reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 5 - Corporate Administration. › § 54B-106 - Annual meetings; notice required.

§ 54B-106. Annual meetings; notice required.
(a) Each association shall hold an annual meeting of its members or stockholders. The annual meeting shall be held at a time and place as shall be provided in the bylaws or determined by the board of directors.
(b) The board of directors of a mutual association shall cause to be published once a week for two weeks preceding such meeting, in a newspaper of general circulation published in the county where such association has its principal office, a notice of the meeting, signed by the association's secretary, and stating the time and place where it is to be held. In addition to the foregoing notice, each association shall disseminate additional notice of any annual meeting by notice made available to all members entering the premises of any office or branch of the association in the regular course of business by posting therein, in full view of the public and such members, one or more conspicuous signs or placards announcing the pending meeting, the time, date and place of the meeting and the availability of additional information. Printed matter shall be freely available to said members containing any information as may be prescribed in rules and regulations issued by the Commissioner of Banks. Such additional notice shall be given at any time within the period of 60 days prior to and 14 days prior to the meeting and shall continue through the time of the meeting.
(c) The board of directors of a stock association shall cause a written or printed notice signed by the association's secretary, and stating the time and place of the annual meeting to be delivered not less than 10 days nor more than 50 days before the date of the meeting, either personally or by mail to each stockholder of record entitled to vote at the meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States postal service addressed to the stockholder at his address as it appears on the record of stockholders of the corporation, with postage thereon prepaid. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 5 - Corporate Administration. › § 54B-107 - Special meetings; notice required.

§ 54B-107. Special meetings; notice required.
(a) Special meetings of members or stockholders of an association may be called by the president or the board of directors or by such other officers or persons as may be provided for in the charter or bylaws of the association.
(b) Notice of any special meeting of members or stockholders shall be given in the same manner as provided for annual meetings under G.S. 54B-106. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 5 - Corporate Administration. › § 54B-108 - Quorum.

§ 54B-108. Quorum.
Unless otherwise provided in the association's charter or bylaws, 50 holders of withdrawable accounts in a mutual association or 50 stockholders or a majority of shares eligible to vote in a stock association, present in person or represented by proxy, shall constitute a quorum at any annual or special meeting. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 5 - Corporate Administration. › § 54B-110 - Days and hours of operation.

§ 54B-110. Days and hours of operation.
Any association may operate on such days and during such hours, and may observe such holidays, as the association's board of directors shall designate. (1987, c. 853, s. 3; 1995 (Reg. Sess., 1996), c. 556, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-122 - Additional requirements.

§ 54B-122. Additional requirements.
Withdrawable accounts shall be:
(1) Withdrawable upon demand, subject to the requisite advance notice to the association by the holder, as listed in G.S. 54B-121(c)(2)b and by such regulations as the Commissioner of Banks may prescribe;
(2) Entitled to dividends as provided herein or in such regulations as the Commissioner of Banks may prescribe;
(3) Evidenced by an executed contract setting forth any special terms and provisions applicable to the account and the conditions upon which withdrawal may be made. The form of such contract shall be subject to the prior approval of the Commissioner of Banks and shall be held by the association as part of its records pertaining to the account. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 13; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-123 - Dividends on withdrawable accounts.

§ 54B-123. Dividends on withdrawable accounts.
(a) An association shall compute and pay dividends on withdrawable accounts in accordance with such terms and conditions as are herein prescribed, and subject to additional limitation and restrictions as shall be set forth in its bylaws, or certificate of incorporation and resolutions of its board of directors.
(b) Notwithstanding any other provisions of the General Statutes, savings and loan associations shall not be limited in the amount of dividends they may pay on withdrawable accounts. The Commissioner of Banks shall have the authority to insure that no association pays dividends on withdrawable accounts inconsistent with the association's continued solvency, and safe and proper operation. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-125 - Emergency limitations.

§ 54B-125. Emergency limitations.
The Commissioner of Banks, with the approval of the Governor, may impose a limitation upon the amounts withdrawable or payable from withdrawable accounts of State associations during any specifically defined period when such limitation is in the public interest and welfare. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-126 - Forced retirement of withdrawable accounts.

§ 54B-126. Forced retirement of withdrawable accounts.
(a) At any time that funds may be on hand and available for such a purpose, and the bylaws of an association and withdrawable account contracts so provide, an association shall have the authority and right to redeem all or any portion of its withdrawable accounts which have not been pledged as security for loans by forcing the retirement thereof. The number of and total amount of such withdrawable accounts to be retired by an association shall be determined by the board of directors.
(b) An association shall give notice by certified mail to the last address of each holder of an affected withdrawable account of at least 30 days. The redemption price of withdrawable accounts so retired shall be the full withdrawal value of the account, as determined on the last dividend date, plus all dividends on withdrawable accounts credited or paid as of the effective retirement date. Dividends shall continue to accrue and be paid or credited by the association to the withdrawable accounts to be retired up to and including the effective retirement date.
(c) If the required notice has been properly given, and if on the effective retirement date the funds necessary for payment have been set aside so as to be available, and shall continue to be available therefor, dividends on those withdrawable accounts called for forced retirement shall cease to accrue after the effective retirement date. All rights with respect to such account shall, after the effective retirement date, terminate, except only the right of the holder of the retired withdrawable account to receive the full redemption price.
(d) No association may redeem withdrawable accounts by forced retirement whenever it has on file applications for withdrawal, or maturities which have not yet been acted upon and paid. No association may redeem withdrawable accounts by forced retirement until the maturity of any fixed minimum term which may be required for the class of withdrawable accounts to be retired. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-127 - Negotiable orders of withdrawal.

§ 54B-127. Negotiable orders of withdrawal.
Notwithstanding any other provisions of law, the Commissioner of Banks shall by regulation, authorize associations to accept deposits to withdrawable accounts which may be withdrawn or transferred on or by negotiable or transferable order or authorization to the association. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-128 - Option on nonnegotiable orders of withdrawal.

§ 54B-128. Option on nonnegotiable orders of withdrawal.
Notwithstanding any other provisions of law, the Commissioner of Banks may by regulation authorize State associations to establish nonnegotiable orders or authorizations of withdrawal. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-131 - Right of setoff on withdrawable accounts.

§ 54B-131. Right of setoff on withdrawable accounts.
(a) Every association shall have a right of setoff, without further agreement or pledge, upon all withdrawable accounts owned by any member or customer to whom or upon whose behalf the association has made an unsecured advance of money by loan; and upon the default in the repayment or satisfaction thereof the association may cancel on its books all or any part of the withdrawable accounts owned by such member or customer, and apply the value of such accounts in payment on account of such obligation.
(b) An association which exercises the right of setoff provided in this section shall first give 30 days' notice to the member or customer that such right will be exercised. Such accounts may be held or frozen, with no withdrawals permitted, during the 30-day notice period. Such accounts may not be canceled and the value thereof may not be applied to pay such obligation until the 30-day period has expired without the member or customer having cured the default on the obligation. The amount of any member's or customer's interest in a joint account or other account held in the names of more than one person shall be subject to the right of setoff provided in this section.
(c) This section is not exclusive, but shall be in addition to contract, common law and other rights of setoff. Such other rights shall not be governed in any fashion by this section. (1981, c. 282, s. 3; 1991, c. 707, s. 5.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-132 - Minors as withdrawable account holders; safe deposit box lessees.

§ 54B-132. Minors as withdrawable account holders; safe deposit box lessees.
(a) An association may issue a withdrawable 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 such account on the order of the minor with like effect as if he were of full age and legal capacity. Any payment to a minor shall be a discharge of the association to the extent thereof. The account shall be held for the exclusive right and benefit of the minor, and any joint owners, free from the control of all persons, except creditors.
(b) An association may lease a safe deposit box to a minor and, with respect to such lease, may deal with the minor in all regards as if the minor were of full age and legal capacity. A minor entering a lease agreement with an association pursuant to this subsection shall be bound by the terms of the agreement to the same extent as if the minor were of full age and legal capacity. (1981, c. 282, s. 3; 1989, c. 437; 1991, c. 707, s. 6.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-133 - Withdrawable accounts as deposit of securities.

§ 54B-133. Withdrawable accounts as deposit of securities.
Notwithstanding any restrictions or limitations contained in any law of this State, the withdrawable accounts of any State association or of any federal association having its principal office in this State, may be accepted by any agency, department or official of this State in any case wherein such agency, department or official acting in its or his official capacity requires that securities be deposited with such agency, department or official. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-134 - New account books.

§ 54B-134. New account books.
A new account book or certificate or other evidence of ownership of a withdrawable account may be issued in the name of the holder of record at any time when requested by such holder or his legal representative upon proof satisfactory to the association that the original account book or certificate has been lost or destroyed. Such new account book or certificate shall expressly state that it is issued in lieu of the one lost or destroyed and that the association shall in no way be liable thereafter on account of the original book or certificate. The association may in its bylaws require indemnification against any loss that might result from the issuance of the new account book or certified certificate. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-135 - Transfer of withdrawable accounts.

§ 54B-135. Transfer of withdrawable accounts.
The owner of a withdrawable account may transfer his rights therein absolutely or conditionally to any other person eligible to hold the same but such transfer may be made on the books of the association only upon presentation of evidence of transfer satisfactory to the association, and accompanied by the proper application for transfer by the transferor and transferee, who shall accept such account subject to the terms and conditions of the savings contract, the bylaws of the association, the provisions of its certificate of incorporation, and all rules and regulations of the Commissioner of Banks. Notwithstanding the effectiveness of such a transfer between the parties thereto, the association may treat the holder of record of a withdrawable account as the owner thereof for all purposes, including payment and voting (in the case of a mutual association) until such transfer and assignment has been recorded by the association. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-136 - Authority of power of attorney.

§ 54B-136. Authority of power of attorney.
An association 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 withdrawable account of a customer or member until it receives written or actual notice of death or of adjudication of incompetency of such member or revocation of the authority of such individual holding such power of attorney. Payment by the association to an individual holding a power of attorney prior to receipt of such notice shall be a total discharge of the association's obligation as to the amount so paid. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6 - Withdrawable Accounts. › § 54B-140 - Savings promotion raffles.

§ 54B-140. Savings promotion raffles.
A savings and loan association 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 and loan association. A savings and loan association shall maintain records sufficient to facilitate an audit of the savings promotion raffle, shall conduct the savings promotion raffle in a safe and sound manner, and shall fully disclose the terms and conditions of the promotion to account holders and prospective account holders of the savings and loan association. (2019-173, s. 2(c).)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 6A - Fee for Returned Checks. › § 54B-147 - Collection of processing fee for returned checks.

§ 54B-147. Collection of processing fee for returned checks.
Notwithstanding any other provision of law, a processing fee may be charged and collected by any association for checks (including negotiable order of withdrawal drafts) on which payment has been refused by the payor depository institution. An association may also collect said fee for checks drawn on that association with respect to an account with insufficient funds. (1981 (Reg. Sess., 1982), c. 1238, s. 14; 1985, c. 224.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-150 - Manner of making loans.

§ 54B-150. Manner of making loans.
(a) The board of directors shall establish procedures by which loans are to be considered, approved, and made by the association.
(b) All actions on loan applications to the association shall be reported to the board of directors at its next meeting. (1981, c. 282, s. 3; 1983, c. 144, s. 18.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-152 - Real property encumbrances.

§ 54B-152. Real property encumbrances.
(a) Real property is deemed unencumbered within the meaning of this Chapter unless the security instrument thereon establishes a first lien upon such real property or interest therein.
(b) Notwithstanding the provisions of the immediately preceding subsection, real property is not deemed encumbered within the meaning of this Chapter merely by reason of the existence of:
(1) An instrument reserving a right-of-way, sewer rights, or rights in wells; or
(2) Building restrictions or other restrictive covenants; or
(3) A lease under which rents or profits are reserved by the owner; or
(4) Current taxes or assessments not yet payable; or
(5) Other encumbrances which, in accordance with sound lending practices in the locality, are not regarded as constituting defects in title to real property. (1981, c. 282, s. 3; 1999-179, s. 1.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-154 - Insider loans.

§ 54B-154. Insider loans.
The Commissioner of Banks may promulgate rules and regulations no less stringent than the requirements of the appropriate federal regulatory authority, and as he deems necessary, to govern the making of loans to officers and directors, and their associates, and companies or other business entities controlled by them. (1981, c. 282, s. 3; 1983, c. 144, s. 20; 1989 (Reg. Sess., 1990), c. 806, s. 10; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-155 - Rule-making power of Commissioner of Banks.

§ 54B-155. Rule-making power of Commissioner of Banks.
The Commissioner of Banks shall, from time to time, promulgate such rules and regulations in respect to loans permitted to be made by State associations as may be reasonably necessary to assure that such loans are in keeping with sound lending practices and to promote the purposes of this Chapter; provided, that such rules and regulations shall not prohibit an association from making any loan which is a permitted loan for federal associations under federal regulatory authority. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-156 - Loan expenses and fees.

§ 54B-156. Loan expenses and fees.
(a) Subject to the provisions of N.C.G.S. Chapter 24, an association may require borrowers to pay all reasonable expenses incurred by the association in connection with making, closing, disbursing, extending, adjusting or renewing loans. Such charges may be collected by the association from the borrower and paid to any persons, including any director, officer or employee of the association who may render services in connection with the loan, or such charges may be paid directly by the borrower.
(b) An association may require a borrower to pay a reasonable charge for late payments made during the course of repayment of a loan. Subject to the provisions of G.S. 24-10.1, such payments may be levied only upon such terms and conditions as shall be fixed by the association's board of directors and agreed to by the borrower in the loan contract. (1981, c. 282, s. 3; 1989 (Reg. Sess., 1990), c. 806, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-157 - Loans conditioned on certain transactions prohibited.

§ 54B-157. Loans conditioned on certain transactions prohibited.
No association or service corporation thereof shall require as a condition of making a loan that the borrower contract with any specific person or organization for particular services. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-158 - Insured or guaranteed loans.

§ 54B-158. Insured or guaranteed loans.
An association may make insured or guaranteed loans in accordance with the provisions of G.S. 53C-5-3. (1981, c. 282, s. 3; 2012-56, s. 41.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-159 - Purchase of loans.

§ 54B-159. Purchase of loans.
An association may invest any funds on hand in the purchase of loans of a type which the association could make in accordance with the provisions of this Chapter. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-160 - Participation in loans.

§ 54B-160. Participation in loans.
An association may invest in a participating interest in loans of a type which the association would be authorized to originate. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 15.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-161 - Sale of loans.

§ 54B-161. Sale of loans.
An association may sell any loan, including any participating interest in a loan. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-162 - Power to borrow money.

§ 54B-162. Power to borrow money.
An association, 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 may authorize the officers of the association to borrow money for the association on such terms and conditions as it may deem proper. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 17.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-163 - Methods of loan repayment.

§ 54B-163. Methods of loan repayment.
Subject to such rules and regulations as the Commissioner of Banks may prescribe, an association shall agree in writing with borrowers as to the method or plan by which an indebtedness shall be repaid. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-164 - Loans to one borrower.

§ 54B-164. Loans to one borrower.
(a) The aggregate amount of mortgage loans outstanding granted by an association to any one borrower shall not exceed ten percent (10%) of the net withdrawal value of such association's withdrawable accounts or an amount equal to the total net worth of such association, whichever amount is less.
(b) Notwithstanding any other provision of law, in order to protect the public, including members, depositors, and stockholders of a State association, the Commissioner of Banks may establish limits on loans to any one borrower if he finds that a State association is operating with unsafe and unsound lending practices. The Commissioner of Banks shall promulgate rules and regulations to govern the establishment of the limits authorized by this section. (1981, c. 282, s. 3; 1985, c. 659, s. 14; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-165 - Professional services.

§ 54B-165. Professional services.
(a) A State association or service corporation thereof must notify borrowers prior to the loan commitment of their right to select the attorney or law firm rendering legal services in connection with the loan, and the person or organization rendering insurance services in connection with the loan. Such persons or organizations must be approved by the association's board of directors, pursuant to such rules and regulations as the Commissioner of Banks may prescribe.
(b) A State association or service corporation thereof may require borrowers to reimburse such association for legal services rendered to it by its own attorney only when the fee is limited to legal services required by the making of such loan. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-166 - Nonconforming investments.

§ 54B-166. Nonconforming investments.
Unless otherwise provided, every loan or other investment made in violation of this Chapter shall be due and payable according to its terms and the obligation thereof shall not be impaired; provided, that such violation consists only of the lending of an excessive sum on authorized security or of investing in an unauthorized investment. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 7 - Loans. › § 54B-167 - Scope of Article.

§ 54B-167. Scope of Article.
Nothing in this Article shall be construed to modify Chapter 24 of the General Statutes, or other applicable law, or to allow fees, charges, or interest beyond that permitted by Chapter 24 or other applicable law. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-180 - Other investments.

§ 54B-180. Other investments.
In addition to the loans and investments permitted under Article 7 of this Chapter, the assets of a State association in excess of the demands of its members or customers may be invested subject to the approval of the board of directors only as described under the provisions of this Article. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-181 - Business property of a State association.

§ 54B-181. Business property of a State association.
A State association may invest in real property and equipment necessary for the conduct of its business and in real property to be held for its future use. Such association may invest in an office building or buildings, and appurtenances for the purpose of the transaction of such association's business or for rental. No such investment may be made without the prior written approval of the Commissioner of Banks if the total amount of such investments exceeds the association's net worth. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-183 - North Carolina obligations.

§ 54B-183. North Carolina obligations.
A State association may invest in any obligation issued and fully guaranteed in principal and interest by the State of North Carolina or any instrumentality thereof. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-184 - Federal Home Loan Bank obligations.

§ 54B-184. Federal Home Loan Bank obligations.
A State association may invest in the stock of the Federal Home Loan Bank of which such association is a member, and in bonds or other evidences of indebtedness or obligation of any Federal Home Loan Bank. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-185 - Deposits in banks.

§ 54B-185. Deposits in banks.
A State association may invest in certificates of deposit, time insured deposits, savings accounts, or demand deposits of such banks as are approved by the board of directors of the association. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-186 - Deposits in other associations.

§ 54B-186. Deposits in other associations.
A State association may invest in withdrawable accounts of any association as approved by the board of directors. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 18.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-187 - Fannie Mae obligations.

§ 54B-187. Fannie Mae obligations.
A State association may invest in stock or other evidences of indebtedness or obligations of Fannie Mae, or any successor thereto. (1981, c. 282, s. 3; 2001-487, s. 14(d).)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-188 - Municipal and county obligations.

§ 54B-188. Municipal and county obligations.
A State association may invest in bonds or other evidences of indebtedness which are direct general obligations of any county, city, town, village, school district, sanitation or park district, or other political subdivision or municipal corporation of this State; or in bonds or other evidences of indebtedness which are payable from revenues or earnings specifically pledged therefor, which are issued by the county or an adjoining county or a political subdivision or municipal corporation of a county in this State. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-189 - Stock in education agency.

§ 54B-189. Stock in education agency.
A State association may invest in stock or obligations of any corporation doing business in this State, or of any agency of this State or of the United States, where the principal business of such corporation or agency is to make loans for the financing of a college or university education, or education at a community college in this State. (1981, c. 282, s. 3; 1987, c. 564, s. 14.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-190 - Industrial development corporation stock.

§ 54B-190. Industrial development corporation stock.
A State association may invest in stock or other evidence of indebtedness or obligations of business or industrial development corporations chartered by this State or by the United States. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-191 - Urban renewal investment corporation stock.

§ 54B-191. Urban renewal investment corporation stock.
A State association may invest in stock or other evidence of indebtedness or obligations of an urban renewal investment corporation chartered under the laws of this State or of the United States. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-192 - Urban renewal projects.

§ 54B-192. Urban renewal projects.
(a) A State association may invest in the initial purchase and development, or the purchase or commitment to purchase after completion, of unimproved residential real property or improved residential real property for sale or rental, including projects for the reconstruction, rehabilitation or rebuilding of residential properties to meet the minimum standards of health and occupancy prescribed by appropriate local authorities, and the provision of accommodations for retail stores, shops and other community services which are reasonably incident to such housing projects. No such investment shall be made under the provisions of this section without the prior approval of the Commissioner of Banks. The Commissioner of Banks may approve such investment under the provisions of this section only when the association shows:
(1) That the association has adequate assets available for such an investment;
(2) That the amount of the proposed investment does not exceed ninety percent (90%) of the reasonable market value of the property or interest therein; and
(3) Reserved.
(4) That the proposed project is to be located in an area, including any contiguous area acquired incidentally thereto, determined by the Commissioner of Banks to be an urban renewal, redevelopment, blighted or conservation area, or any similar area provided for by the laws of this State or of the United States, or local ordinances for slum clearance, conservation, blighted area clearance, redevelopment, urban renewal or of a similar nature or purpose.
(b) Nothing herein contained shall prohibit a State association from developing or building on land acquired by it under any other provisions of this Chapter; nor shall a State association be prohibited from completing the construction of buildings pursuant to any construction loan contract where the borrower has failed to comply with the terms of such contract. (1981, c. 282, s. 3; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 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 or regularly quoted and offered for trade on an over-the-counter market.
(b) Subject to such limitations as the Commissioner of Banks may prescribe by regulation, a State association may invest in any investment deemed appropriate by its board of directors. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 19; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 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 Secretary of State. Any such association may also invest in the capital stock, obligations or other securities of existing service corporations.
(b) No State association may make any investment in service corporations if its aggregate investment would exceed ten percent (10%) of its total assets.
(c) Service corporations shall be subject to audit and examination by the Commissioner of Banks, and the cost of examination shall be paid by the service corporation.
(d) The permitted activities of a service corporation shall be described in the rules and regulations as promulgated by the Commissioner of Banks. In addition, a service corporation may engage in those activities which are approved for service corporations owned solely by federal associations who have their principal offices in this State, unless such activities are prohibited by the Commissioner of Banks.
(e) The location of the principal and branch offices of a service corporation must be approved by the Commissioner of Banks. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 20; 1989 (Reg. Sess., 1990), c. 806, s. 11; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 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 located within this State. Every loan or investment made by a State association prior to the enactment of this Chapter shall for all purposes be considered to have been permitted loans or investments if federal associations were authorized to make such loans or investments at the time they were made by the State association. (1981, c. 282, s. 3; 1983, c. 144, s. 21; 1989 (Reg. Sess., 1990), c. 806, s. 12; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 8 - Other Investments. › § 54B-197 - Effect of change in law or regulation.

§ 54B-197. Effect of change in law or regulation.
Any loan or investment made by a State association which was in compliance with the law or regulations in effect at the time such loan or investment was made will remain a legal loan or investment even though the power to make such loans or investments in the future is amended or revoked. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 9 - Liquidity Fund. › § 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 be grounds for supervisory action by the Commissioner of Banks.
(c) The Commissioner of Banks may adopt rules to implement this section. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 21; 1983, c. 144, s. 22; 1989, c. 76, s. 10; 1989 (Reg. Sess., 1990), c. 806, s. 13; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 9 - Liquidity Fund. › § 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 the association shall not be considered as new loans, within the meaning of this section. (1981, c. 282, s. 3.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 10 - General Reserve. › § 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 by the Commissioner of Banks.
(c) The Commissioner of Banks may adopt rules to implement this section.
(d) to (f) Repealed by Session Laws 1989, c. 76, s. 11. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 2; 1989, c. 76, s. 11; 1989 (Reg. Sess., 1990), c. 806, s. 14; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 54B-236 - Definitions.

§ 54B-236. Definitions.
The term "institution" as used in this Article shall mean savings and loan associations organized or operated under the provisions of this Chapter, or credit unions organized or operated under the provisions of Articles 14A to 14L of Chapter 54 of the General Statutes, or any institution that is eligible for insurance by the Federal Deposit Insurance Corporation or the National Credit Union Administration. (1981, c. 282, s. 3; 1983, c. 144, s. 23; 1985, c. 659, s. 15; 1989 (Reg. Sess., 1990), c. 806, s. 15.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 54B-237 - Organization of a mutual deposit guaranty association.

§ 54B-237. Organization of a mutual deposit guaranty association.
(a) Any number of institutions, not less than 25, may become incorporated as a mutual deposit guaranty association without capital stock subject to the limitations prescribed in this Article. A mutual deposit guaranty association shall be governed by a board of directors or board of trustees of which a majority shall be representatives of the public and shall not be employees or directors of any insured member institution or have an interest in any insured member institution other than as a result of being a depositor or borrower.
(b) Articles of incorporation of a guaranty association shall be filed in the office of the Secretary of State. The Secretary of State shall, upon receipt of such articles, transmit a copy of them to the Secretary of Commerce and shall not record them until authorized to do so by the Secretary of Commerce. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 9(c); 1991 (Reg. Sess., 1992), c. 959, s. 7.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 54B-238 - Examination and certification by Secretary of Commerce.

§ 54B-238. Examination and certification by Secretary of Commerce.
(a) Upon receipt from the Secretary of State of a copy of the articles of incorporation of a proposed guaranty association, the Secretary of Commerce shall at once examine all the facts connected with the formation of the proposed corporation. If the articles of incorporation are correct in form and substance and the examination shows that such corporation, if formed, would be entitled to commence the business of a guaranty association, the Secretary of Commerce shall so certify to the Secretary of State.
(b) The Secretary of Commerce may refuse to make such certification if upon examination he has reason to believe the proposed corporation is to be formed for any business other than assuring the liquidity of member institutions and guaranteeing deposits therein, if upon examination he has reason to believe that the character and general fitness of the incorporators are not such as to command the confidence of the general public or if the best interests of the public will not be promoted by its establishment. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 8(3); 1991 (Reg. Sess., 1992), c. 959, s. 8.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 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. All papers thereafter filed in the office of the Secretary of State relating to such corporation shall be recorded as provided by law and a certified copy forwarded to the Secretary of Commerce. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 9(c); 1991 (Reg. Sess., 1992), c. 959, s. 9.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 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 by certification of the Secretary of Commerce. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 8(4); 1991 (Reg. Sess., 1992), c. 959, s. 10.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 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 the event the proposed amendments are correct in form and substance and the examination shows that if adopted they would not change the character or principal business of the guaranty association, the Secretary of Commerce shall so certify to the Secretary of State.
(c) The Secretary of Commerce may refuse to make certification if upon examination he has reason to believe that the proposed amendments would change the character of the business of the guaranty association or that the best interests of the public will not be promoted by their adoption. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 751, s. 8(5); 1991 (Reg. Sess., 1992), c. 959, s. 11.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 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; 1989, c. 751, s. 9(c); 1991 (Reg. Sess., 1992), c. 959, s. 12.)
2023 North Carolina General Statutes › Chapter 54B - Savings and Loan Associations › Article 12 - Mutual Deposit Guaranty Associations. › § 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.)