§ 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 […]
§ 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-210 – Components of liquidity fund.
54B-210. Components of liquidity fund. (a) Every State association shall establish and maintain a regulatory capital account in an amount and in such funds and investments that comply with the requirements of the appropriate federal regulatory authorities. (b) The failure of a State association to maintain the required level and type of regulatory capital may […]
§ 54B-211 – Renewal of liquidity fund.
54B-211. Renewal of liquidity fund. If the liquidity fund falls below the amount required by the Commission, the association shall make no new real property loans until the required level has been attained. The refinancing, recasting or renewal of loans previously made and loans made as a result of foreclosure sales under instruments held by […]
§ 54B-216 – General reserve.
54B-216. General reserve. (a) Every State association shall establish and maintain general valuation allowances and specific loss reserves in compliance with the requirements of the appropriate federal regulatory authorities. (b) The failure of a State association to maintain the required level of general valuation allowances or specific loss reserves may be grounds for supervisory action […]