53C-4-1. Banks – Form of organization. (a) A bank shall be formed as, and shall maintain the form of, a corporation formed under the laws of this State. (b) The provisions contained in Chapter 55 of the General Statutes shall apply to banks, except where provisions of this Chapter provide differently or where the Commissioner […]
53C-4-10. Examination of board composition, structure, and conduct. (a) As part of its examinations of a bank, the OCOB may assess the competence, composition, structure, and conduct of such bank’s board of directors, including the following: (1) The number of directors. (2) The independence of directors. (3) The committee structure of the board. (4) The […]
53C-4-11. Reserve fund. (a) Each bank shall maintain a reserve fund as follows: (1) If the bank is a member of the Federal Reserve System, it shall maintain a reserve fund in accordance with the requirements of the Federal Reserve Board. (2) All other banks shall maintain a reserve fund as required by the Commissioner. […]
53C-4-12. Compliance review committee. (a) For purposes of this section, the following definitions apply: (1) "Compliance review committee" means (i) a bank’s board of directors, (ii) a committee authorized by the bank’s board of directors, or (iii) any other committee or person to the extent the committee or person acts at the direction of or […]
53C-4-13. Immediate report of changes in directors and certain officers. Each bank shall report to the Commissioner any changes in its (i) directors, (ii) president, (iii) chief executive officer, (iv) chief financial officer, (v) chief loan officer, or (vi) chief credit officer by the close of the second day on which the bank is open […]
53C-4-2. Banks controlled by boards of directors. (a) The corporate powers of a bank shall be exercised by or under the authority of, and the business and affairs of the bank shall be managed by or under the direction of, its board of directors. (b) A bank’s board of directors shall consist of not fewer […]
53C-4-3. Committees of boards of directors. (a) The board of directors shall appoint, at a minimum, an audit committee, an executive committee, and a loan committee (which may be the executive committee or the board of directors as a whole) and may appoint such other committees as it deems appropriate to provide for the safe […]
53C-4-4. Minutes of meetings of directors and committees. Minutes shall be recorded and retained for all meetings of the board of directors and board committees and kept on file at the bank. The minutes shall show a record of actions taken. (2012-56, s. 4.)
53C-4-5. Qualifications of bank directors. (a) At least three-fourths of the directors of a bank shall be citizens of the United States of America. (b) A director must satisfy eligibility requirements for bank directors imposed by federal law, including Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. 1829(a). (c) Following a director’s election […]
53C-4-6. Liability of directors. (a) The standard of conduct for directors shall be as set forth in G.S. 55-8-30. (b) Any director of any bank who shall knowingly violate, or who shall knowingly permit to be violated by any officers, agents, or employees of the bank, any of the provisions of this Chapter shall be […]
53C-4-7. Directors may declare distributions. Provided a bank does not make distributions that reduce its capital below its applicable required capital, the board of directors of a bank may declare such distributions as it deems proper. (2012-56, s. 4.)
53C-4-8. Officers and employees shall give bond. (a) A bank shall require security in the form of a bond for the fidelity and faithful performance of duties by its officers and employees. The bond shall be issued by a bonding company authorized to do business in this State and upon such form as may be […]
53C-4-9. Affiliate transactions. A bank may extend credit to, and engage in transactions with, its affiliates, directors, executive officers, principal shareholders, and their respective immediate family members only to the extent permitted by, and subject to such restrictions and conditions as are imposed by, applicable State and federal laws and regulations. (2012-56, s. 4.)
