§ 54C-161 – Generally accepted accounting principles.
54C-161. Generally accepted accounting principles. A savings bank shall maintain its books and records in accordance with generally accepted accounting principles. (1991, c. 680, s. 1.)
§ 54C-162 – Liquidity.
54C-162. Liquidity. A savings bank shall maintain cash and readily marketable investments in an amount that may be established in the rules of the Commissioner of Banks, but the requirement shall not be less than ten percent (10%) of the assets of the savings bank. Upon receipt of a duly certified copy of the resolution […]
§ 54C-163 – Net worth requirement.
54C-163. Net worth requirement. A savings bank shall maintain net worth in an amount that may be established in the rules of the Commissioner of Banks, but the requirement shall not be less than five percent (5%) of the assets of the savings bank. Upon receipt of a duly certified copy of a resolution by […]
§ 54C-164 – Deposit accounts.
54C-164. Deposit accounts. (a) A savings bank may raise capital through the solicitation of deposits from any person, natural or corporate, except as restricted or limited by law, or by any rules that the Commissioner of Banks may prescribe. (b) A savings bank may receive deposits of funds upon any terms as the contract of […]
§ 54C-165 – Joint accounts.
54C-165. Joint accounts. (a) Any two or more persons may open or hold a withdrawable account or accounts. The withdrawable account and any balance of the account is held by them as joint tenants, with or without right of survivorship, as the contract shall provide. The account may also be held under G.S. 41-2.1 and […]
§ 54C-166.1 – Payable on Death (POD) accounts.
54C-166.1. Payable on Death (POD) accounts. (a) If any natural person or natural persons establishing a deposit account shall execute a written agreement with the savings bank containing a statement that it is executed pursuant to the provisions of this section and providing for the account to be held in the name of the natural […]
§ 54C-167 – Personal agency accounts.
54C-167. Personal agency accounts. (a) A person may open a personal agency account by written contract containing a statement that it is executed under this section. A personal agency account may be a checking account, savings account, time deposit, or any other type of withdrawable account or certificate. The written contract shall name an agent […]
§ 54C-168 – Collection of processing fee for returned checks.
54C-168. Collection of processing fee for returned checks. Notwithstanding any other law, a savings bank may charge and collect a processing fee for checks on which payment has been refused by the payor depository institution. A savings bank may also collect a processing fee for checks drawn on that savings bank with respect to an […]
§ 54C-169 – Right of setoff on deposit accounts.
54C-169. Right of setoff on deposit accounts. (a) A savings bank shall have a right of setoff, without further agreement or pledge, upon all deposit accounts owned by any member or customer to whom or upon whose behalf the savings bank has made an unsecured advance of money by loan. Upon default in the repayment […]
§ 54C-170 – Minors as deposit account holders.
54C-170. Minors as deposit account holders. (a) A savings bank may issue a deposit account to a minor as the sole and absolute owner, or as a joint owner, and receive payments, pay withdrawals, accept pledges and act in any other manner with respect to the account on the order of the minor with like […]
§ 54C-171 – Deposit accounts as deposit of securities.
54C-171. Deposit accounts as deposit of securities. Notwithstanding any restrictions or limitations contained in any law of this State, the deposit accounts of any State savings bank may be accepted by any agency, department, or official of this State in any case wherein the agency, department, or official acting in its official capacity requires that […]
§ 54C-172 – New account books.
54C-172. New account books. A new account book or certificate or other evidence of ownership of a deposit account may be issued in the name of the holder of record at any time, when requested by the holder or the holder’s legal representative, upon proof satisfactory to the savings bank that the original account book […]
§ 54C-173 – Transfer of deposit accounts.
54C-173. Transfer of deposit accounts. The owner of a deposit account may transfer the owner’s rights therein absolutely or conditionally to any other person eligible to hold the same, but the transfer may be made on the books of the savings bank only upon presentation of evidence of transfer satisfactory to the savings bank, and […]
§ 54C-174 – Authority of power of attorney.
54C-174. Authority of power of attorney. A savings bank may continue to recognize the authority of an individual holding a power of attorney in writing to manage or to make withdrawals, either in whole or in part, from the deposit account of a customer or member until the savings bank receives written or actual notice […]
§ 54C-175 – Days and hours of operation.
54C-175. Days and hours of operation. A savings bank may operate on such days and during such hours, and may observe such holidays, as the savings bank’s board of directors shall designate. (1991, c. 680, s. 1; 1995 (Reg. Sess., 1996), c. 556, s. 4.)
§ 54C-176 – Power to borrow money.
54C-176. Power to borrow money. A savings bank, in its certificate of incorporation or in its bylaws, may authorize the board of directors to borrow money, and the board of directors may, by resolution adopted by a vote of at least two-thirds of the entire board duly recorded in the minutes, authorize the officers of […]
§ 54C-177 – Authority to join federal reserve bank.
54C-177. Authority to join federal reserve bank. A State savings bank may subscribe to the capital stock and become a member of a federal reserve bank. A savings bank shall continue to be subject to the supervision and examination required by the laws of this State, except that the Federal Reserve Board shall have the […]
§ 54C-178 – Regional reciprocal acquisitions.
54C-178. Regional reciprocal acquisitions. State savings banks and holding companies thereof shall have the same powers to acquire and be acquired as State associations and their savings and loan holding companies under Article 3A of Chapter 54B of the General Statutes. For this purpose, the term "association" as used in Article 3A of Chapter 54B […]
§ 54C-179 – Forced retirement of deposit accounts.
54C-179. Forced retirement of deposit accounts. (a) A savings bank may, at any time that funds are on hand and available for this purpose, force the retirement of and redeem all or any portion of its deposit accounts that have not been pledged as security for loans. A savings bank may not redeem any fixed […]
§ 54C-180 – Savings promotion raffles.
54C-180. Savings promotion raffles. A savings bank may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the savings bank. A savings bank shall maintain records […]