§ 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 […]
§ 54B-248 – Right to enter and to conduct investigations.
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, and other property of a mutual deposit guaranty association under examination by him. He may administer oaths to and examine the officers […]
§ 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-193 – Loans on sufficient collateral; other investments.
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 the collateral consists of stock or equity securities of any kind, the stock or securities must be listed on a national stock exchange […]
§ 54B-194 – Service corporations.
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 for corporate organization, provided that the Commissioner of Banks receives copies of the proposed articles of incorporation and bylaws for approval, prior to filing them with the […]
§ 54B-195 – Any loan or investment permitted for federal associations.
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 make any loan or investment, or engage in any activity, which may be permitted for federal associations whose principal offices are […]