reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-6 - Access to books and records; right to issue subpoenas, administer oaths, and examine witnesses.

§ 53C-8-6. Access to books and records; right to issue subpoenas, administer oaths, and examine witnesses.
(a) The Commissioner and the Commissioner's examiners and agents:
(1) Shall have free access to all books and records of a bank, its holding company, and their affiliates that relate to the business of the bank or the holding company, and the books and records kept by an officer, agent, or employee of the bank or holding company relating to or upon which any record is kept.
(2) May subpoena witnesses and administer oaths or affirmations in the examination of any director, officer, agent, or employee of the bank, its holding company, or their affiliates or of any other person in relation to affairs, transactions, and conditions of the bank, its holding company, or their affiliates.
(3) May require the production of the records, books, papers, contracts, and other documents of a bank, its holding company, and their affiliates.
(4) May order that improper entries be corrected on the books and records of a bank, its holding company, and the bank's affiliates.
(b) The Commissioner may issue subpoenas duces tecum.
(c) If a person fails to comply with a subpoena so issued or a party or witness refuses to testify on any matters, a court of competent jurisdiction, on the application of the Commissioner, may compel compliance by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from the court or a refusal to testify in the court. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-7 - Examiner making false report.

§ 53C-8-7. Examiner making false report.
If any bank examiner shall knowingly and willfully make any false or fraudulent report of the condition of any bank that the examiner has examined with the intent to aid or abet the bank or its affiliates in committing violations of any provision of this Chapter, or if any examiner shall keep or accept any bribe or gratuity given for the purpose of inducing the examiner not to file any report of examination of any bank, or if any examiner shall neglect to make an examination of any bank by reason of having received or accepted any bribe or gratuity, the examiner shall be guilty of a Class H felony. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-8 - Examiner disclosing confidential information.

§ 53C-8-8. Examiner disclosing confidential information.
If any examiner or other employee of the OCOB fails to keep secret the facts and information obtained in the course of an examination of a bank except as permitted or required by this Chapter, the examiner shall be guilty of a Class 1 misdemeanor. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-9 - Loans or gratuities forbidden.

§ 53C-8-9. Loans or gratuities forbidden.
(a) No bank, or any officer, director, employee, or affiliate thereof, shall make an extension of credit or grant any gratuity to the Commissioner, any deputy commissioner, or any bank examiner. Any person violating this provision shall be guilty of a Class 1 misdemeanor and may be fined a sum equal to the amount of the extension made or the gratuity given. If the Commissioner, any deputy commissioner, or any bank examiner accepts an extension of credit or gratuity from any bank, or from any officer, director, employee, or affiliate thereof, that individual shall be guilty of a Class 1 misdemeanor and may be fined a sum equal to the extension of credit made or the gratuity given.
(b) Notwithstanding the provisions of subsection (a) of this section, the Commissioner may exempt from the application of subsection (a) any deputy commissioner or any bank examiner with respect to any extension of credit existing upon the hiring of the deputy commissioner or bank examiner by the OCOB and any extension of the term or renewal of such extension of credit made thereafter, so long as the extension of term or renewal has terms and conditions generally available to customers of the applicable bank having generally the same creditworthiness as the deputy commissioner or bank examiner. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-10 - Willfully and maliciously making derogatory reports.

§ 53C-8-10. Willfully and maliciously making derogatory reports.
Any person who shall willfully and maliciously make, circulate, transmit, or otherwise communicate any statement, rumor, or suggestion to one or more other persons that is directly or by inference false and derogatory to the financial condition, or affects the solvency or financial standing, of any bank, or who shall counsel, aid, procure, or induce another to make, circulate, transmit, or otherwise communicate any such statement or rumor, shall be guilty of a Class 1 misdemeanor. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-11 - Misapplication, embezzlement of funds.

§ 53C-8-11. Misapplication, embezzlement of funds.
(a) Any person who, with intent to defraud or injure a bank or any other person or with intent to deceive an officer of the bank or an employee of the OCOB appointed to examine the affairs of the bank, commits any of the following acts shall be guilty of a felony:
(1) Embezzles, converts, or misapplies any of the money, funds, credit, or property of the bank, whether owned by it or held in trust.
(2) Issues or puts forth a certificate of deposit; draws an order or bill of exchange; makes an acceptance; assigns a note, bond, draft, bill of exchange, mortgage, judgment, or decree; or fictitiously borrows or solicits, obtains, or receives money for a bank not in good faith.
(3) Makes or permits to be made a false entry in a record of a bank, or conceals or permits to be concealed, by any means or manner, the true and correct entries in a record of a bank.
(4) Knowingly makes an extension of credit, or permits an extension of credit, by a bank to any insolvent person or to a person who has ceased to exist, or that never had any existence, or upon collateral consisting of stocks or bonds of an insolvent or nonexistent person.
(5) Makes or publishes, or knowingly permits to be made or published, a false report, statement, or certificate as to the true financial condition of a bank.
(b) If an offense committed under this section involves money, funds, credit, or property with a value of one hundred thousand dollars ($100,000) or more, it is a Class C felony. If an offense committed under this section involves money, funds, credit, or property with a value of less than one hundred thousand dollars ($100,000), it is a Class H felony. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-13 - Immediate action orders.

§ 53C-8-13. Immediate action orders.
(a) In the event that the Commissioner determines that a bank has inadequate capital or insufficient capital or determines that immediate action is necessary to cause a bank to conduct its business in a safe and sound manner or to cause a bank or any of its directors, officers, or employees to cease from an act or course of conduct that threatens, or is reasonably probable of threatening, the financial integrity of the bank, the commissioner may order, as applicable, the bank to take such corrective action as the Commissioner deems necessary or may order the bank, director, officer, or employee to immediately cease such conduct, act, or course of conduct and to refrain therefrom in the future.
(b) Any order made under this section shall be effective upon issuance, provided, however, that the Commissioner shall promptly afford a subsequent hearing upon the order as provided in G.S. 53C-2-6. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-14 - Supervisory control.

§ 53C-8-14. Supervisory control.
(a) Whenever the Commissioner determines that a bank has insufficient capital and is conducting its business in an unsafe or unsound manner or in any fashion that threatens the financial integrity of the bank, the Commissioner may serve a notice of charges on the bank, requiring it to show cause why it should not be placed under supervisory control. The notice of charges shall specify the grounds for supervisory control and set the time and place for a hearing. A hearing before the Commissioner shall be held no earlier than seven days and no later than 15 days after issuance of the notice of charges.
(b) If, after the hearing provided in subsection (a) of this section, the Commissioner determines that supervisory control of the bank is necessary to protect the bank's customers, creditors, or the general public, the Commissioner shall issue an order taking supervisory control of the bank. The board of directors of the bank in office on the date of the issuance of the order may appeal the order of the Commissioner to the Commission pursuant to G.S. 53C-2-6 no later than 10 days after the date of the issuance of the order.
(c) The Commissioner may appoint an agent to supervise and monitor the operations of the bank during the period of supervisory control. During the period of supervisory control, the bank shall act in accordance with any instructions and directions as may be given by the Commissioner, directly or through the agent, and shall not act or fail to act except when to do so would violate an outstanding order of its federal bank supervisory agent or the FDIC if the FDIC is not its primary federal regulator.
(d) Within 180 days of the date of the order taking supervisory control, the Commissioner shall issue an order approving a plan for the termination of supervisory control on the 30th day following the issuance of the order. The plan may provide for the following:
(1) The issuance by the bank of debt instruments or shares.
(2) The appointment or removal of one or more officers and/or one or more directors.
(3) The reorganization or combination of the bank.
(4) A control transaction with respect to the bank.
(5) The dissolution and liquidation of the bank.
(e) The reasonable costs of the Commissioner under this section shall be paid by the bank. The Commissioner's determination of the costs shall be, in the absence of manifest error, dispositive of the issue of reasonableness. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-15 - Removal of directors, officers, and employees.

§ 53C-8-15. Removal of directors, officers, and employees.
(a) If the Commissioner determines that a director, officer, or employee of a bank has participated in or consented to any violation of this Chapter or an order of the Commissioner, or has engaged in any unsafe or unsound business practice in the operation of the bank, or has been dishonest, incompetent, or reckless in the management of the affairs of the bank, or has persistently violated the laws of this State, or repeatedly violated or failed to comply with any of the bank's organizational documents, and that as a result, a situation exists requiring prompt corrective action in order to protect the bank, its customers, or the public, the Commissioner may issue an order temporarily removing the director, officer, or employee pending a hearing that shall occur not less 10 days after removal. The order shall state that it is a "Temporary Order of Removal" and shall further state the grounds upon which it was issued together with the date, time, and location of a hearing on the matter. For good cause shown, the Commissioner may grant the director, officer, or employee subject to the order a 10-day extension of the hearing date, but the temporary removal order shall remain in full force and effect. Upon a hearing before the Commissioner within the prescribed time, the temporary removal order may be dissolved or made permanent in whole or in part.
(b) Any removal under this section is effective in all respects as if the removal had been made by the shareholders of the bank in question.
(c) Without the prior written approval of the Commissioner, no director, officer, or employee subject to an order under this section shall be eligible to be elected, reelected, or appointed any position as a director, officer, or employee of that bank or any other North Carolina financial institution during the period of the order's effect.
(d) An individual who is the subject of an order of the Commissioner under this section may appeal the order to the Commission pursuant to G.S. 53C-2-6 no later than 10 days after the date of issuance of the order. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-16 - Emergency powers.

§ 53C-8-16. Emergency powers.
In the event of a natural disaster or other national, regional, state, or local emergency, the Commissioner may temporarily waive or suspend requirements for compliance by one or more banks with any provisions of this Chapter. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-17 - Interstate regulatory agreements.

§ 53C-8-17. Interstate regulatory agreements.
The Commissioner may enter into cooperative, coordinating, and information sharing agreements with (i) any bank supervisory agency having jurisdiction over an out-of-state bank that operates one or more branches in this State and (ii) any bank supervisory agency of another state in which a bank operates one or more branches with respect to the periodic examination or other supervision of the branches of the out-of-state bank operating in this State or the branches of the bank operating in such other state. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-101 - Supervisory combinations.

§ 53C-9-101. Supervisory combinations.
Notwithstanding any other provision of this Chapter, in order to protect the public, including depositors and creditors of a bank, the Commissioner, upon making a finding that a bank is unable to operate in a safe and sound manner and is not reasonably likely to be able to resume safe and sound operations, may authorize or require a combination of the bank, a control transaction, or any other transaction, whether or not the Commissioner has taken supervisory control pursuant to G.S. 53C-8-14. In ordering any such combination, control transaction, or other transaction, the Commissioner may order that a vote of the bank's shareholders shall not be required to effect the combination, control transaction, or other transactions. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-102 - Distributions; assignments restricted.

§ 53C-9-102. Distributions; assignments restricted.
A bank that is in the process of involuntary or voluntary dissolution pursuant to this Article may not make or pay distributions to its shareholders unless the bank has the prior written approval of the Commissioner. No bank shall make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the Commissioner for dissolution and liquidation pursuant to G.S. 53-9-301, and any other purported assignment by the bank for the benefit of its creditors shall be void. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-103 - Cancellation of charter.

§ 53C-9-103. Cancellation of charter.
Whenever a combination, dissolution, or other transaction occurs by which a bank ceases to exist or ceases to be eligible for a charter, the Commissioner shall by order cancel the bank's charter and shall publish the order in accordance with G.S. 53-1-4(59). A copy of the order shall be filed by the Commissioner with the Secretary of State. The bank shall continue to exist under Chapter 55 of the General Statutes for the purpose of dissolving and liquidating its business and affairs. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-201 - Voluntary dissolution prior to receipt of charter.

§ 53C-9-201. Voluntary dissolution prior to receipt of charter.
A bank in formation may, prior to issuance of its charter, give notice to the Commissioner and, with the Commissioner's consent, abandon its application to the Commissioner and dissolve and liquidate by a majority vote of its board of directors and as provided under Chapter 55 of the General Statutes. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-202 - Voluntary dissolution.

§ 53C-9-202. Voluntary dissolution.
(a) With the approval of the Commissioner, a bank may engage in a voluntary dissolution and liquidation.
(b) If, by a majority vote, the board of directors of a bank should determine that in their judgment the bank should be dissolved and liquidated, then the board of directors shall submit immediately to the Commissioner the following documents, certified by an appropriate officer of the bank:
(1) The board of directors' resolution.
(2) The bank's proposed articles of dissolution.
(3) The board of directors' plan for liquidation.
(4) Any notices or proxy solicitation materials proposed to be sent to shareholders.
(c) The Commissioner shall examine the documents submitted under subsection (b) of this section and such other matters as the Commissioner deems relevant and may issue an order authorizing the bank and its board of directors to proceed with dissolution and liquidation as provided in G.S. 53C-9-203. Examination by the Commissioner of the materials referred to in subsection (b)(4) of this section shall not be deemed to be approval of the documents for any purpose.
(d) At any annual or special meeting of shareholders called for the purpose of voting upon a proposal for voluntary dissolution of a bank, the shareholders of the bank may, by an affirmative vote, in person or by proxy, of the holders of shares representing at least two-thirds of the votes entitled to be cast on such matters, resolve to dissolve and liquidate the bank in accordance with the order of the Commissioner issued under subsection (c) of this section.
(e) If a majority of the board of directors of a bank should determine that in its best judgment the bank should be dissolved and liquidated but deems it impractical or otherwise inadvisable to proceed with a vote upon voluntary dissolution by the shareholders, then the board of directors shall immediately forward a certified copy of its resolution to the Commissioner and the Commissioner shall place the bank in receivership pursuant to G.S. 53C-9-301. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-203 - Voluntary dissolution and liquidation procedure.

§ 53C-9-203. Voluntary dissolution and liquidation procedure.
(a) At the appropriate time, the Commissioner shall do the following:
(1) Inform the FDIC and the bank's federal supervisory agency if other than the FDIC.
(2) Select and appoint a receiver or receiver in liquidation, just as if the liquidation were involuntary under G.S. 53C-9-301.
(3) Attach a certificate of approval to the articles of dissolution, and the bank shall then file the certified articles with the Secretary of State.
(b) Upon the filing of the articles of dissolution with the Secretary of State, it shall be unlawful for the bank to accept any additional deposit accounts or additions to deposit accounts or make any additional extensions of credit, but all its income and receipts in excess of actual expenses of liquidation of the bank shall be applied to the discharge of its liabilities.
(c) The persons charged with liquidation of the bank in the approved plan of dissolution shall cause to be published a public notice stating the bank has closed and will dissolve and liquidate and notifying its depositors and creditors to present their claims for payment, specifying the method for doing so.
(d) The bank may pay reasonable compensation, subject to the approval of the Commissioner, to the persons charged with its liquidation.
(e) Any bank in the process of voluntary dissolution and liquidation shall be subject to examination by the Commissioner and shall furnish any reports required by the Commissioner.
(f) If the Commissioner determines at any time that the voluntary liquidation plan is not working, the Commissioner may place the bank in receivership pursuant to G.S. 53C-9-301. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-401 - Article relating to receivers applicable to insolvent banks.

§ 53C-9-401. Article relating to receivers applicable to insolvent banks.
Article 38A of Chapter 1 of the General Statutes, relating to receivers, when not inconsistent with the provisions of this Article, applies to the liquidation of banks under this Article. (2012-56, s. 4; 2021-93, s. 9.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-402 - Storage and destruction of records.

§ 53C-9-402. Storage and destruction of records.
(a) Any record of a bank that is in or has completed the process of dissolution and liquidation may be kept in compliance with the provisions of G.S. 53C-6-14.
(b) All records of a bank that has completed the process of dissolution and liquidation shall be held in such place as in the Commissioner's judgment will provide for their proper safekeeping and protection.
(c) After the expiration of five years from the date of filing of the certificate of completed liquidation under G.S. 53C-9-301, the records of the liquidated bank may be destroyed by the Commissioner using commercially reasonable record destruction procedures.
(d) Nothing in this section shall be construed to authorize the destruction by the Commissioner of any of the records of the OCOB made by it with reference to the dissolution, receivership, or liquidation of any bank. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-403 - Authority to serve as trustee terminated.

§ 53C-9-403. Authority to serve as trustee terminated.
Whenever any bank that has been, or shall be, appointed trustee in any indenture, deed of trust, or other instrument of like character, executed to secure the payment of any bonds, notes, or other evidences of indebtedness, has been or shall be placed in receivership, a new trustee shall be appointed in the manner provided in G.S. 36C-7-704 or other applicable law, and the powers and duties of the bank as trustee in any such instrument shall immediately cease. (2012-56, s. 4; 2013-29, s. 19.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-404 - Petition for new trustee; upon parties interested.

§ 53C-9-404. Petition for new trustee; upon parties interested.
In all cases of dissolution receivership and liquidation under this Article, the clerk of superior court of any county in which an indenture, deed of trust, or other instrument of like character is recorded shall, upon the verified petition of any person interested in any such trust, either as trustee, beneficiary, or otherwise, which interest shall be set out in the petition, enter an order directing service, in the manner required by law for service of summons, on all interested parties of a notice requiring all persons having any interest in the trust to appear at the clerk's office on a day designated in the order and notice, not less than 30 days from the date of the first publication of the notice, and show cause why a new trustee shall not be appointed. The notice shall set forth the names of the parties to the indenture, deed of trust, or other such instrument, and the date the documents were executed and the place of recording. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-405 - Appointment of substitute trustee where no objection made.

§ 53C-9-405. Appointment of substitute trustee where no objection made.
If, upon the day fixed in the notice, no person appears and objects to the appointment of a substitute trustee, the clerk of superior court shall, upon such terms as he or she deems advisable to the best interest of all parties, appoint a competent person authorized to act as substitute trustee, who shall be vested with and shall exercise all the powers conferred upon the trustee named in the instrument. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-406 - Hearing where objection made; appeal from order.

§ 53C-9-406. Hearing where objection made; appeal from order.
If objection is made to the appointment of a new trustee under this Part, the clerk shall hear and determine the matter, and from his or her decision an appeal may be prosecuted as in cases of special proceedings generally. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-407 - Registration of final order.

§ 53C-9-407. Registration of final order.
The final order of appointment of a new trustee or trustees under this Part shall be certified by the clerk of superior court issuing the order and shall be recorded in the office of the register of deeds in the county or counties in which the instrument under which the appointment has been made is recorded. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-408 - Petition and order applicable to all instruments involved.

§ 53C-9-408. Petition and order applicable to all instruments involved.
The petition and the order appointing a new trustee or trustees under this Part may apply to any number of indentures, deeds of trust, or other instruments, wherein the same trustee or trustees are named. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 9 - Supervisory Liquidation; Voluntary Dissolution and Liquidation. › § 53C-9-409 - Additional remedy.

§ 53C-9-409. Additional remedy.
The appointment of a substitute trustee as described in this Part shall be in addition to and not substitution for any other remedy provided by law. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-101 - Holding companies.

§ 53C-10-101. Holding companies.
Every holding company, as defined in G.S. 53C-1-4(39), that directly or indirectly controls a depository institution or nonbank subsidiary that has an office located in this State shall register with the Commissioner and maintain that registration on an annual basis in the form prescribed by the Commissioner. (2012-56, s. 4; 2017-165, s. 10.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-103 - Application regarding a control transaction.

§ 53C-10-103. Application regarding a control transaction.
(a) A person seeking approval of a control transaction to which a holding company of a bank is a party under this Article shall file the following with the Commissioner:
(1) An application in the form prescribed by the Commissioner.
(2) All filing fees required by rule of the Commissioner.
(3) Any other information required by a rule of the Commissioner or deemed by the Commissioner to achieve the objectives of this Chapter.
(b) In the event a person submitting an application is a group of persons, the Commissioner may require each member of the group to submit information relevant to the application.
(c) Notwithstanding any laws to the contrary, information about the character, competence, or experience of an acquiring person or its proposed management personnel or affiliates shall be deemed a confidential record of the Commissioner subject to G.S. 53C-2-7(b). (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-104 - Public notice.

§ 53C-10-104. Public notice.
A person filing an application for approval of a control transaction shall publish a public notice of the filing of the application not more than 30 days before nor more than 10 days after the filing of the application with the Commissioner. The public notice shall contain the following:
(1) A statement that the application has been filed with the Commissioner.
(2) The name of the applicable holding company and the address of its principal office.
(3) A statement that any interested person may make written comment on the proposed control transaction and that comments received by the Commissioner within 14 days of the publication of the public notice shall be considered. The public notice shall provide the current mailing address of the Commissioner. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-105 - Actions on control transaction applications.

§ 53C-10-105. Actions on control transaction applications.
(a) The Commissioner shall examine the proposed control transaction, including the character, competence, and experience of the acquiring person and its proposed management personnel, to determine whether the financial stability of the holding company or the interests of the customers served by one or more bank subsidiaries of the holding company would be adversely affected by the proposed control transaction. Not later than the 60th day following receipt of a completed application for approval of a control transaction unless extraordinary circumstances require a longer period of review, the Commissioner shall approve or deny the application.
(b) The Commissioner may deny an application for approval of a control for any of the following reasons:
(1) The financial condition of the person seeking approval of a control transaction could jeopardize the financial stability of the holding company, one or more bank subsidiaries of the holding company, or the financial interests of the bank's customers.
(2) An examination of the character, competence, or experience of any acquiring person or of any of the proposed management personnel of the holding company shows that it would not be in the interest of the customers of one or more of the bank subsidiaries of the holding company or in the interest of the public to permit the person to control the holding company.
(3) The plans or proposals of the person seeking approval with respect to exercising control over the holding company would not be in the best interests of the customers of one or more bank subsidiaries of the holding company.
(4) Upon the effective date of the proposed control transaction, one or more of the bank subsidiaries of the holding company would not be solvent, have inadequate capital, or not be in compliance with this Chapter or rules of the Commissioner.
(5) The application for approval is incomplete.
(6) If the acquiring person solicits votes for the approval of or consents to the control transaction from the holders of the voting securities of the holding company, adequate and complete disclosures of all material information about the proposed control transaction, together with a prominent statement that neither the control transaction nor any solicitation of such holders' votes or consents has been approved by the Commissioner and that any representation to the contrary is a criminal offense, have not been made to the holders.
(c) If an application filed under this Part is approved by the Commissioner, the control transaction may become effective. All conditions to approval set forth in the order of the Commissioner shall be enforceable against the person, and each member of a group of persons, receiving the approval. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-106 - Appeal.

§ 53C-10-106. Appeal.
Any order of the Commissioner denying an application for approval of a control transaction may be appealed to the Commission by the person filing the application denied, as provided in G.S. 53C-2-6. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-201 - Combination authority.

§ 53C-10-201. Combination authority.
With the approval of the Commissioner, a holding company of a bank may combine with one or more other holding companies or other companies. The application for approval shall be in the form required by the Commissioner and shall be accompanied by such fee as may be required by rule. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-202 - Combination application and investigation.

§ 53C-10-202. Combination application and investigation.
(a) A holding company of a bank seeking approval of a combination shall file with the Commissioner an application for approval, copies of the agreement under which the holding company proposes to effect the combination, and any additional information that the Commissioner shall require by rule or as is required by the Commissioner in connection with the application in order to achieve the objectives of this Chapter.
(b) A holding company filing an application for approval of a combination shall publish a public notice of the filing of the application not more than 30 days before nor more than 10 days after the filing of the application with the Commissioner. The public notice shall contain the following:
(1) A statement that the application has been filed with the Commissioner.
(2) The names of the parties to the proposed combination and the addresses of its principal offices.
(3) A statement that any interested person may make written comment on the proposed combination and that comments received by the Commissioner within 14 days of the publication of the public notice shall be considered. The public notice shall provide the current mailing address of the Commissioner.
(c) The Commissioner shall examine the proposed combination, including the character, competency, and experience of the proposed directors and executive officers of the surviving party of the combination, to determine whether the interests of the customers and communities served by the banks controlled by the parties to the combination would be adversely affected by the proposed combination.
(d) Notwithstanding any laws to the contrary, information about the character, competence, and experience of the directors and executive officers of the parties to a combination received by the Commissioner shall be deemed a confidential record of the Commissioner subject to G.S. 53C-2-7(b). (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-203 - Decision on application.

§ 53C-10-203. Decision on application.
Based on the application and the Commissioner's examination, the Commissioner shall enter an order approving or denying approval of the proposed combination not later than the 60th day following the date the Commissioner notifies the parties that the application is complete, unless extraordinary circumstances require a longer period of review. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-204 - Appeal.

§ 53C-10-204. Appeal.
Any order of the Commissioner denying an application for approval of a combination may be appealed to the Commission by a party to the combination, as provided in G.S. 53C-2-6. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-301 - Cease and desist order.

§ 53C-10-301. Cease and desist order.
Upon a finding that any action of a holding company subject to registration under this Article, or its nonbank affiliate, may be in violation of any banking laws, the Commissioner, after a reasonable notice to the holding company and an opportunity for it to be heard, shall have the authority to order it to cease and desist from such action. If the holding company fails to appeal the decision within 10 days of the date of the issuance of the order in accordance with G.S. 53C-2-6, and continues to engage in the action in violation of the Commissioner's order to cease and desist such action, it shall be subject to a civil money penalty of twenty thousand dollars ($20,000) for each day it remains in violation of the order. The penalty provision of this section shall be in addition to and not in lieu of any other provision of law applicable to a holding company's failure to comply with an order of the Commissioner. The clear proceeds of the civil money penalty shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C-457.2. (2012-56, s. 4; 2013-29, s. 21.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-302 - Other control changes.

§ 53C-10-302. Other control changes.
Each holding company of a bank shall report to the Commissioner any changes in its directors, president, chief executive officer, or chief financial officer by the close of the second day on which the holding company is open for business following the change. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 10 - Bank Holding Companies. › § 53C-10-303 - Fees.

§ 53C-10-303. Fees.
A holding company subject to this Article shall pay the following fees:
(1) An initial registration fee of one thousand dollars ($1,000).
(2) An annual registration fee of seven hundred fifty dollars ($750.00).
(3) A fee of fifty dollars ($50.00) for the issuance of any certified copies of documents plus one dollar ($1.00) per page over a number of pages specified by the Commissioner. (1983 (Reg. Sess., 1984), c. 1113, s. 1; 2017-165, s. 11.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-45 - Application of term.

§ 54-45. Application of term.
The term "land and loan associations" shall apply to and include all corporations, companies, societies or associations organized for the purpose of making loans to their members only, and of enabling their members to acquire real estate, make improvements thereon, and remove encumbrances therefrom by the payment of money in periodical installments or principal sums, and for the accumulation of a fund to be returned to members who do not obtain advances for such purposes, where the principles of building and loan associations and their work are adapted to the use of the farmers and the rural population.
It shall be unlawful for any corporation, company, society, or association doing business in this State not so conducted to use in its corporate name the term "land and loan association," or in any manner or device to hold itself out to the public as a land and loan association. (1915, c. 172, s. 1; C.S., s. 5204.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-46 - Incorporation and powers.

§ 54-46. Incorporation and powers.
Land and loan associations shall be incorporated, supervised, and be subject to such regulations and have such privileges as are prescribed for building and loan associations under the laws of this State as they now are or may be hereafter enacted, except as prescribed in this Article. (1915, c. 172, s. 2; C.S., s. 5205.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-47 - Loans.

§ 54-47. Loans.
The board of directors of land and loan associations may contract for loans to the amount of seventy-five percent (75%) of the securities used by them as collateral, where the loans are on long time (three or more years), and for at least one percent (1%) less than is charged by such associations on their loans to shareholders; and they may make short loans to their shareholders on their shares and personal endorsement or personal property. (1915, c. 172, s. 3; C.S., s. 5206.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-48 - Reserve associations.

§ 54-48. Reserve associations.
Associations to be known as "reserve land and loan associations" may be chartered and licensed as provided in this Article, when they are organized and the stock therein is held by local land and loan associations, and shall have such powers, rights, and privileges as are accorded to other domestic associations, and they may conform to such laws, rules, and regulations as may be prescribed by the laws of the United States, or of this State, to enable them to receive moneys, bonds, or securities to be used in loans and to secure the same. Such reserve associations shall be under the supervision of the Commissioner of Banks as are building and loan associations. (1915, c. 172, s. 4; C.S., s. 5207; 1971, c. 864, s. 17; 1989, c. 76, s. 14; 2001-193, s. 16.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-49 - Land Conservation and Development Bureau; land mortgage associations.

§ 54-49. Land Conservation and Development Bureau; land mortgage associations.
Recognizing that agriculture is the most fundamental wealth-producing occupation of the State and that land is the basis of agriculture, the General Assembly of North Carolina does hereby authorize and direct the State Department of Agriculture and Consumer Services to establish as a major division of its organization a Land Conservation and Land Development Bureau. The function of this Bureau shall be to promote conservation, rural home ownership, and the development of the land resources of the State through land mortgage associations under the following provisions. (1925, c. 223, s. 1; 1997-261, s. 109.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-50 - Number of incorporators; capital stock.

§ 54-50. Number of incorporators; capital stock.
Any number of persons, resident freeholders of the State, not less than 15, may associate to establish an association on the terms and conditions and subject to the liabilities hereinafter prescribed. The aggregate amount of the capital stock of any such association shall not be less than twenty thousand dollars ($20,000). Such association shall mean a corporation organized under the laws of the State for the purpose of making loans upon agricultural lands, forest lands and dwelling houses within this State and known as a land mortgage association. (1925, c. 223, s. 2.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-51 - Incorporation.

§ 54-51. Incorporation.
The articles of incorporation shall be in writing, signed and acknowledged by the incorporators and shall contain the following:
(1) The declaration that they are associating for the purpose of forming a land mortgage association under the provisions of this Article.
(2) The name of such association, which shall be in no material respect similar to any other association in the same county.
(3) The name of the village, town or city, and the county where such association is to be located.
(4) The amount of capital stock, which shall be divided into shares of one hundred dollars ($100.00) each.
(5) The period for which such association is organized. (1925, c. 223, s. 3.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-52 - Organization.

§ 54-52. Organization.
The incorporators at their first annual meeting shall elect by ballot from their number a board of trustees of not less than six members who shall adopt a code of bylaws and a plan of organization approved by the Commissioner of Agriculture and the Commissioner of Banks. (1925, c. 223, s. 4; 1931, c. 243, s. 5.)
2023 North Carolina General Statutes › Chapter 54 - Cooperative Organizations › Article 8 - Organization and Powers. › § 54-53 - Corporate powers.

§ 54-53. Corporate powers.
Said land mortgage association shall have power:
(1) To make loans, the conditions of which shall be approved by the Commissioner of Banks if the security taken therefor is to be used as the basis for a bond issue under subdivision (3) hereof, and to accept as security for any such loan a first mortgage upon improved or partially improved agricultural lands within this State. Such loan shall not exceed, however, sixty-five percent (65%) of the value of such real estate so conveyed, according to the appraisal made as herein provided.
(2) To purchase first mortgages, heretofore or hereafter issued against North Carolina agricultural lands, either improved or partially improved, from persons or firms resident of this State or corporations organized under the laws of this State engaged in the colonization or settlement of North Carolina lands and to whom such mortgages were issued, if, after investigation, the plan of settlement or colonization followed by such person, firm or corporation is approved by the Commissioner of Agriculture as beneficial to the settler or colonist, and if the lands against which such mortgages are issued are found by the said Commissioner to be in fact agricultural lands suitable for agricultural purposes and the terms and conditions of the loans made by such person, firm or corporation are just and reasonable, or from banks or trust companies organized under the laws of this State, or of the United States, to do business in this State, to which such mortgages were issued direct by the borrowers. Each such mortgage shall be payable on the amortization plan maturing in not less than 20 years. The request for an investigation leading to such a purchase of mortgages from persons, firms or corporations engaged in the settlement or colonization of North Carolina lands shall be accompanied by a deposit, the amount of such deposit to be determined by the Commissioner of Agriculture. Upon completion of the investigation the Commissioner of Agriculture shall render a statement of expense accompanied by a remittance of any unused balance of such deposit, but no mortgage shall be purchased until the lands against which the same is issued have been appraised as hereinafter provided for the appraisal of land for a loan by the land mortgage association and such mortgage is approved by all members of the loan committee.
(3) To issue bonds secured by the pledge of the mortgage so taken or purchased.
(4) To pledge the note and mortgages so taken or purchased under the provisions of subdivisions (1) and (2) hereof as security for the bonds of the land mortgage association referred to in subdivision (3) hereof. (1925, c. 223, s. 5; 1931, c. 243, s. 5.)