State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-100

§53‑100.  General or special investigations of insolvent banks.

Whenever it may appear to beto the public interest, the Governor may cause a general or specialinvestigation to be made of the affairs of any insolvent bank or banks, singlyor in related groups, with a view to discovering and establishing the causes ofthe failure of such bank or banks, and responsibility therefor; and ofdiscovering the dealings with such banks of persons, officers, corporations ormunicipalities which may have led to such insolvency or which may haveendangered or involved any public funds therein. The Governor may assigncounsel who shall prosecute such inquiry before the Commissioner of Banks, or adeputy or commissioner appointed by the Commissioner of Banks for the purpose;and the Commissioner of Banks is hereby empowered to conduct such investigationeither in person or through such commissioner or deputy appointed by him. Theinquiry shall be held at the office of the Commissioner of Banks in the City ofRaleigh or at any other place or places in the State designated by theCommissioner of Banks under such rules and regulations as the State BankingCommission may prescribe and may be adjourned from time to time as conveniencemay require. Attendance of witnesses and production of papers may be requiredby subpoena under the hand of the Commissioner or his deputy, and on failure ofany witness to appear as subpoenaed or his or her failure to produce any booksor papers, as called for by such Commissioner or deputy on subpoena or otherorder due notice shall be served, at the instance of such Commissioner ordeputy, of not less than three days to appear before a judge of the superiorcourt residing in or holding courts within the district wherein such witness issubpoenaed or notified to  appear or produce such records or papers, on a daycertain and a place named, when such judge shall hear the matter and isauthorized to punish such witness as for contempt as he may find on suchhearing.

A summary of suchinvestigation shall be made with the findings and recommendations of theCommissioner thereon, and a copy thereof submitted to the Governor, and whenthe facts shall disclose that any person or persons are criminally responsible,a summary shall be sent to the district attorney of the prosecutorial districtas defined in G.S. 7A‑60 likely to have jurisdiction of the matter, whoseduty it shall be to have the matter presented to the grand jury for its action.The Governor may employ counsel to assist in the prosecution of any person orpersons criminally responsible and fix his compensation and the manner of itspayment. (1931, c. 243, s. 11; 1973, c. 47, s. 2; 1987 (Reg.Sess., 1988), c. 1037, s. 90.)