstate Branches.

§ 54B-265 - Title. - 54B-265. Title. This Article shall be known and may be...

§ 54B-266 - Definitions. - 54B-266. Definitions. As used in this Article, unless the context...

§ 54B-267 - Establishment of branches by out-of-state associations. - 54B-267. Establishment of branches by out-of-state associations. Any out-of-state association...

§ 54B-268 - Application requirements. - 54B-268. Application requirements. (a) Any out-of-state association desiring to establish...

§ 54B-269 - Conditions for approval. - 54B-269. Conditions for approval. No application by an out-of-state association...

§ 54B-270 - Special conditions. - 54B-270. Special conditions. (a) The Commissioner of Banks may require...

§ 54B-271 - Powers. - 54B-271. Powers. An out-of-state association that establishes a branch in...

§ 54B-272 - Establishment of out-of-state branches by state associations. - 54B-272. Establishment of out-of-state branches by state associations. With the...

§ 54B-273 - Regulatory and supervisory oversight. - 54B-273. Regulatory and supervisory oversight. (a) The Commissioner of Banks...

§ 54B-274 - Enforcement. - 54B-274. Enforcement. (a) Any enforcement authority available to the Commissioner...

§ 54B-275 - Branch closings. - 54B-275. Branch closings. An out-of-state association that is subject to...

§ 54B-276 - Rules. - 54B-276. Rules. The Commission may adopt rules as necessary to...

§ 54B-277 - Appeal of Commissioner of Banks' decision. - 54B-277. Appeal of Commissioner of Banks' decision. Any aggrieved party...

§ 54B-278 - Severability. - 54B-278. Severability. If any provision of this Article or the...

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North Carolina General Statutes Chapter 54B - Savings and Loan Associations

North Carolina General Statutes
Chapter 54B - Savings and Loan Associations