§ 54B‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual associationonly when all of the following criteria are met:
(1) The proposedassociation has an operational expense fund, from which to pay organizationaland incorporation expenses, in an amount determined by the Commissioner ofBanks to be sufficient for the safe and proper operation of the association,but in no event less than seventy‑five thousand dollars ($75,000). Themoneys remaining in such expense fund shall be held by the association for atleast one year from its date of licensing. No portion of such fund shall bereleased to an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person and no dividends shall be accrued or paidon such funds without the prior approval of the Commissioner of Banks.
(2) The proposedassociation has pledges for withdrawable accounts in an amount determined bythe Commissioner of Banks to be sufficient for the safe and proper operation ofthe association, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor withdrawable accounts of the proposed association have been made with legaltender of the United States.
(4) All initial pledgesfor withdrawable accounts of the proposed association are made by residents ofNorth Carolina.
(5) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public.
(6) The character,general fitness and responsibility of the incorporators and the initial boardof directors of the proposed association who shall be residents of NorthCarolina are such as to command the confidence of the community in which theproposed association intends to locate.
(7) There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association.
(8) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(9) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(10) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock association onlywhen all of the following criteria are met:
(1) The proposedassociation has prepared a plan to solicit subscriptions for capital stock inan amount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the association, but in no event less than threemillion dollars ($3,000,000).
(2) Repealed by SessionLaws 1989, c. 76, s. 3.
(3) All subscriptionsfor capital stock of the proposed association have been purchased with legaltender of the United States.
(4) to (7) Repealed bySession Laws 1983, c. 144, s. 5.
(8) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public; and contains the wording "corporation,""incorporated," "limited," or "company," anabbreviation of one of such words or other words sufficient to distinguishstock associations from mutual associations.
(9) The character,general fitness, and trustworthiness of the incorporators, initial board ofdirectors, and initial stockholders of the proposed association are such as tocommand the confidence of the community in which the proposed associationintends to locate.
(10) There is a reasonabledemand and necessity in the community which will be served by the establishmentof the proposed association.
(11) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(12) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(13) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(c) The minimum amountof pledges for withdrawable accounts or subscriptions for capital stock may beadjusted in the discretion of the Commissioner of Banks if he determines that agreater requirement is necessary or that a smaller requirement will provide asufficient capital base. Such a finding and recommendation to the Commissionshall be based upon due consideration of (i) the population of the proposedtrade area, (ii) the total deposits of the depository financial institutionsoperating in the proposed trade area, (iii) the economic conditions of andprojections for the proposed trade area, (iv) the business experience andreputation of the proposed management, (v) the business experience andreputation of the proposed incorporators and directors, and (vi) the projecteddeposit growth, capitalization, and profitability of the proposed association. (1981, c. 282, s. 3; 1983, c.144, s. 5; 1985, c. 659, s. 3; 1989, c. 76, s. 3; 2001‑193, s. 16.)
§ 54B‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual associationonly when all of the following criteria are met:
(1) The proposedassociation has an operational expense fund, from which to pay organizationaland incorporation expenses, in an amount determined by the Commissioner ofBanks to be sufficient for the safe and proper operation of the association,but in no event less than seventy‑five thousand dollars ($75,000). Themoneys remaining in such expense fund shall be held by the association for atleast one year from its date of licensing. No portion of such fund shall bereleased to an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person and no dividends shall be accrued or paidon such funds without the prior approval of the Commissioner of Banks.
(2) The proposedassociation has pledges for withdrawable accounts in an amount determined bythe Commissioner of Banks to be sufficient for the safe and proper operation ofthe association, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor withdrawable accounts of the proposed association have been made with legaltender of the United States.
(4) All initial pledgesfor withdrawable accounts of the proposed association are made by residents ofNorth Carolina.
(5) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public.
(6) The character,general fitness and responsibility of the incorporators and the initial boardof directors of the proposed association who shall be residents of NorthCarolina are such as to command the confidence of the community in which theproposed association intends to locate.
(7) There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association.
(8) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(9) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(10) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock association onlywhen all of the following criteria are met:
(1) The proposedassociation has prepared a plan to solicit subscriptions for capital stock inan amount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the association, but in no event less than threemillion dollars ($3,000,000).
(2) Repealed by SessionLaws 1989, c. 76, s. 3.
(3) All subscriptionsfor capital stock of the proposed association have been purchased with legaltender of the United States.
(4) to (7) Repealed bySession Laws 1983, c. 144, s. 5.
(8) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public; and contains the wording "corporation,""incorporated," "limited," or "company," anabbreviation of one of such words or other words sufficient to distinguishstock associations from mutual associations.
(9) The character,general fitness, and trustworthiness of the incorporators, initial board ofdirectors, and initial stockholders of the proposed association are such as tocommand the confidence of the community in which the proposed associationintends to locate.
(10) There is a reasonabledemand and necessity in the community which will be served by the establishmentof the proposed association.
(11) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(12) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(13) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(c) The minimum amountof pledges for withdrawable accounts or subscriptions for capital stock may beadjusted in the discretion of the Commissioner of Banks if he determines that agreater requirement is necessary or that a smaller requirement will provide asufficient capital base. Such a finding and recommendation to the Commissionshall be based upon due consideration of (i) the population of the proposedtrade area, (ii) the total deposits of the depository financial institutionsoperating in the proposed trade area, (iii) the economic conditions of andprojections for the proposed trade area, (iv) the business experience andreputation of the proposed management, (v) the business experience andreputation of the proposed incorporators and directors, and (vi) the projecteddeposit growth, capitalization, and profitability of the proposed association. (1981, c. 282, s. 3; 1983, c.144, s. 5; 1985, c. 659, s. 3; 1989, c. 76, s. 3; 2001‑193, s. 16.)
§ 54B‑12. Criteria tobe met before the Commissioner of Banks may recommend approval of anapplication.
(a) The Commissioner ofBanks may recommend approval of an application to form a mutual associationonly when all of the following criteria are met:
(1) The proposedassociation has an operational expense fund, from which to pay organizationaland incorporation expenses, in an amount determined by the Commissioner ofBanks to be sufficient for the safe and proper operation of the association,but in no event less than seventy‑five thousand dollars ($75,000). Themoneys remaining in such expense fund shall be held by the association for atleast one year from its date of licensing. No portion of such fund shall bereleased to an incorporator or director who contributed to it, nor to any othercontributor, nor to any other person and no dividends shall be accrued or paidon such funds without the prior approval of the Commissioner of Banks.
(2) The proposedassociation has pledges for withdrawable accounts in an amount determined bythe Commissioner of Banks to be sufficient for the safe and proper operation ofthe association, but in no event less than four million dollars ($4,000,000).
(3) All entrance feesfor withdrawable accounts of the proposed association have been made with legaltender of the United States.
(4) All initial pledgesfor withdrawable accounts of the proposed association are made by residents ofNorth Carolina.
(5) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public.
(6) The character,general fitness and responsibility of the incorporators and the initial boardof directors of the proposed association who shall be residents of NorthCarolina are such as to command the confidence of the community in which theproposed association intends to locate.
(7) There is areasonable demand and necessity in the community which will be served by theestablishment of the proposed association.
(8) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(9) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(10) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(b) The Commissioner ofBanks may recommend approval of an application to form a stock association onlywhen all of the following criteria are met:
(1) The proposedassociation has prepared a plan to solicit subscriptions for capital stock inan amount determined by the Commissioner of Banks to be sufficient for the safeand proper operation of the association, but in no event less than threemillion dollars ($3,000,000).
(2) Repealed by SessionLaws 1989, c. 76, s. 3.
(3) All subscriptionsfor capital stock of the proposed association have been purchased with legaltender of the United States.
(4) to (7) Repealed bySession Laws 1983, c. 144, s. 5.
(8) The name of theproposed association will not mislead the public and is not the same as anexisting association or so similar to the name of an existing association as tomislead the public; and contains the wording "corporation,""incorporated," "limited," or "company," anabbreviation of one of such words or other words sufficient to distinguishstock associations from mutual associations.
(9) The character,general fitness, and trustworthiness of the incorporators, initial board ofdirectors, and initial stockholders of the proposed association are such as tocommand the confidence of the community in which the proposed associationintends to locate.
(10) There is a reasonabledemand and necessity in the community which will be served by the establishmentof the proposed association.
(11) The publicconvenience and advantage will be served by the establishment of the proposedassociation.
(12) The proposedassociation will have a reasonable probability of sustaining profitable andbeneficial operations in the community.
(13) The proposedassociation, if established, will promote healthy and effective competition inthe community in the delivery to the public of savings and loan services.
(c) The minimum amountof pledges for withdrawable accounts or subscriptions for capital stock may beadjusted in the discretion of the Commissioner of Banks if he determines that agreater requirement is necessary or that a smaller requirement will provide asufficient capital base. Such a finding and recommendation to the Commissionshall be based upon due consideration of (i) the population of the proposedtrade area, (ii) the total deposits of the depository financial institutionsoperating in the proposed trade area, (iii) the economic conditions of andprojections for the proposed trade area, (iv) the business experience andreputation of the proposed management, (v) the business experience andreputation of the proposed incorporators and directors, and (vi) the projecteddeposit growth, capitalization, and profitability of the proposed association. (1981, c. 282, s. 3; 1983, c.144, s. 5; 1985, c. 659, s. 3; 1989, c. 76, s. 3; 2001‑193, s. 16.)
