North Carolina General Assembly
NC General Statutes
Chapter 54B - Savings and Loan Associations.
The Statutes on the North Carolina General Assembly website reflect changes made in the
legislative session, through 7/30/2016.
§ 54B-1. Title.
§ 54B-2. Purpose.
§ 54B-3. Applicability of Chapter.
§ 54B-4. Definitions and application of terms.
Incorporation and Organization.
§ 54B-5. Severability.
§ 54B-6. Hearings.
§ 54B-7. Application of Chapter on business corporations.
§ 54B-8. Scope and prohibitions; existing charters; injunctions.
§ 54B-9. Application to organize a savings and loan association.
§ 54B-10. Certificate of incorporation.
§ 54B-11. Commissioner of Banks to consider application.
§ 54B-12. Criteria to be met before the Commissioner of Banks may recommend approval of an application.
§ 54B-13. State Banking Commission to review findings and recommendations of Commissioner of Banks.
§ 54B-14. Grounds for approval or denial of application.
§ 54B-15. Final decision.
§ 54B-16. Appeal.
§ 54B-17. Insurance of accounts required.
§ 54B-18. Time allowed to commence business.
§ 54B-19. Licensing.
§ 54B-20. Amendments to certificate of incorporation.
§ 54B-21. List of stockholders to be maintained.
§ 54B-22. Branch offices.
§ 54B-23. Application to change location of a branch or principal office.
§ 54B-24. Approval revoked; branch office.
§ 54B-25. Branch offices closed.
§ 54B-26: Repealed by Session Laws 1991, c. 680, s. 3.
§§ 54B-27 through 54B-29. Reserved for future codification purposes.
§ 54B-30. Conversion from State to federal association.
§ 54B-31. Conversion from federal to State association.
§ 54B-32. Simultaneous charter and ownership conversion.
§ 54B-33. Conversion of mutual to stock association.
§ 54B-34. Conversion of stock associations to mutual associations.
§ 54B-34.1. Conversion to State association.
§ 54B-34.2. Conversion to bank.
§ 54B-35. Merger of like savings and loan associations.
§ 54B-36. Merger of associations where ownership is converted.
§ 54B-37. Merger of mutual and stock associations.
§ 54B-37.1. Simultaneous conversion/merger.
§ 54B-38. Repealed by Session Laws 1985, c. 659, s. 8.
§ 54B-39. Merger of federal with State associations.
§ 54B-40. Voluntary dissolution by directors.
§ 54B-41. Voluntary dissolution by stockholders or members.
§ 54B-42. Rules, regulations and reports of voluntary dissolution.
§ 54B-43. Stock dividends.
§ 54B-44. Supervisory mergers, consolidations, conversions, and combination mergers and conversions.
§ 54B-45. Interim associations.
§ 54B-46. Conversion of bank to stock association.
§ 54B-47. Merger of banks and associations.
§ 54B-48: Reserved for future codification purposes.
North Carolina Regional Reciprocal Savings and Loan Acquisition Act.
§ 54B-48.1. Title.
§ 54B-48.2. Definitions.
§ 54B-48.3. Acquisitions by Southern Region savings and loan holding companies and Southern Region associations.
§ 54B-48.4. Exceptions.
§ 54B-48.5. Prohibitions.
§ 54B-48.6. Applicable laws, rules and regulations.
§ 54B-48.7. Appeal of Commissioner of Banks' decision.
§ 54B-48.8. Periodic reports; interstate agreements.
§ 54B-48.9. Enforcement.
§§ 54B-49 through 54B-51. Reserved for future codification purposes.
Supervision and Regulation.
§ 54B-52. Commissioner of Banks.
§ 54B-53: Repealed by Session Laws 2001-193, s. 3.
§ 54B-54. Deputy commissioner of Savings Institutions Division.
§ 54B-55. Power of Commissioner of Banks to promulgate rules and regulations; reproduction of records.
§ 54B-56. Examinations by Commissioner of Banks; report.
§ 54B-57. Supervision and examination fees.
§ 54B-58. Prolonged audit, examination or revaluation; payment of costs.
§ 54B-59. Cease and desist orders.
§ 54B-60. Commissioner of Banks to have right of access to books and records of association; right to issue subpoenas, administer oaths, examine witnesses.
§ 54B-61. Test appraisals of collateral for loans; expense paid.
§ 54B-62. Relationship of savings and loan associations with the Savings Institutions Division.
§ 54B-63. Confidential information.
§ 54B-63.1. Confidential records.
§ 54B-64. Civil penalties; State associations.
§ 54B-65. Civil penalties; directors, officers and employees.
§ 54B-66. Criminal penalties.
§ 54B-67. Primary jurisdiction.
§ 54B-68. Supervisory control.
§ 54B-69. Removal of directors, officers and employees.
§ 54B-70. Involuntary liquidation.
§ 54B-71. Judicial review.
§ 54B-72. Indemnity.
§ 54B-73. Cumulative penalties.
§ 54B-74. Annual license fees.
§ 54B-75. Statement; fees.
§ 54B-76. Statement examined, approved, and published.
§ 54B-77. Certain powers granted to State associations.
§ 54B-78. Prohibited practices.
§§ 54B-79 through 54B-99. Reserved for future codification purposes.
§ 54B-100. Membership of a mutual association.
§ 54B-101. Directors.
§ 54B-102. Employment policies.
§ 54B-103. Duties and liabilities of officers and directors to their associations.
§ 54B-104. Conflicts of interest.
§ 54B-105. Voting rights.
§ 54B-106. Annual meetings; notice required.
§ 54B-107. Special meetings; notice required.
§ 54B-108. Quorum.
§ 54B-109. Indemnification.
§ 54B-110. Days and hours of operation.
§§ 54B-111 through 54B-120. Reserved for future codification purposes.
§ 54B-121. Creation of withdrawable accounts.
§ 54B-122. Additional requirements.
§ 54B-123. Dividends on withdrawable accounts.
§ 54B-124. Withdrawals from withdrawable accounts.
§ 54B-125. Emergency limitations.
§ 54B-126. Forced retirement of withdrawable accounts.
§ 54B-127. Negotiable orders of withdrawal.
§ 54B-128. Option on nonnegotiable orders of withdrawal.
§ 54B-129. Joint accounts.
§ 54B-130: Repealed by Session Laws 2011-236, s. 2, effective October 1, 2011.
§ 54B-130.1. Payable on Death (POD) accounts.
§ 54B-131. Right of setoff on withdrawable accounts.
§ 54B-132. Minors as withdrawable account holders; safe deposit box lessees.
§ 54B-133. Withdrawable accounts as deposit of securities.
§ 54B-134. New account books.
§ 54B-135. Transfer of withdrawable accounts.
§ 54B-136. Authority of power of attorney.
§ 54B-137. Reserved for future codification purposes.
§ 54B-138. Reserved for future codification purposes.
§ 54B-139. Personal agency accounts.
§§ 54B-140 through 54B-146. Reserved for future codification purposes.
Fee for Returned Checks.
§ 54B-147. Collection of processing fee for returned checks.
§§ 54B-148 through 54B-149. Reserved for future codification purposes.
§ 54B-150. Manner of making loans.
§ 54B-151. Permitted loans.
§ 54B-152. Real property encumbrances.
§ 54B-153. Prohibited security.
§ 54B-154. Insider loans.
§ 54B-155. Rule-making power of Commissioner of Banks.
§ 54B-156. Loan expenses and fees.
§ 54B-157. Loans conditioned on certain transactions prohibited.
§ 54B-158. Insured or guaranteed loans.
§ 54B-159. Purchase of loans.
§ 54B-160. Participation in loans.
§ 54B-161. Sale of loans.
§ 54B-162. Power to borrow money.
§ 54B-163. Methods of loan repayment.
§ 54B-164. Loans to one borrower.
§ 54B-165. Professional services.
§ 54B-166. Nonconforming investments.
§ 54B-167. Scope of Article.
§§ 54B-168 through 54B-179. Reserved for future codification purposes.
§ 54B-180. Other investments.
§ 54B-181. Business property of a State association.
§ 54B-182. United States obligations.
§ 54B-183. North Carolina obligations.
§ 54B-184. Federal Home Loan Bank obligations.
§ 54B-185. Deposits in banks.
§ 54B-186. Deposits in other associations.
§ 54B-187. Fannie Mae obligations.
§ 54B-188. Municipal and county obligations.
§ 54B-189. Stock in education agency.
§ 54B-190. Industrial development corporation stock.
§ 54B-191. Urban renewal investment corporation stock.
§ 54B-192. Urban renewal projects.
§ 54B-193. Loans on sufficient collateral; other investments.
§ 54B-194. Service corporations.
§ 54B-195. Any loan or investment permitted for federal associations.
§ 54B-196. Reserved for future codification purposes.
§ 54B-197. Effect of change in law or regulation.
§§ 54B-198 through 54B-209. Reserved for future codification purposes.
§ 54B-210. Components of liquidity fund.
§ 54B-211. Renewal of liquidity fund.
§§ 54B-212 through 54B-215. Reserved for future codification purposes.
§ 54B-216. General reserve.
§§ 54B-217 through 54B-220. Reserved for future codification purposes.
§§ 54B-221 through 54B-235. Repealed by Session Laws 1983 (Regular Session, 1984), c. 1087, s. 6, effective July 5, 1984.
Mutual Deposit Guaranty Associations.
§ 54B-236. Definitions.
§ 54B-237. Organization of a mutual deposit guaranty association.
§ 54B-238. Examination and certification by Secretary of Commerce.
§ 54B-239. Recordation of articles of incorporation.
§ 54B-240. Proposed amendments submitted to Secretary of Commerce.
§ 54B-241. Examination and certification of amendments.
§ 54B-242. Recordation of amendments.
§ 54B-243. Reserve for losses.
§ 54B-244. Purposes and powers of mutual deposit guaranty associations.
§ 54B-245. Filing of semiannual financial reports; fees.
§ 54B-246. Supervision by Secretary of Commerce.
§ 54B-247. Special examinations.
§ 54B-248. Right to enter and to conduct investigations.
§ 54B-249. Removal of officers or employees.
§§ 54B-250 through 54B-260. Reserved for future codification purposes.
Savings and Loan Holding Companies.
§ 54B-261. Savings and loan holding companies.
§ 54B-262. Supervision of savings and loan holding companies.
§ 54B-263. Reserved for future codification purposes.
§ 54B-264. Reserved for future codification purposes.
Savings and Loan Interstate Branches.
§ 54B-265. Title.
§ 54B-266. Definitions.
§ 54B-267. Establishment of branches by out-of-state associations.
§ 54B-268. Application requirements.
§ 54B-269. Conditions for approval.
§ 54B-270. Special conditions.
§ 54B-271. Powers.
§ 54B-272. Establishment of out-of-state branches by state associations.
§ 54B-273. Regulatory and supervisory oversight.
§ 54B-274. Enforcement.
§ 54B-275. Branch closings.
§ 54B-276. Rules.
§ 54B-277. Appeal of Commissioner of Banks' decision.
§ 54B-278. Severability.