reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter H - SUPERVISORY ACTIONS › Section 16H .0103 - NOTICE TO SAVINGS INSTITUTION

Current through Register Vol. 39, No. 2, July 15, 2024
The Commissioner of Banks shall give written notice to the
				  Board of Directors of a savings institution when a finding is made pursuant to
				  G.S.
				  54B-44 or
				  G.S.
				  54C-45. The notice shall set forth the basis
				  for the finding and shall authorize or require the board of directors to adopt
				  a plan of conversion, a plan of merger or consolidation, a plan of combination
				  merger and conversion, or based upon the interest of the depositors, the
				  institution, and the general public, any other action specified by the
				  Commissioner of Banks. The Commissioner of Banks may specify provisions that
				  shall be included in the plan.
Authority
				  G.S.
				  54B-44;
				  54C-45;
Eff. December
				  1, 1981;
Amended Eff. November 1, 1985; October 1,
				  1982;
Temporary Amendment Eff. October 2, 1991 for a period of 180
				  days to expire on March 31, 1992;
Amended Eff. November 1, 2017;
				  February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter H - SUPERVISORY ACTIONS › Section 16H .0104 - ADOPTION OF PLAN

Current through Register Vol. 39, No. 2, July 15, 2024
The board of directors shall adopt a plan of conversion,
				  merger, consolidation, combination merger and conversion, or any other action
				  as authorized or required by the Commissioner of Banks. A plan of conversion,
				  merger, consolidation, combination merger and conversion, or any other action
				  adopted pursuant to this Rule shall be submitted to the Commissioner of Banks
				  for approval.
Authority
				  G.S.
				  54B-44;
				  54C-45;
Eff. December
				  1, 1981;
Amended Eff. November 1, 2017; November 1, 1985; October
				  1, 1982;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter H - SUPERVISORY ACTIONS › Section 16H .0105 - APPROVAL BY COMMISSIONER OF BANKS

Current through Register Vol. 39, No. 2, July 15, 2024
The savings institution shall submit to the Commissioner of
				  Banks for review an executed copy of the savings institution's proposed
				  articles of incorporation, articles of merger or consolidation, or evidence of
				  other action. Upon finding that all requirements of the short form conversion,
				  merger, consolidation, combination merger and conversion, or other action have
				  been satisfied, the Commissioner of Banks shall certify to the Secretary of
				  State that the certificate of incorporation, articles of merger or
				  consolidation, or evidence of other action has been approved for filing in the
				  Office of the Secretary of State.
Authority
				  G.S.
				  54B-44;
				  54C-45;
Eff. December
				  1, 1981;
Amended Eff. November 1, 1985; October 1,
				  1982;
Temporary Amendment Eff. October 2, 1991 for a period of 180
				  days to expire on March 31, 1992;
Amended Eff. November 1, 2017;
				  February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter H - SUPERVISORY ACTIONS › Section 16H .0106-.0107

Current through Register Vol. 39, No. 2, July 15, 2024
Temporary Amendment Eff.
				  October 2, 1991 for a period of 180 days to expire on March 31,
				  1992;
Authority
				  G.S.
				  54B-44;
				  54C-45;
Eff. December
				  1, 1981;
Amended Eff. February 15, 1992; July 1, 1990; November 1,
				  1985;
Repealed Eff. November 1,
				  2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter H - SUPERVISORY ACTIONS › Section 16H .0108 - WAIVER

Current through Register Vol. 39, No. 2, July 15, 2024
The Commissioner of Banks may waive or alter any requirements
				  set forth in this Subchapter to promote the best interests of the public or the
				  savings institution by assuring the safe and sound operation of the savings
				  institution or when the application of any rule would have an unintended
				  negative impact upon the public or a savings institution.
Authority
				  G.S.
				  54B-44;
				  54C-45;
Eff. December
				  1, 1981;
Temporary Amendment Eff. October 2, 1991 for a period of
				  180 days to expire on March 31, 1992;
Amended Eff. November 1,
				  2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0100 - SCOPE › Section 16I .0101-0102

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Amended Eff. February 1, 1983;
Repealed Eff. July 1, 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0200 - ACQUISITIONS › Section 16I .0201-0207

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-63;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Amended Eff. October 1, 1982; July 1,
					 1982;
Repealed Eff. July 1, 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0300 - NOTICE OF FILING: HEARINGS AND REVIEW › Section 16I .0301-0303

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Amended Eff. October 1, 1983;
Repealed Eff. July 1, 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0400 - SUPERVISION: INVESTMENTS › Section 16I .0401-0402

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Amended Eff. July 1, 1982;
Repealed
					 Eff. July 1, 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0500 - REGISTRATION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .0501-0507

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Repealed Eff. July 1,
					 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0600 - APPLICATIONS AND OTHER FILINGS › Section 16I .0601-0602

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff.
					 December 1, 1981;
Repealed Eff. July 1,
					 1983.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0700 - GENERAL › Section 16I .0701 - REPEALED - GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
Eff. July 1,
					 1983;
Amended Eff. November 1, 1985;
Repealed Eff. July
					 1, 1990.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0700 - GENERAL › Section 16I .0702 - DEFINITIONS AND OTHER TERMS

Current through Register Vol. 39, No. 2, July 15, 2024
As used in this Subchapter, the words and phrases defined
					 by G.S.
					 54C-4 and the following definitions
					 apply:
(1) "Acquisition" shall mean a
				  transaction in which a person or holding company acquires control of a stock
				  savings institution by means of an exchange of its capital stock for the
				  capital stock of the stock savings institution or by means of a purchase of the
				  capital stock of the stock savings institution.
(2) "Applicant" shall mean a person or
				  holding company that has filed with the Commissioner of Banks an application
				  pursuant to this Subchapter.
(3)
				  "Holding Company" means any company that directly or indirectly controls a
				  savings institution or controls any other company that is a holding company of
				  a savings institution.
(4) "Person"
				  shall mean an individual or group acting in concert, a corporation, a
				  partnership, an association, a joint stock company, a trust, an unincorporated
				  organization similar company, or a syndicate.
(5) "Plan of Reorganization" shall mean a
				  plan duly adopted in accordance with the requirements of
				  G.S.
				  54B-261 or
				  54C-195 and this Subchapter that
				  sets out all relevant terms and conditions pertaining to a stock savings
				  institution's reorganization of its ownership to provide for a holding
				  company.
(6) "Registrant" shall
				  mean any holding company that has filed a registration statement with the
				  Commissioner of Banks pursuant to this Subchapter.
(7) "Tax Free Exchange" shall mean an
				  exchange of stock that would result in no tax consequences to the holding
				  company, the stock savings institution, and its stockholders under State or
				  federal law.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990; November 1, 1985;
Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on
					 March 31, 1992;
Amended Eff. November 1, 2017; February 15,
					 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0700 - GENERAL › Section 16I .0703 - STANDARDS FOR APPROVAL OF ACQUISITION: DUTIES AND CONDUCT

Current through Register Vol. 39, No. 2, July 15, 2024
A savings institution may be controlled by a person or a
					 holding company. In evaluating an application for control, the Commissioner of
					 Banks shall consider:
(1) whether the
				  person or holding company is qualified by character, experience, and financial
				  responsibility to control the savings institution in a legal and responsible
				  manner;
(2) the applicant's
				  financial and managerial resources;
(3) the organizational structure and future
				  prospects and plans of both the applicant and the savings institution;
				  and
(4) whether the business and
				  activities of the applicant, or its officers and directors, or any other person
				  controlling, controlled by, or associated with the applicant by having a common
				  controller, would create a material deterioration of confidence in the safety,
				  soundness, and financial integrity of the institution to be
				  controlled.
Authority
					 G.S.
					 53-227.1;
					 54B-43;
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990; November 1, 1985;
Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on
					 March 31, 1992;
Amended Eff. November 1, 2017; February 15,
					 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0700 - GENERAL › Section 16I .0704 - REPEALED - INVESTMENT ACTIVITIES OF HOLDING COMPANIES

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Amendment Eff. October 2, 1991 for a period of 180 days to expire
					 on
March 31, 1992;
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1990;
Amended Eff. February 15, 1992;
Repealed Eff.
					 November 1, 2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0800 - ACQUISITIONS › Section 16I .0801 - PRIOR WRITTEN APPROVAL REQUIRED

Current through Register Vol. 39, No. 2, July 15, 2024
A person or holding company shall not acquire control of
					 any savings institution without having filed with the Commissioner of Banks an
					 application and without the written approval of the Commissioner of Banks after
					 consideration of the application and any amendments. The application shall
					 contain identifying information for the applicant and the information set forth
					 in the Interagency Notice of Change in Bank Control. The Interagency Notice of
					 Change in Bank Control is hereby incorporated by reference, including
					 subsequent amendments or editions, and may be found free of charge as follows:
					 https://www.fdic.gov/formsdocuments/interag2.pdf.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0800 - ACQUISITIONS › Section 16I .0802 - APPLICATION FEES: FILINGS

Current through Register Vol. 39, No. 2, July 15, 2024
An application may be obtained from the Office of the
					 Commissioner of Banks at its mailing address specified in
					 04 NCAC
					 03A .0101. Applications shall be accompanied
					 by an application fee in the amount prescribed by the fee schedule specified in
					 04 NCAC
					 03C .1601(a)(4). The fee
					 shall be non-refundable.
Authority
					 G.S.
					 54B-55;
					 54B-57;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. November 1, 2017; July 1, 1990; August 1,
					 1984;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0800 - ACQUISITIONS › Section 16I .0803 - CONFIDENTIAL INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
An applicant that submits information may request that the
					 information be confidential regarding the answer to any item or a part of an
					 exhibit included in any application for filing pursuant to this Subchapter, by
					 separately binding and labeling the information as "confidential" and a
					 statement shall be submitted setting forth the grounds on which the information
					 should be treated confidential pursuant to
					 G.S.
					 54B-63,
					 G.S.
					 54B-63.1. or
					 G.S.
					 54C-60. Filings pursuant to this Subchapter
					 shall be made available for inspection by the public, except for portions that
					 are bound and labeled "confidential" and that the Commissioner of Banks
					 determines to be confidential pursuant to the provisions of
					 G.S.
					 54B-63,
					 G.S.
					 54B-63.1, or
					 G.S.
					 54C-60.
Authority
					 G.S.
					 54B-55;
					 54B-63;
					 54B-63.1;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-60;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0900 - REORGANIZING STOCK ASSOCIATION INTO HOLDING COMPANY › Section 16I .0901 - REQUIRED APPLICATION

Current through Register Vol. 39, No. 2, July 15, 2024
A stock savings institution may be controlled by a holding
					 company by means of a plan of reorganization. An applicant shall file one
					 executed copy of an application with the Commissioner of Banks. For the
					 purposes of filing the application, the applicant shall be considered a holding
					 company, even though it may not yet control a stock savings
					 institution.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0900 - REORGANIZING STOCK ASSOCIATION INTO HOLDING COMPANY › Section 16I .0902 - ACQUISITION PROCEDURE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Upon
				  determining that an application is executed and is not incomplete, the
				  Commissioner of Banks shall process the application. The application shall
				  include a Plan of Reorganization. If the Plan of Reorganization is not
				  approved, the Commissioner of Banks shall notify the applicant and state the
				  reasons for its disapproval.
(b) If
				  the Commissioner of Banks approves the Plan of Reorganization, the Commissioner
				  shall notify the applicant. A regular or special meeting of the stockholders of
				  the savings institution shall be called to approve reorganization of ownership
				  of the savings institution to provide for ownership by a holding company after
				  advance written notice to the stockholders of not less than 20 days specifying
				  the time, place, and purpose for the meeting. Notice shall be published in at
				  least one newspaper of general circulation in each county where the savings
				  institution has an office. After publication of the notice, the applicant shall
				  file a copy of the notice with the Commissioner of Banks. The applicant shall
				  file the publisher's affidavits with the Commissioner of Banks to confirm the
				  publication of notice.
(c) The
				  results of the stockholder's meeting shall be confirmed to the Commissioner of
				  Banks by filing attested minutes of the meeting. If the stockholders approve
				  reorganization of ownership of the savings institution to provide for ownership
				  by a holding company, the Commissioner of Banks shall enter a final order
				  approving the reorganization.
(d)
				  The Commissioner of Banks may waive or alter any requirements set forth in this
				  Rule upon a finding that compliance would work an undue financial hardship on
				  the applicant, would adversely affect the operation of the applicant, or would
				  have an unintended negative impact upon the public or the applicant.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .0900 - REORGANIZING STOCK ASSOCIATION INTO HOLDING COMPANY › Section 16I .0903-0904

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 54B-54;
					 54B-55;
					 54B-261;
					 54B-262;
Eff. July 1,
					 1983;
Amended Eff. June 1, 1988; November 1, 1985; September 1,
					 1983;
Repealed Eff. July 1, 1990.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1000 - ACQUISITIONS OF STOCK ASSOCIATIONS › Section 16I .1001 - REQUIRED APPLICATION

Current through Register Vol. 39, No. 2, July 15, 2024
A person seeking to acquire control of any stock savings
					 institution shall file with the Commissioner of Banks one executed copy of an
					 application.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1000 - ACQUISITIONS OF STOCK ASSOCIATIONS › Section 16I .1002 - FOREIGN APPLICANTS

Current through Register Vol. 39, No. 2, July 15, 2024
If the applicant is a corporation for profit or having
					 capital stock, but not created under any general or special act of the State of
					 North Carolina, then that corporation shall procure a Certificate of Authority
					 from the Secretary of State under the provisions of Article 15 of Chapter 55 of
					 the North Carolina General Statutes before it shall be approved by the
					 Commissioner of Banks to obtain control of a stock savings institution. The
					 applicant shall file a copy of the Certificate of Authority from the Secretary
					 of State as evidence of compliance.
Authority
					 G.S.
					 54B-55;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. September 1, 1983;
Temporary
					 Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1000 - ACQUISITIONS OF STOCK ASSOCIATIONS › Section 16I .1003 - ACQUISITION PROCEDURE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Upon
				  determining that an application is executed and complete, the Commissioner of
				  Banks shall process the application. If the application is not approved, the
				  Commissioner of Banks shall notify the applicant and state the reasons for its
				  disapproval.
(b) If the
				  Commissioner of Banks approves the application, the applicant shall be
				  notified. The notice shall include any requirements or stipulations the
				  Commissioner of Banks may require prior to the applicant's execution of the
				  acquisition.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990; June 1, 1988;
Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on
					 March 31, 1992;
Amended Eff. November 1, 2017; February 15,
					 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1101 - REPEALED - REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Authority
					 G.S.
					 54B-55: 54B-261; 54B-262; 54C-53; 54C-195;
					 54C-196;
Eff. July 1, 1983;
Amended Eff. February 15,
					 1992; July 1, 1990; November 1, 1985;
Repealed Eff. November 1,
					 2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1102 - SUPERVISION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Officers,
				  directors, and employees of holding companies have the same duties and
				  responsibilities, express or implied, as officers, directors, and employees of
				  savings institutions.
(b) Each
				  holding company shall be subject to examination by the Office of the
				  Commissioner of Banks. The cost of examination shall be paid by the holding
				  company.
Authority
					 G.S.
					 54B-55;
					 54B-57;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990; November 1, 1985;
Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on
					 March 31, 1992;
Amended Eff. November 1, 2017; February 15,
					 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1103 - ANNUAL REPORTS

Current through Register Vol. 39, No. 2, July 15, 2024
Each registrant shall file an annual report with the
					 Commissioner of Banks.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. November 1, 2017;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1104 - FILING AND APPROVAL: AMENDMENTS TO ARTICLES AND BYLAWS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  Prior to any filing with the Secretary of State of the State of North Carolina,
				  a holding company shall file with the Commissioner of Banks copies of any
				  proposed amendment to its articles of incorporation. The Commissioner of Banks
				  must give his or her approval to the content and form of the proposed
				  amendments.
(b) Before any
				  amendments to the bylaws of a holding company shall become effective, a copy of
				  the amendments shall be filed with and approved by the Commissioner of
				  Banks.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1105 - REPORTS

Current through Register Vol. 39, No. 2, July 15, 2024
Each registrant shall file simultaneously with the
					 Commissioner of Banks copies of any filings, documents, statements, or reports
					 required to be filed with the federal regulatory authority.
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. July 1, 1990;
Temporary Amendment
					 Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1100 - REGISTRATION: SUPERVISION: REPORTS: FILINGS: BOOKS AND RECORDS › Section 16I .1106 - REPEALED - BOOKS AND RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1983;
Amended Eff. February 15, 1992; July 1, 1990;
Repealed Eff. November 1, 2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1200 - CONVERSION OF MUTUAL ASSOCIATION INTO HOLDING COMPANY › Section 16I .1201-.1203

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
					 Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
					 1992;
Authority
					 G.S.
					 54B-55;
					 54B-261;
					 54B-262;
					 54C-53;
					 54C-195;
					 54C-196;
Eff. July 1,
					 1990;
Amended Eff. February 15, 1992;
Repealed Eff.
					 November 1, 2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1300 - HOLDING COMPANY ACQUISITIONS › Section 16I .1301 - REQUIRED APPLICATION

Current through Register Vol. 39, No. 2, July 15, 2024
A person seeking to acquire control of any holding company
					 shall file with the Commissioner of Banks one executed copy of an
					 application.
Authority
					 G.S.
					 54B-55;
					 54B-262;
					 54C-53;
					 54C-195;
Eff. July 1,
					 1990;
Temporary Amendment Eff. October 2, 1991 for a period of 180
					 days to expire on March 31, 1992;
Amended Eff. November 1, 2017;
					 February 15, 1992;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter I - ACQUISITION OF CONTROL › Section .1300 - HOLDING COMPANY ACQUISITIONS › Section 16I .1302 - ACQUISITION PROCEDURE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Upon
				  determining that an application is executed and complete, the Commissioner of
				  Banks shall process the application. If the application is not approved, the
				  Commissioner of Banks shall notify the applicant and state the reasons for its
				  disapproval.
(b) If the
				  Commissioner of Banks approves the application, the applicant shall be
				  notified. The notice shall include any requirements or stipulations the
				  Commissioner of Banks may require prior to the applicant's execution of the
				  acquisition.
(c) The Commissioner
				  of Banks may waive or alter any requirements set forth in this Rule upon a
				  finding that compliance would work as undue financial hardship on the
				  applicant, would adversely affect the safe and sound operation of the
				  applicant, or would have an unintended negative impact upon the public or the
				  applicant.
Authority
					 G.S.
					 54B-55;
					 54B-262;
					 54C-53;
					 54C-195;
Eff. July 1,
					 1990;
Amended Eff. November 1, 2017;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. November 22,
					 2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter J - MERGER OF STATE AND FEDERAL ASSOCIATIONS › Section 16J .0101-.0103

Current through Register Vol. 39, No. 2, July 15, 2024
Filed as a Temporary
				  Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
				  1992;
Filed as a Temporary Rule Eff. July 30, 1982, for a period of
				  120 days to expire on
November 26, 1982;
Authority
				  G.S.
				  54B-39;
				  54C-39;
				  54C-53;
Eff. October
				  1, 1982;
Amended Eff. February 15, 1992; July 1, 1990;
Repealed Eff. November 1, 2017.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0101 - DEFINITIONS

Current through Register Vol. 39, No. 2, July 15, 2024
For purposes of this Section:
(1) "Account" shall mean the trust, estate,
				or other fiduciary relationship that has been established with a savings
				institution.
(2) "Custodian Under
				the Uniform Transfers to Minors Act" shall mean an account established pursuant
				to the North Carolina Uniform Transfers to Minors Act codified in Chapter 33A
				of the North Carolina General Statutes.
(3) "Fiduciary" shall mean a savings
				institution undertaking to act alone or jointly with others for the benefit of
				another in all matters connected with its undertaking and includes acting as
				trustee, executor, administrator, guardian, receiver, managing agent, registrar
				of stocks and bonds, escrow, transfer or paying agent, trustee of employee
				pension, welfare and profit sharing trusts, and any other similar
				capacity.
(4) "Fiduciary Records"
				shall mean all matters that are written, transcribed, recorded, received, or
				otherwise coming into the possession of a savings institution and are necessary
				to preserve information concerning the actions and events relevant to the
				fiduciary activities of the savings institution.
(5) "Guardian" shall mean the conservator or
				committee of the estate of an infant, an incompetent individual, or a competent
				individual over whose estate a court has taken jurisdiction other than under
				bankruptcy or insolvency laws.
(6)
				"Investment Authority" shall mean the responsibility conferred by action of law
				or a provision of an appropriate governing instrument to make, select, or
				change investments, review investment decisions made by others, or to provide
				investment advice or counsel to others.
(7) "Managing Agent" shall mean the fiduciary
				relationship assumed by a savings institution upon the creation of an account
				that names the savings institution as agent and confers investment discretion
				upon the savings institution.
(8)
				"Trust Department" shall mean that group or groups of officers and employees of
				a savings institution who perform fiduciary services by the savings
				institution.
(9) "Trust Powers"
				shall mean the power to act in any fiduciary capacity authorized under this
				Section.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Temporary Amendment Eff. October 2, 1991 for a
				  period of 180 days to expire on March 31, 1992;
Amended Eff.
				  November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0102 - APPLICATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A savings
				institution desiring to exercise fiduciary powers shall submit to the
				Commissioner of Banks a letter indicating which trust services it wishes to
				offer, together with the information required under Paragraph (b) of this
				Rule.
(b) The Commissioner of
				Banks, in determining whether to authorize the exercise of trust powers, shall
				consider the following:
(1) the financial
				condition of the savings institution, provided that in no event shall trust
				powers be granted to a savings institution if its financial condition is such
				that the savings institution does not meet the requirements of the federal
				regulatory authority;
(2) the
				general character and ability of the management of the savings
				institution;
(3) the nature of the
				supervision to be given to the fiduciary activities, including the
				qualifications, experience, and character of the proposed officer or officers
				of the trust department; and
(4)
				whether the savings institution has available legal counsel to advise and
				review fiduciary matters when necessary.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0103 - CONSOLIDATION OR MERGER OF TWO OR MORE SAVINGS INSTITUTIONS

Current through Register Vol. 39, No. 2, July 15, 2024
When two or more savings institutions consolidate or merge,
				  and any one of the savings institutions prior to the consolidation or merger,
				  has a valid approval from the Commissioner of Banks to exercise trust powers,
				  the rights existing under the approval shall pass to the resulting savings
				  institution.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Temporary Amendment Eff. October 2, 1991 for a
				  period of 180 days to expire on March 31, 1992;
Amended Eff.
				  November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0105 - BOOKS AND ACCOUNTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Every savings
				institution exercising trust powers shall keep its fiduciary records separate
				and distinct from other records of the savings institution. The fiduciary
				records shall contain full information relative to each account. The record
				retention schedule set forth in
				04 NCAC
				03D .0303 shall apply to the fiduciary
				records of a savings institution exercising trust powers.
(b) Every savings institution shall keep a
				record of all pending litigation to which it is a party in connection with its
				exercise of trust powers.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Temporary Amendment Eff. October 2, 1991 for a
				  period of 180 days to expire on March 31, 1992;
Amended Eff.
				  November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0106 - AUDIT OF TRUST DEPARTMENT

Current through Register Vol. 39, No. 2, July 15, 2024
At least once during each calendar year, the savings
				  institution's trust department shall be audited by independent auditors. A copy
				  of the report of the audit shall be filed with the Commissioner of
				  Banks.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Amended Eff. July 1, 1990;
Temporary
				  Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
				  1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0107 - FUNDS AWAITING INVESTMENT OR DISTRIBUTION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Unless
				prohibited by the instrument creating the trust, funds held in trust by a
				savings institution, including managing agency accounts, awaiting investment or
				distribution may be deposited in other departments of the savings institution.
				The savings institution shall first set aside under control of the trust
				department collateral security of a kind and in an amount as specified in
				G.S.
				53-163.1(b) for funds held
				in trust by a bank, except that no collateral shall be required to the extent
				that the funds are insured by an agency of the United States
				government.
(b) Any funds held by a
				savings institution as fiduciary awaiting investment or distribution and
				deposited in other departments of the savings institution shall be placed in an
				interest-bearing account.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Amended Eff. July 1, 1990;
Temporary
				  Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31,
				  1992;
Amended Eff. November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0108 - INVESTMENT OF FUNDS HELD AS FIDUCIARY

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Funds
				held by a savings institution in a fiduciary capacity shall be invested in
				accordance with the instrument establishing the fiduciary relationship. When
				the instrument does not specify the character or class of investments to be
				made and does not vest investment discretion in the matter in the savings
				institution, its directors, or its officers, funds held pursuant to the
				instrument shall be invested in accordance with Article 7 of Chapter 32 of the
				North Carolina General Statutes.
(b) A savings institution appointed as a
				fiduciary by a court may invest funds of the account in any investment
				permitted to be made by fiduciaries by Article 7 of Chapter 32 of the North
				Carolina General Statutes unless the appointing court limits the investment
				authority of the fiduciary. If the investment authority of the fiduciary is
				limited by the court, the savings institution shall make all investments of
				funds in these accounts consistent with the terms of the order of that court.
				The orders in either case shall be preserved with the fiduciary records of the
				savings institution.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Temporary Amendment Eff. October 2, 1991 for a
				  period of 180 days to expire on March 31, 1992;
Amended Eff.
				  November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0109 - SELF DEALING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Unless
				authorized by the instrument creating the relationship or by court order,
				property held by a savings institution as fiduciary shall not be sold or
				transferred, by loan or otherwise, to the savings institution or its
				affiliates; or the directors, executive officers, or employees of either of
				them; or to individuals with whom there exists a connection or organizations in
				which there exists an interest as might affect the exercise of the best
				judgment of the savings institution in selling or transferring the property,
				except:
(1) in cases in which the savings
				institution has been advised by its counsel in writing that it has incurred as
				fiduciary a contingent or potential liability, and it desires to relieve itself
				from the liability, a sale or transfer may be made with the approval of the
				board of directors and the Commissioner of Banks, provided that, in all such
				cases, the savings institution, upon the consummation of the sale or transfer,
				shall make reimbursement in cash at no loss to the account;
(2) as provided
				G.S.
				53-163.5, et seq. governing collective
				investment; or
(3) when required by
				the Commissioner of Banks.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0110 - CUSTODY OF INVESTMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The investments
				of each fiduciary account shall be kept separate from the assets of the savings
				institution and shall be placed in the joint custody or control of not fewer
				than two of the officers or employees of the savings institution designated for
				that purpose either by the board of directors of the savings institution or by
				one or more officers designated by the board of directors of the savings
				institution. All officers and employees designated as custodians of trust
				investments shall be bonded. To the extent permitted by
				G.S.
				53-159.1, a savings institution may permit
				the investments of a fiduciary account to be deposited elsewhere.
(b) The investment of each fiduciary account
				shall be either:
(1) kept separate from those
				of all other accounts, except as provided in Rule .0112 of this Section;
				or
(2) identified as the property
				of the relevant account.
North Carolina Administrative Code › Title 04 - COMMERCE › Chapter 16 - SAVINGS INSTITUTIONS › Subchapter K - TRUST POWERS › Section 16K .0111 - COMPENSATION OF SAVINGS INSTITUTION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If the
				amount of the compensation for acting in a fiduciary capacity is not provided
				for in the instrument creating the fiduciary relationship, set forth in Chapter
				32 of the General Statutes, or otherwise agreed to by the parties, a savings
				institution acting in such capacity may charge or deduct a reasonable
				compensation for its services. When the savings institution is acting in a
				fiduciary capacity under appointment by a court, it shall receive compensation
				as may be allowed or approved by the court.
(b) No savings institution shall, permit any
				of its officers or employees, while serving as such, to act as co-fiduciary
				with the savings institution in the administration of any account undertaken by
				it.
(c) No savings institution
				shall permit an officer or employee engaged in the operation of its trust
				department to accept a bequest or gift of trust assets unless the bequest or
				gift is directed or made by a relative of the officer or employee or is
				approved by the Board of Directors of the savings institution.
Authority
				  G.S.
				  54B-55;
				  54B-77;
				  54C-53;
				  54C-146;
Eff.
				  November 1, 1982;
Temporary Amendment Eff. October 2, 1991 for a
				  period of 180 days to expire on March 31, 1992;
Amended Eff.
				  November 1, 2017; February 15, 1992;
Pursuant to
				  G.S.
				  150B-21.3A, rule is necessary without
				  substantive public interest Eff. November 22,
				  2018.