State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-111

§53‑111.  When reserve below legal requirement.

When the reserve of any bankfalls below the amount required by law, it shall not make new loans ordiscounts, otherwise than by discounting or purchasing bills of exchange,payable at sight or on demand, nor make dividends of its profits until thereserve required by law is restored. The Commissioner of Banks shall requireany bank whose reserve falls below the amount herein required immediately tomake good such reserve. In case the bank fails for 30 days thereafter to makegood its reserve the Commissioner of Banks may forthwith take possession of theproperty and business of such bank until its affairs be adjusted or finallyliquidated as provided for in this Chapter. (1921, c. 4, s. 71; C.S., s.222(i); 1931, c. 243, s. 5.)