§ 54B-249 – Removal of officers or employees.
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 association to immediately remove from office any officer, director, trustee or employee of any mutual deposit guaranty association doing business in this State, who […]
§ 54B-239 – Recordation of articles of incorporation.
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 furnish a certified copy thereof to the incorporators and to the Secretary of Commerce. Upon such recordation, such association shall be deemed a corporation. […]
§ 54B-240 – Proposed amendments submitted to Secretary of Commerce.
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, who shall forward a copy thereof to the Secretary of Commerce, and shall not record the amendments until authorized to do so […]
§ 54B-241 – Examination and certification of amendments.
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, the Secretary of Commerce shall at once examine the proposed amendments to determine their effect on the operation of the guaranty association. (b) In […]
§ 54B-242 – Recordation of amendments.
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 a certified copy thereof to the mutual deposit guaranty association and to the Secretary of Commerce. (1981, c. 282, s. 3; 1983, c. 719, s. 2; […]
§ 54B-243 – Reserve for losses.
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 liability to cover losses of its members. These funds may include cash, investments, and reinsurance. (1981, c. 282, s. 3.)
§ 54B-244 – Purposes and powers of mutual deposit guaranty associations.
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 a member institution; (2) Guarantee the withdrawable accounts, shares of deposits of member institutions; (3) Serve, when appointed, as receiver of […]
§ 54B-245 – Filing of semiannual financial reports; fees.
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 thereafter, file with the Secretary of Commerce a report for the preceding half year, showing its financial condition at the end thereof. Such […]
§ 54B-246 – Supervision by Secretary of Commerce.
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 for the protection of member institutions and the general public, the Secretary of Commerce shall have general control and supervision over all mutual deposit […]
§ 54B-247 – Special examinations.
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 guaranty association doing business in this State, in addition to the regular examination provided for by this Article. The expenses of such a special examination or audit […]