N.C. Gen. Stat. § 53C-1-1
Title
Title. This Chapter shall be known and may be cited as Regulation of Banks and Other Financial Services. (2012-56, s. 4.)
North Carolina General Statutes Chapter 53C — Chapter 53C.
North Carolina · statute · N.C. Gen. Stat. ch. 53C · 116 active provisions
N.C. Gen. Stat. § 53C-1-2
Scope and applicability of Chapter
Scope and applicability of Chapter. (a) Unless the context specifies otherwise, this Chapter shall apply to the following: (1) All existing banks organized or created under the laws of this State. (2) All banks created under the provisions of Article 3 of this Chapter. (3) All persons who subject themselves to the prov…
N.C. Gen. Stat. § 53C-1-3
Existing banks; prohibitions, injunctions
Existing banks; prohibitions, injunctions. (a) No depository institution organized or created under the laws of this State may operate as a bank except in accordance with this Chapter. Banks established prior to October 1, 2012, may continue operation under their existing organizational documents but shall be subject t…
N.C. Gen. Stat. § 53C-1-4
Definitions and application of terms
Definitions and application of terms. Unless the context requires otherwise, the following definitions apply in this Chapter: (1) Acquire. - To obtain the right or power to vote or to direct the voting of voting securities of a bank or holding company as follows: a. Through a purchase of or share exchange for shares. b…
N.C. Gen. Stat. § 53C-1-5
Severability
Severability. If any provision of this Chapter is found by any court of competent jurisdiction to be invalid as to any person or circumstance, or to be preempted by federal law, the remaining provisions of this Chapter shall not be affected and shall continue to apply to any other person or circumstance. (2012-56, s. 4…
N.C. Gen. Stat. § 53C-2-1
The Commission
The Commission. (a) The Commission consists of 15 members, including the State Treasurer, who shall serve as an ex officio member; 12 members appointed by the Governor; and two members appointed by the General Assembly under G.S. 120-121, one of whom shall be appointed upon the recommendation of the President Pro Tempo…
N.C. Gen. Stat. § 53C-2-2
The Commissioner
The Commissioner. (a) Effective April 1, 2011, and quadrennially thereafter, the Governor shall appoint a Commissioner, which appointment shall be subject to confirmation by the General Assembly by joint resolution. The name of the individual appointed to be Commissioner shall be submitted to the General Assembly on or…
N.C. Gen. Stat. § 53C-2-3
The Office of the Commissioner of Banks
The Office of the Commissioner of Banks. (a) The Commissioner shall be assisted in the performance of the duties of office by (i) one or more deputy commissioners and (ii) examiners, investigators, counsel, and other employees under the supervision of the Commissioner, all of whom, together with the Commissioner, shall…
N.C. Gen. Stat. § 53C-2-4
Administration of the Office of the Commissioner of Banks
Administration of the Office of the Commissioner of Banks. (a) As authorized in Chapters 54B, 54C, and this Chapter, the OCOB shall be funded by annual or periodic assessments, licensing fees and charges, and reimbursements for examination costs. This list is not exclusive. The OCOB may not levy assessments, fees, or o…
N.C. Gen. Stat. § 53C-2-5
Rulemaking
Rulemaking. (a) The Commissioner, subject to review and approval by the Commission, may make all necessary rules with respect to the establishment, operation, conduct, and termination of any and all activities and businesses that are subject to licensing, regulation, supervision, or examination by the Commissioner unde…
N.C. Gen. Stat. § 53C-2-6
Hearings and appeals
Hearings and appeals. (a) Any administrative hearing required or permitted to be held by the Commissioner shall be conducted in accordance with Article 3A of Chapter 150B of the General Statutes. (b) Upon an appeal to the Commission by any party from an order entered by the Commissioner following an administrative hear…
N.C. Gen. Stat. § 53C-2-7
Official record
Official record. (a) The Commissioner shall keep a record in the OCOB of the Commissioner's official acts, rulings, and transactions that, except as otherwise provided, shall be open to inspection and copying by any person. The Commissioner may condition the provision of copies of records upon the payment by the person…
N.C. Gen. Stat. § 53C-3-1
Application to organize a bank
Application to organize a bank. (a) An applicant for permission to organize a bank and for a charter must file an application with the Commissioner. The application shall be in the form required by the Commissioner and shall contain such information as the Commissioner requires, set forth in sufficient detail to enable…
N.C. Gen. Stat. § 53C-3-2
Permission to organize a bank
Permission to organize a bank. (a) With the approval of the Commissioner, the organizers may file articles of incorporation for the proposed bank with the Secretary of State. The Commissioner shall authorize the organization of the proposed bank if the Commissioner is satisfied that each of the following conditions is…
N.C. Gen. Stat. § 53C-3-3
Articles of incorporation of a proposed bank
Articles of incorporation of a proposed bank. (a) The articles of incorporation of a proposed bank shall be signed and acknowledged by or on behalf of an organizer and shall contain the following: (1) The information required to be set forth in articles of incorporation under Chapter 55 of the General Statutes. (2) Any…
N.C. Gen. Stat. § 53C-3-4
Commissioner's approval of charter issuance
Commissioner's approval of charter issuance. (a) The Commissioner may approve a charter for a proposed bank only when the Commissioner has determined that all the following requirements have been satisfied or are reasonably probable to be satisfied within a reasonable period of time specified by the Commissioner in the…
N.C. Gen. Stat. § 53C-3-5
Notice; public hearing
Notice; public hearing. (a) Not less than 30 days before the public hearing of the Commission to review the Commissioner's approval of an application, the applicant shall cause to be published a public notice containing the following: (1) A statement that the application has been filed with the Commissioner. (2) The na…
N.C. Gen. Stat. § 53C-3-6
Commission decision
Commission decision. (a) The Commission shall consider the findings and order of the Commissioner, oral testimony, and any other information and evidence, either written or oral, that comes before it at the public hearing to review the Commissioner's approval of an application for a charter. The Commission may adjourn…
N.C. Gen. Stat. § 53C-3-7
Issuance of charter
Issuance of charter. (a) A proposed bank shall not engage in business except as allowed under G.S. 53C-3-2(c)(1), until it receives a charter issued by the Commissioner. The Commissioner shall not issue the charter until the Commissioner is satisfied that the proposed bank has done each of the following: (1) Received p…
N.C. Gen. Stat. § 53C-4-1
Banks - Form of organization
Banks - Form of organization. (a) A bank shall be formed as, and shall maintain the form of, a corporation formed under the laws of this State. (b) The provisions contained in Chapter 55 of the General Statutes shall apply to banks, except where provisions of this Chapter provide differently or where the Commissioner d…
N.C. Gen. Stat. § 53C-4-2
Banks controlled by boards of directors
Banks controlled by boards of directors. (a) The corporate powers of a bank shall be exercised by or under the authority of, and the business and affairs of the bank shall be managed by or under the direction of, its board of directors. (b) A bank's board of directors shall consist of not fewer than five individuals. F…
N.C. Gen. Stat. § 53C-4-3
Committees of boards of directors
Committees of boards of directors. (a) The board of directors shall appoint, at a minimum, an audit committee, an executive committee, and a loan committee (which may be the executive committee or the board of directors as a whole) and may appoint such other committees as it deems appropriate to provide for the safe an…
N.C. Gen. Stat. § 53C-4-4
Minutes of meetings of directors and committees
Minutes of meetings of directors and committees. Minutes shall be recorded and retained for all meetings of the board of directors and board committees and kept on file at the bank. The minutes shall show a record of actions taken. (2012-56, s. 4.)
N.C. Gen. Stat. § 53C-4-5
Qualifications of bank directors
Qualifications of bank directors. (a) At least three-fourths of the directors of a bank shall be citizens of the United States of America. (b) A director must satisfy eligibility requirements for bank directors imposed by federal law, including Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. § 1829(a). (c) F…
N.C. Gen. Stat. § 53C-4-6
Liability of directors
Liability of directors. (a) The standard of conduct for directors shall be as set forth in G.S. 55-8-30. (b) Any director of any bank who shall knowingly violate, or who shall knowingly permit to be violated by any officers, agents, or employees of the bank, any of the provisions of this Chapter shall be held personall…
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