reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 4 - Governance of Banks. › § 53C-4-11 - Reserve fund.

§ 53C-4-11. Reserve fund.
(a) Each bank shall maintain a reserve fund as follows:
(1) If the bank is a member of the Federal Reserve System, it shall maintain a reserve fund in accordance with the requirements of the Federal Reserve Board.
(2) All other banks shall maintain a reserve fund as required by the Commissioner.
(b) The Commissioner may require a level of reserve fund for nonmember banks as provided in subsection (a)(2) of this section, taking into consideration the level of liquidity the Commissioner deems necessary for the safe and sound operation of the banks.
(c) In establishing the required level of reserve fund, the Commissioner shall include the following types of liquid reserves:
(1) Cash on hand, which shall include both United States currency and exchange of any clearinghouse association or similar intermediary, and balances maintained at any federal reserve bank, either directly or on a pass-through basis, to meet federal reserve system reserve requirements.
(2) Balances payable on demand from designated depository institutions.
(3) Obligations of the United States Treasury, any agency of the United States government that is guaranteed by the United States government, and any general obligation of this State or any political subdivision thereof that has an investment grade rating of A or higher by a nationally recognized rating service.
(d) Notwithstanding any other provision of this Chapter, in the event the reserve fund of a bank falls below the level required under subsection (b) of this section, the Commissioner may require the bank to do the following:
(1) Discontinue making any new extension of credit.
(2) Promptly restore its reserve fund to the applicable required level.
(e) In the event a bank shall fail to promptly restore its reserve fund to the applicable level required within 10 days after the Commissioner directs it to do so, the Commissioner may take such actions under Article 8 of this Chapter as the Commissioner deems necessary. (2012-56, s. 4; 2013-29, s. 5.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 4 - Governance of Banks. › § 53C-4-12 - Compliance review committee.

§ 53C-4-12. Compliance review committee.
(a) For purposes of this section, the following definitions apply:
(1) "Compliance review committee" means (i) a bank's board of directors, (ii) a committee authorized by the bank's board of directors, or (iii) any other committee or person to the extent the committee or person acts at the direction of or reports to the bank's board of directors or a committee authorized by the bank's board of directors when any part of the functions of the board, committee, or person is to audit, evaluate, report, or determine compliance with any of the following standards or requirements:
a. Loan underwriting standards.
b. Asset quality.
c. Financial reporting to federal or State regulatory agencies.
d. Adherence to the bank's investment, lending, accounting, ethical, or risk assessment, and financial standards.
e. Compliance with federal or State statutory or regulatory requirements.
f. Cybersecurity requirements.
(2) "Compliance review documents" means documents prepared for or created by a compliance review committee.
(3) "Government agency" means a state or federal regulatory body that is not a bank supervisory agency that has jurisdiction over a bank's compliance with state or federal laws or regulations, including those dealing with taxes, securities, or financial reporting.
(4) "Loan review committee" means a person or group of persons who, on behalf of a bank, reviews assets, including loans held by the bank, for the purpose of assessing the credit quality of the loans or the loan application process, compliance with the bank's investment and loan policies, and compliance with applicable law and regulations.
(b) Banks shall maintain complete records of compliance review documents, and the documents shall be available for examination by the Commissioner or any bank supervisory agency or government agency having jurisdiction. Notwithstanding Chapter 132 of the General Statutes or any other provision of the General Statutes, compliance review documents in the custody of a bank, the Commissioner, a government agency, or a bank supervisory agency are confidential, are not open for public inspection, and are not discoverable or admissible in evidence in a civil action against a bank, its directors, officers, or employees, unless the court finds that the interests of justice require that the documents be discoverable or admissible in evidence. (2012-56, s. 4; 2017-165, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 4 - Governance of Banks. › § 53C-4-13 - Immediate report of changes in directors and certain officers.

§ 53C-4-13. Immediate report of changes in directors and certain officers.
Each bank shall report to the Commissioner any changes in its (i) directors, (ii) president, (iii) chief executive officer, (iv) chief financial officer, (v) chief loan officer, or (vi) chief credit officer by the close of the second day on which the bank is open for business following such change. (2013-29, s. 6.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-2 - Deposits.

§ 53C-6-2. Deposits.
(a) A bank may, consistent with applicable law and safe and sound banking practices, offer all types of deposit accounts upon such terms and conditions as the bank considers appropriate.
(b) A bank shall secure insurance for its deposits from the FDIC. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-3 - Securing deposits.

§ 53C-6-3. Securing deposits.
(a) A bank may not create a lien on its assets or otherwise secure the repayment of a deposit, except as authorized or required by this section, other laws of this State, or federal law.
(b) A bank may pledge its assets to secure a deposit of the government of this State or any other state, any agency or political subdivision of this State or any other state, the United States government, any agency or instrumentality of the United States, or any Indian tribe recognized by the United States government as eligible for the services provided to Indian tribes by the Secretary of the Interior because of its status as an Indian tribe.
(c) This section does not prohibit the pledge of assets by a bank to secure the repayment of money borrowed.
(d) An act, deed, conveyance, pledge, or contract in violation of this section is void. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-4 - Minors.

§ 53C-6-4. Minors.
(a) A bank may issue and operate a deposit account in the name of a minor or in the name of two or more individuals, one or more of whom are minors, and receive payments, pay withdrawals, accept a pledge of the account, issue automated teller machine (ATM) and debit cards, contract for overdraft protection, and act in any other manner with respect to the account on the order of the minor with like effect as if the minor were of full age and legal capacity. Any payment to or at the direction of a minor is a discharge of the bank 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 other persons except creditors. A minor who obtains a deposit account from a bank under this subsection, whether individually or together with others, is bound by the terms of the deposit account agreement to the same extent as if the minor were of full age and legal capacity.
(b) Any bank may lease a safe deposit box to a minor or to two or more individuals, one or more of whom are minors. With respect to any such lease, a bank 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 a bank under this subsection, whether individually or together with others, is bound by the terms of the safe deposit box agreement to the same extent as if the minor were of full age and legal capacity.
(c) If a minor with a deposit account, other than a joint account with right of survivorship or a Payable on Death account, dies, a parent or legal guardian of the minor may access and withdraw the funds on deposit, and the bank is discharged to the extent of any withdrawal. If a minor with a safe deposit box dies, the provisions of G.S. 28A-15-13 shall control the opening, inventory, and release of contents of the safe deposit box.
(d) This section shall not affect the law governing transactions with minors in cases outside the scope of this section, including transactions that constitute an extension of credit to the minor. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-9 - Accounts opened by adults for minors.

§ 53C-6-9. Accounts opened by adults for minors.
(a) One or more adults may open and maintain a custodial deposit account for or in the name of a minor and using the minor's taxpayer identification number. Unless otherwise provided in the agreement governing the account the following terms apply:
(1) Beneficial ownership of the account vests exclusively in the minor. All interest credited to the account shall belong to the minor and shall be reported to the appropriate taxing authorities in the name of the minor using the minor's taxpayer identification number.
(2) Except as otherwise provided, control of the account vests exclusively in the custodian whose name appears on the bank's records for the account. If there is more than one custodian named on the bank's account records, each may act independently. Any one or more of the custodians named on the bank's records may turn over control of the account to the minor at any time, either before or after the minor reaches the age of majority.
(3) If the custodian has not already transferred control, then after the minor beneficiary reaches the age of majority, the beneficiary may instruct the bank to transfer control to the beneficiary and remove the named custodian.
(4) If the custodian or, if more than one custodian is on the account, the last of the custodians to survive dies before the minor reaches the age of majority, the minor's parent or the minor's legal guardian may act as custodian or name another custodian on the account.
(b) This section shall not be deemed exclusive. Accounts not conforming to this section shall be governed by other applicable provisions of the General Statutes, including Chapter 33A, the North Carolina Uniform Transfers to Minors Act, or the common law, as appropriate. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-10 - Payment of balance of deceased person or person under disability to personal representative or guardian.

§ 53C-6-10. Payment of balance of deceased person or person under disability to personal representative or guardian.
(a) A bank may pay any balance on deposit to the credit of any deceased individual to the duly qualified personal representative, collector, or public administrator of the decedent who is qualified as such under the laws of any state.
(b) A bank may pay any balance on deposit to the credit of any individual judicially declared incompetent or otherwise under a legal disability to the duly qualified personal representative, guardian, curator, conservator, or committee of the person declared incompetent or under disability who is qualified as such under the laws of any state.
(c) The presentation of a letter of qualification as personal representative, collector, public administrator, guardian, curator, conservator, or committee of the person issued or certified by the appointing court shall be conclusive proof of the jurisdiction of the court issuing the same and sufficient authority for the payment.
(d) Payment by a bank in good faith under the authority of this section discharges the liability of the bank to the extent of the payment. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-11 - Powers of attorney; notice of revocation; payment after notice.

§ 53C-6-11. Powers of attorney; notice of revocation; payment after notice.
(a) Any bank may continue to recognize any act of an attorney-in-fact or other agent until the bank receives actual notice of the principal's death or a written notice of revocation signed by the principal who granted the authority or, in the case of a company, evidence satisfactory to the bank of the revocation. Payment by the bank to or at the direction of an attorney-in-fact or other agent before receipt of the notice is a total discharge of the bank's obligation as to the amount so paid.
(b) Notwithstanding that a bank has received written notice of revocation of the authority of an attorney-in-fact or other designated agent, a bank may, until 10 days after receipt of notice, pay any item made, drawn, accepted, or endorsed by the attorney-in-fact or agent prior to the revocation, provided that the item is otherwise properly payable. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-12 - Account statements to be rendered annually or on request.

§ 53C-6-12. Account statements to be rendered annually or on request.
(a) Every bank shall render an account statement for each deposit account at least annually to the depositor; provided, however, the statements are not required for time deposits. Every bank shall render a statement of account for each deposit account, including time deposits upon receipt of an appropriate request reasonably made by a depositor.
(b) For purposes of this section, an account statement is deemed to have been "rendered" to a depositor as of the earlier of the date the statement is mailed to the depositor's address as shown on bank records and the date the account is posted to the bank's Web site in a manner and a form ensuring the statement to be readily available to the depositor; provided however, the bank and the depositor may agree that an account statement may be rendered by other means.
(c) Nothing in this section shall be construed to relieve the depositor from the duty of exercising due diligence in the review of an account statement rendered by the bank and of timely notification to the bank upon discovery of any error. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-14 - Reproduction and retention of records; admissibility of copies in evidence; disposition of originals; record production generally.

§ 53C-6-14. Reproduction and retention of records; admissibility of copies in evidence; disposition of originals; record production generally.
(a) Any bank may cause any or all records kept by it to be recorded, copied, or reproduced by any photographic, reproduction, electronic, or digital process or method, or by any other records retention technology approved by rule or order of the Commissioner, of a kind that is capable of accurately converting the records into tangible form within a reasonable time. Each such converted tangible form of record also shall be deemed a record.
(b) Any tangible form of a record shall be deemed for all purposes to be an original record and shall be admissible in evidence in all courts and administrative agencies in this State, if otherwise admissible, and the bank may destroy or otherwise dispose of the original form of the record; provided, however, that a bank shall retain either the originals or convertible form of its records for such period as may be required by law or by rule or order of the Commissioner. Any bank may dispose of any original or convertible form of a record that has been retained for the period prescribed by law or by rule or order of the Commissioner for its class.
(c) Originals and converted tangible forms of records shall not be held inadmissible in any court action or proceeding on the grounds that they lack certification, identification, or authentication and shall be received as evidence if otherwise admissible in any court or quasi-judicial proceeding if they have been identified and authenticated by the live testimony of a competent witness or if the records are accompanied by a certificate substantially in the following form:
"CERTIFICATE REGARDING BANK RECORDS
1. The accompanying documents are true and correct copies of the records of [name of bank]. The records were made in the regular course of business of the bank at or near the time of the acts, events, or conditions they reflect.
2. The undersigned is authorized to execute this certificate.
3. This certificate is issued pursuant to G.S. 53C-6-14.
I certify, under penalty of perjury under the laws of the State of North Carolina, that the foregoing statements are true and correct.
Date: _____________________
Signature
Print or type name
Title
[Notarize as required by law for an affidavit]"
(d) This section supplements and does not supersede G.S. 8-45.1. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-15 - Establishment of branches.

§ 53C-6-15. Establishment of branches.
(a) A bank may establish one or more branches in this State, whether de novo or by acquisition of existing branches of another depository institution, with the prior written approval of the Commissioner. The Commissioner's approval may be given or withheld, in the Commissioner's discretion, in accordance with the provisions of subsection (c) of this section.
(b) A bank may establish branches in another state, whether de novo or by acquisition of existing branches of another depository institution, in accordance with the provisions of applicable federal law and the laws of the other state, upon prior written approval of the Commissioner. The Commissioner's approval may be given or withheld in the Commissioner's discretion in accordance with the provisions of subsection (c) of this section.
(c) A bank seeking authority to establish a branch shall make application to the Commissioner in a form acceptable to the Commissioner. Not more than 30 days before nor less than 10 days after the filing of the application with the Commissioner, the applicant shall publish public notice of the filing of the application. The public notice shall contain all of the following:
(1) A statement that the application has been filed with the Commissioner.
(2) The physical address or location of the proposed branch, including street and city or town.
(3) A statement that any interested person may make written comment on the application to the Commissioner and that comments received by the Commissioner within 14 days of the date of publication of the public notice shall be considered. The public notice shall provide the then current mailing address of the Commissioner.
(d) A bank may conduct any activities at a branch in another state authorized under this section that are permissible for a bank chartered by the other state where the branch is located, except to the extent the activities are expressly prohibited by the laws of this State or by any rule or order of the Commissioner applicable to the bank.
(e) Upon receipt of an application to establish a branch, the Commissioner shall conduct an examination of the pertinent facts and information and may request such additional information as the Commissioner deems necessary to make a decision on the application. In deciding whether to approve a branch application, the Commissioner shall take into account such factors as the financial condition and history of the applicant; the adequacy of its capital; the applicant's future earnings prospects; the character, competency, and experience of its management; the probable impact of the branch on the condition of the applicant bank and existing depository institutions in the community to be served; and the convenience and needs of the community the proposed branch is to serve. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-16 - Change of location of a branch or principal office.

§ 53C-6-16. Change of location of a branch or principal office.
(a) A bank may change the location of its principal office or a branch with the prior written approval of the Commissioner. A request to relocate the principal office or a branch of a bank shall be made in a form acceptable to the Commissioner and shall include information regarding the reason for the proposed relocation, the distance and direction of the move, and such other information as the Commissioner may require in order to reach a decision in the matter.
(b) Not more than 30 days before nor less than 10 days after filing a request to relocate the principal office or a branch of a bank, the applicant shall publish public notice of the request. The public notice shall contain all of the following:
(1) A statement that the request has been filed with the Commissioner.
(2) The physical address of the principal office or branch to be relocated and the physical address of the proposed new location.
(3) A statement that any interested person may make written comment on the request to the Commissioner and that comments received by the Commissioner within 14 days of the date of publication of the public notice will be considered. The statement shall provide the then current mailing address of the Commissioner.
(c) The Commissioner shall approve a request to relocate the principal office or a branch of a bank if the relocation is to a site within the same vicinity as the original location, or does not result in a material change in the primary service area of the principal office or branch, or is considered important to the economic viability of the bank or the branch, or is otherwise found not to be inconsistent with the public need and convenience. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-17 - Branch closings.

§ 53C-6-17. Branch closings.
A bank may close a branch upon providing written notice to the Commissioner and the customers of the branch at least 90 days prior to the proposed closing. The notice shall include the date the branch will close and posting, in a conspicuous manner on the branch premises for a period of 30 days prior to the proposed closing date, a notice of its intent to close the branch. The consolidation of two or more branches into a single location in the same vicinity shall not be considered a closure subject to the 90-day and 30-day notice requirements of this section. To be considered a consolidation, the bank shall request consolidation treatment from the Commissioner, who shall decide, in his or her discretion, whether the branches to be consolidated are considered to be in the same vicinity, with due consideration to the distance between the branches and the nature of the market in which the branches are situated. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-18 - Non-branch bank business offices.

§ 53C-6-18. Non-branch bank business offices.
(a) A bank may establish in this State or another state one or more non-branch bank business offices as defined by G.S. 53C-1-4(46), subject to the following requirements:
(1) If a proposed non-branch bank business office will be used in connection with a new activity for which an application is required under G.S. 53C-5-1(d) or an investment for which a notice is required under G.S. 53C-5-2(e), that application or notice shall include written notification of the intent to open the office. The notification shall include the proposed location of the office and a description of the business to be conducted at the office. If the Commissioner does not request additional information or object to its establishment within 10 days of the date of receipt of the notification, the non-branch bank business office shall be deemed approved. In deciding whether to object to the establishment of a non-branch bank business office, the Commissioner shall consider, without limitation, whether the business proposed to be conducted at the non-branch bank business office is permissible for a bank, the costs of its establishment and ongoing operation and the impact of the costs on the bank's capital and profitability, and the ability of the bank's management to conduct the proposed business.
(2) If written notification is not required under subdivision (a)(1) of this section, the bank shall provide the Commissioner with written notification of the location of the office and a description of the business to be conducted at the office.
(b) An out-of-state bank may establish and operate a non-branch bank business office in this State upon written notice to the Commissioner.
(c) A bank or an out-of-state bank may close a non-branch bank business office at any time with notice to the Commissioner.
(d) No deposits may be taken at a non-branch bank business office. (2012-56, s. 4; 2017-165, s. 8.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-19 - Operations; suspension.

§ 53C-6-19. Operations; suspension.
(a) A bank, any of its branches, and any of its non-branch bank business offices may operate on such days and during such hours, and may observe such holidays, as the bank's board of directors shall designate.
(b) Whenever the Commissioner determines that an emergency exists or is pending in this State or any part thereof, the Commissioner may authorize banks operating in the affected area or areas to suspend any or all of their operations in such area or areas for such period or periods as the Commissioner establishes. An emergency is any condition or occurrence that may interfere with a bank's operations or poses an existing or imminent threat to the safety or security of persons or property, or both.
(c) In the event that an emergency exists or is pending in this State or any part thereof and a bank operating in the affected area or areas is unable to communicate the existence or pendency of the emergency to the OCOB, an officer of the bank may suspend any or all of the bank's operations in the affected area or areas without the prior approval of the Commissioner. The bank shall give notice of such closing to the Commissioner as soon as practicable. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 6 - Bank Operations. › § 53C-6-20 - Savings promotion raffles.

§ 53C-6-20. Savings promotion raffles.
A bank may offer a savings promotion raffle in which the sole consideration required for a chance of winning designated prizes is the deposit of a minimum specified amount of money in a savings account or other savings program offered by the bank. A bank 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 bank. (2019-173, s. 2(b).)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-102 - Application regarding a control transaction.

§ 53C-7-102. Application regarding a control transaction.
(a) A person seeking approval of a control transaction involving a bank 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 a rule of the Commissioner.
(3) Such information as is required by a rule of the Commissioner or as is 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 record of the Commissioner and subject to G.S. 53C-2-7(b). (2012-56, s. 4; 2013-29, s. 15.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-103 - Public notice.

§ 53C-7-103. Public notice.
A person filing an application for approval of a control application 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 bank 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 date 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 7 - Control Transactions; Combinations; Conversions. › § 53C-7-104 - Actions on control transaction applications.

§ 53C-7-104. 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 interests of the customers and communities served by the bank 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 transaction 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 bank or the financial interests of its customers.
(2) An examination of the character, competence, and experience of any acquiring person or of any of the proposed management personnel shows that it would not be in the interest of the depositors of the bank, or in the interest of the public, to permit the person to control the bank.
(3) The plans or proposals of the person seeking approval with respect to exercising control over the bank would not be in the best interests of the bank's customers.
(4) Upon the effective date of such proposed control transaction, the bank 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 bank, 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 the holders' votes or consents have 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 7 - Control Transactions; Combinations; Conversions. › § 53C-7-105 - Appeal.

§ 53C-7-105. 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 7 - Control Transactions; Combinations; Conversions. › § 53C-7-201 - Combination authority.

§ 53C-7-201. Combination authority.
With the approval of the Commissioner, a bank may combine with one or more depository institutions or non-depository institutions, provided that the bank is the surviving entity in any combination with a non-depository institution. The application for approval shall be in the form required by the Commissioner and shall be accompanied by a fee as set forth by rule. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-202 - Combination application and investigation.

§ 53C-7-202. Combination application and investigation.
(a) A bank seeking approval of a combination shall file with the Commissioner an application for approval, copies of the agreement under which the bank proposes to effect the combination, and such additional information as 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 bank 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 their 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 date of the publication of the public notice shall be considered. The public notice shall contain 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 of and communities served 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, or experience of the directors and executive officers of the parties to a combination received by the Commissioner shall be subject to G.S. 53C-2-7(b). (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-203 - Decision on application.

§ 53C-7-203. 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 7 - Control Transactions; Combinations; Conversions. › § 53C-7-204 - Interim banks.

§ 53C-7-204. Interim banks.
The Commissioner may approve an application to organize an interim bank solely for the purpose of effecting a combination under this Article. No interim bank shall transact any business except as is incidental and necessary to its organization and the combination. The Commissioner may set forth in the order approving the organization such additional conditions with respect to the interim bank as the Commissioner deems necessary. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-205 - Fiduciary powers and liabilities in a combination or a transferring of assets and liabilities.

§ 53C-7-205. Fiduciary powers and liabilities in a combination or a transferring of assets and liabilities.
Whenever any depository institution or any trust institution shall combine with or shall sell to and transfer its assets and liabilities to any other depository institution, trust institution, or other company, as provided by the laws of this State or the United States, all the then existing fiduciary rights, powers, duties, and liabilities of the combining or transferring institution, including the rights, powers, duties, and liabilities as executor, administrator, guardian, trustee, and/or any other fiduciary capacity, whether under appointment by order of court, will, deed, or other instrument, shall, upon the effective date of the combination or sale and transfer, vest in, devolve upon, and thereafter be performed by the surviving or transferee company, and such latter institution shall be deemed substituted for and shall have all the rights and powers of the transferring institution. (2012-56, s. 4; 2013-29, s. 16.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-206 - Combination with federally chartered institution.

§ 53C-7-206. Combination with federally chartered institution.
A combination by a bank with a federally chartered institution in which the federally chartered institution will be the surviving party shall be subject to approval by the chartering authority of the federally chartered institution in accordance with the laws of the United States. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-207 - Combination with a nonbank subsidiary.

§ 53C-7-207. Combination with a nonbank subsidiary.
(a) Except as provided in subsection (c) of this section, a bank proposing to do any of the following combinations shall give prior written notice to the Commissioner that provides the details of the proposed combination that are required by the Commissioner:
(1) Combine with a nonbank subsidiary, if the bank is the resulting entity of the combination.
(2) Combine a nonbank subsidiary with another company that is not a depository institution, if the nonbank subsidiary is the resulting entity.
(3) Combine two or more nonbank subsidiaries of two or more banks under common control of the same holding company.
Unless the Commissioner, within 30 days of receiving the notice, notifies the bank or subsidiary that the Commissioner objects to the proposed combination, the bank or subsidiary may complete the combination. However, the Commissioner may extend the period to object to the proposed combination if the Commissioner determines that it raises issues that require additional information or additional time for analysis. While the objection period is so extended, the bank or subsidiary may not proceed with respect to the proposed combination.
(b) A bank may, pursuant to G.S. 53C-2-6, appeal an objection by the Commissioner.
(c) The prior written notice requirement of subsection (a) of this section is not required (i) for a combination of a nonbank subsidiary and another company that is not a depository institution, provided the nonbank subsidiary is not the resulting entity, (ii) for a combination of two or more nonbank subsidiaries of the same bank, each of which shall be effected in accordance with applicable organizational law, or (iii) if all of the following apply:
(1) The bank is well-capitalized and well-managed as demonstrated by the supervisory rating it received during its most recent examination.
(2) The nonbank subsidiary with which the combination is to be made engages in either of the following activities:
a. One in which the bank is then engaged or has previously been engaged, directly or through a different subsidiary, and for which all necessary approvals of bank supervisory agencies and of the Commissioner have previously been obtained and remain in effect.
b. One for which no prior notice or application for approval to any federal bank supervisory authority is required.
(3) The bank notifies the Commissioner in writing of the combination within 30 days thereafter. (2012-56, s. 4; 2013-29, s. 17; 2017-165, s. 9.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-209 - Appeal.

§ 53C-7-209. 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 7 - Control Transactions; Combinations; Conversions. › § 53C-7-302 - Appeal.

§ 53C-7-302. Appeal.
Any order of the Commissioner denying an application for approval of a conversion to a bank may be appealed to the Commission by the party filing the application as provided in G.S. 53C-2-6. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 7 - Control Transactions; Combinations; Conversions. › § 53C-7-303 - Conversion by North Carolina bank.

§ 53C-7-303. Conversion by North Carolina bank.
(a) A bank may convert to another form of depository institution under the laws of this State, of another state, or the United States in accordance with applicable law.
(b) Upon the effective date of the conversion, the depository institution shall notify the Commissioner of the effective date and file with the Commissioner a copy of its authorization to operate as a depository institution certified by the applicable federal regulator or financial institution regulator.
(c) Upon the effective date of the conversion, the resulting depository institution shall cease to be a bank.
(d) Upon the effective date of the conversion, all rights, liabilities, and obligations of whatever kind of the bank shall continue and remain in its new form of organization as a depository institution organized under the laws of this State, another state, or the United States. All actions and proceedings to which the bank was party prior to conversion shall be unaffected by the conversion and shall proceed as if the conversion had not been effected. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-1 - Commissioner has authority to supervise banks.

§ 53C-8-1. Commissioner has authority to supervise banks.
(a) Every bank shall be under the supervision of the Commissioner. It shall be the Commissioner's duty to enforce the banking laws through the employees and agents of the OCOB. All banks shall conduct their business in a manner consistent with the banking laws.
(b) The Commissioner may enter into written agreements, cease and desist order stipulations, cease and desist orders, consent orders, and similar arrangements with banks and their holding companies, or either of them; may request resolutions be approved by boards of directors of banks and their holding companies, or either of them; and may take other similar corrective actions.
(c) Upon written request, the Commissioner may, notwithstanding any other provision of law to the contrary, issue letters of interpretation, advisory opinions, or written guidance on any laws under the Commissioner's jurisdiction, provided that the interpretations, opinions, and guidance shall not have the force and effect of rules of law. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-3 - Reports required of banks.

§ 53C-8-3. Reports required of banks.
(a) Each bank shall file the following with the Commissioner, at such times, on such forms, and in such formats as the Commissioner may require:
(1) Annual reports of conditions.
(2) Periodic reports for interim periods within a year, not less than monthly in any case.
(b) In addition to the reports filed pursuant to subsection (a) of this section, each bank shall provide to the Commissioner copies of all applications and reports of condition filed by it under applicable federal law contemporaneously with the filing of such application and reports by the bank with its primary federal regulator.
(c) Nothing in this section shall be interpreted to limit the authority of the Commissioner to request and obtain other information that the Commissioner may deem necessary to discharge the duties of the Commissioner under this Chapter. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-4 - Examination by Commissioner.

§ 53C-8-4. Examination by Commissioner.
(a) The Commissioner may examine everything relating to the business of a bank or its holding company, and may appoint examiners to make such examination. The examiners shall file with the Commissioner a full report of the findings resulting from the examination, including any violation of law or any unauthorized or unsafe practices of the bank or the holding company disclosed by the examination.
(b) Examinations under subsection (a) of this section shall be conducted pursuant to practices and procedures established by the OCOB, provided the Commissioner may take into consideration the guidelines and requirements for such activity of the primary federal supervisor of the bank or holding company.
(c) The Commissioner shall furnish a copy of the report of examination to the bank or the holding company examined and may, upon request, furnish a copy of the report to the primary federal regulator of the bank or its holding company and to the FDIC if not the bank's primary federal regulator. (2012-56, s. 4.)
2023 North Carolina General Statutes › Chapter 53C - Regulation of Banks › Article 8 - Bank Supervision. › § 53C-8-5 - Examination of affiliates.

§ 53C-8-5. Examination of affiliates.
The Commissioner, at his or her discretion, may examine the affiliates of a bank to the extent it is necessary to safeguard the interest of depositors and creditors of the bank and of the general public, and to enforce the provisions of this Chapter. The Commissioner may conduct the examination in conjunction with any examination of the bank or an affiliate thereof conducted by any other state or federal regulatory authority. (2012-56, s. 4.)