§ 54C-203. Conditions for approval.

239 words·~1 min read·/nc/chapter-54c/54c-203

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

No application by an out-of-state savings bank received under this Article may be finally approved by the Commissioner of Banks unless:

(1)The Commissioner of Banks has received in writing approval of the proposed transaction from the supervisor of the out-of-state savings bank;

(2)The supervisor of the out-of-state savings bank agrees in writing to share with the Commissioner of Banks examination reports prepared by the supervisor and any other information deemed necessary by the Commissioner of Banks regarding the out-of-state savings bank;

(3)The out-of-state savings bank agrees in writing to make available to the Commissioner of Banks all information that may be required to effectively examine the savings bank;

(4)The out-of-state savings bank agrees in writing that so long as it maintains a branch in North Carolina, it will meet the conditions set forth in this Article and comply with all applicable North Carolina laws and any rules issued thereunder, as well as any orders or directives issued to the savings bank by the Commissioner of Banks;

(5)The home state of the out-of-state savings bank permits savings banks chartered under the laws of this State to establish branches within its border; and

(6)The out-of-state savings bank designates and files with the Office of the Secretary of State a document appointing an agent in this State to receive service of judicial process. (1993, c. 191, s. 3; 2001-193, s. 16.)