Industrial banks shall haveperpetual duration and succession in their corporate name unless a limitedperiod of duration is stated in their certificate of incorporation. They shallhave the powers conferred by subdivisions (1), (2), and (3) of subsection (a)of G.S. 55‑3‑02, and subdivision (3) of G.S. 53‑43, suchadditional powers as may be necessary or incidental for the carrying out oftheir corporate purposes, and in addition thereto the following powers:
(1) To discount andnegotiate promissory notes, drafts, bills of exchange and other evidences ofindebtedness, and to loan money on real or personal security, and to purchasenotes, bills of exchange, acceptances or other choses in action, and to takeand receive interest or discounts subject to G.S. 53‑43(1).
(2) To make loans andcharge and receive interest at rates not exceeding the rates of interestprovided in G.S. 24‑1.1 and G.S. 24‑1.2.
(3) To establish branchoffices or places of business within the county in which its principal officeis located, and elsewhere in the State, after having first obtained the writtenapproval of the Commissioner of Banks, which approval may be given or withheldby the Commissioner of Banks in his discretion. The Commissioner of Banks, inexercising such discretion, shall take into account, but not by way oflimitation, such factors as the financial history and condition of theapplicant bank, the adequacy of its capital structure, its future earningsprospects, and the general character of its management. Such approval shall notbe given until he shall find
a. That theestablishment of such branch or limited service facility will meet the needsand promote the convenience of the community to be served by the bank, and
b. That the probablevolume of business and reasonable public demand in such community aresufficient to assure and maintain the solvency of said branch or limitedservice facility and of the existing bank or banks in said community.
Provided,that the Commissioner of Banks shall not authorize the establishment of anybranch the paid‑in capital of whose parent bank is not sufficient inamount to provide for capital in an amount equal to that required with respectto the establishment of branches of commercial banks under the provisions ofG.S. 53‑62. For the purposes of this paragraph, the provisions of G.S. 53‑62as to the meaning of the word "capital" shall be applicable.
Abank may discontinue a branch office upon resolution of its board of directors.Upon the adoption of such a resolution, the bank shall follow the proceduresfor closing a branch as set forth at G.S. 53‑62(e). No branch shall beclosed until approved by the Commissioner of Banks.
(4) Subject to theapproval of the Commissioner of Banks and on the authority of its board ofdirectors, or a majority thereof, to enter into such contract, incur suchobligations and generally to do and perform any and all such acts and thingswhatsoever as may be necessary or appropriate in order to take advantage of anyand all memberships, loans, subscriptions, contracts, grants, rights orprivileges, which may at any time be available or inure to bankinginstitutions, or to their depositors, creditors, stockholders, conservators,receivers or liquidators, by virtue of those provisions of section eight of theFederal Banking Act of 1933 (section twelve B of the Federal Reserve Act asamended) which establish the Federal Deposit Insurance Corporation and providefor the insurance of deposits, or of any other provisions of that or any other actor resolution of Congress to aid, regulate or safeguard banking institutionsand their depositors, including any amendments of the same or any substitutionstherefor; also, to subscribe for and acquire any stock, debentures, bonds orother types of securities of the Federal Deposit Insurance Corporation and tocomply with the lawful regulations and requirements from time to time issued ormade by such corporations.
(5) To solicit, receiveand accept money or its equivalent on deposit both in savings accounts and uponcertificates of deposit.
(6) Subject to theapproval of the State Banking Commission, to solicit, receive and accept moneyor its equivalent on deposit subject to check; provided, however, no suchapproval shall be given unless and until such industrial bank meets the capitalrequirements of a commercial bank as set forth in G.S. 53‑2.
(7) To transact anylawful business in aid of the United States in time of war or engagement of thenation's armed forces in hostile military operations. (1923,c. 225, s. 6; C.S., s. 225(f); 1925, c. 199, s. 1; 1931, c. 243, s. 5; 1935, c.81, s. 2; 1939, c. 244, ss. 1, 2; 1943, c. 233; 1945, c. 283; 1949, c. 952, ss.1, 2; 1959, c. 365; 1967, c. 789, s. 19; 1969, c. 1303, ss. 10‑12; 1995,c. 129, s. 26; 1995 (Reg. Sess., 1996), c. 742, s. 20.)
Industrial banks shall haveperpetual duration and succession in their corporate name unless a limitedperiod of duration is stated in their certificate of incorporation. They shallhave the powers conferred by subdivisions (1), (2), and (3) of subsection (a)of G.S. 55‑3‑02, and subdivision (3) of G.S. 53‑43, suchadditional powers as may be necessary or incidental for the carrying out oftheir corporate purposes, and in addition thereto the following powers:
(1) To discount andnegotiate promissory notes, drafts, bills of exchange and other evidences ofindebtedness, and to loan money on real or personal security, and to purchasenotes, bills of exchange, acceptances or other choses in action, and to takeand receive interest or discounts subject to G.S. 53‑43(1).
(2) To make loans andcharge and receive interest at rates not exceeding the rates of interestprovided in G.S. 24‑1.1 and G.S. 24‑1.2.
(3) To establish branchoffices or places of business within the county in which its principal officeis located, and elsewhere in the State, after having first obtained the writtenapproval of the Commissioner of Banks, which approval may be given or withheldby the Commissioner of Banks in his discretion. The Commissioner of Banks, inexercising such discretion, shall take into account, but not by way oflimitation, such factors as the financial history and condition of theapplicant bank, the adequacy of its capital structure, its future earningsprospects, and the general character of its management. Such approval shall notbe given until he shall find
a. That theestablishment of such branch or limited service facility will meet the needsand promote the convenience of the community to be served by the bank, and
b. That the probablevolume of business and reasonable public demand in such community aresufficient to assure and maintain the solvency of said branch or limitedservice facility and of the existing bank or banks in said community.
Provided,that the Commissioner of Banks shall not authorize the establishment of anybranch the paid‑in capital of whose parent bank is not sufficient inamount to provide for capital in an amount equal to that required with respectto the establishment of branches of commercial banks under the provisions ofG.S. 53‑62. For the purposes of this paragraph, the provisions of G.S. 53‑62as to the meaning of the word "capital" shall be applicable.
Abank may discontinue a branch office upon resolution of its board of directors.Upon the adoption of such a resolution, the bank shall follow the proceduresfor closing a branch as set forth at G.S. 53‑62(e). No branch shall beclosed until approved by the Commissioner of Banks.
(4) Subject to theapproval of the Commissioner of Banks and on the authority of its board ofdirectors, or a majority thereof, to enter into such contract, incur suchobligations and generally to do and perform any and all such acts and thingswhatsoever as may be necessary or appropriate in order to take advantage of anyand all memberships, loans, subscriptions, contracts, grants, rights orprivileges, which may at any time be available or inure to bankinginstitutions, or to their depositors, creditors, stockholders, conservators,receivers or liquidators, by virtue of those provisions of section eight of theFederal Banking Act of 1933 (section twelve B of the Federal Reserve Act asamended) which establish the Federal Deposit Insurance Corporation and providefor the insurance of deposits, or of any other provisions of that or any other actor resolution of Congress to aid, regulate or safeguard banking institutionsand their depositors, including any amendments of the same or any substitutionstherefor; also, to subscribe for and acquire any stock, debentures, bonds orother types of securities of the Federal Deposit Insurance Corporation and tocomply with the lawful regulations and requirements from time to time issued ormade by such corporations.
(5) To solicit, receiveand accept money or its equivalent on deposit both in savings accounts and uponcertificates of deposit.
(6) Subject to theapproval of the State Banking Commission, to solicit, receive and accept moneyor its equivalent on deposit subject to check; provided, however, no suchapproval shall be given unless and until such industrial bank meets the capitalrequirements of a commercial bank as set forth in G.S. 53‑2.
(7) To transact anylawful business in aid of the United States in time of war or engagement of thenation's armed forces in hostile military operations. (1923,c. 225, s. 6; C.S., s. 225(f); 1925, c. 199, s. 1; 1931, c. 243, s. 5; 1935, c.81, s. 2; 1939, c. 244, ss. 1, 2; 1943, c. 233; 1945, c. 283; 1949, c. 952, ss.1, 2; 1959, c. 365; 1967, c. 789, s. 19; 1969, c. 1303, ss. 10‑12; 1995,c. 129, s. 26; 1995 (Reg. Sess., 1996), c. 742, s. 20.)
Industrial banks shall haveperpetual duration and succession in their corporate name unless a limitedperiod of duration is stated in their certificate of incorporation. They shallhave the powers conferred by subdivisions (1), (2), and (3) of subsection (a)of G.S. 55‑3‑02, and subdivision (3) of G.S. 53‑43, suchadditional powers as may be necessary or incidental for the carrying out oftheir corporate purposes, and in addition thereto the following powers:
(1) To discount andnegotiate promissory notes, drafts, bills of exchange and other evidences ofindebtedness, and to loan money on real or personal security, and to purchasenotes, bills of exchange, acceptances or other choses in action, and to takeand receive interest or discounts subject to G.S. 53‑43(1).
(2) To make loans andcharge and receive interest at rates not exceeding the rates of interestprovided in G.S. 24‑1.1 and G.S. 24‑1.2.
(3) To establish branchoffices or places of business within the county in which its principal officeis located, and elsewhere in the State, after having first obtained the writtenapproval of the Commissioner of Banks, which approval may be given or withheldby the Commissioner of Banks in his discretion. The Commissioner of Banks, inexercising such discretion, shall take into account, but not by way oflimitation, such factors as the financial history and condition of theapplicant bank, the adequacy of its capital structure, its future earningsprospects, and the general character of its management. Such approval shall notbe given until he shall find
a. That theestablishment of such branch or limited service facility will meet the needsand promote the convenience of the community to be served by the bank, and
b. That the probablevolume of business and reasonable public demand in such community aresufficient to assure and maintain the solvency of said branch or limitedservice facility and of the existing bank or banks in said community.
Provided,that the Commissioner of Banks shall not authorize the establishment of anybranch the paid‑in capital of whose parent bank is not sufficient inamount to provide for capital in an amount equal to that required with respectto the establishment of branches of commercial banks under the provisions ofG.S. 53‑62. For the purposes of this paragraph, the provisions of G.S. 53‑62as to the meaning of the word "capital" shall be applicable.
Abank may discontinue a branch office upon resolution of its board of directors.Upon the adoption of such a resolution, the bank shall follow the proceduresfor closing a branch as set forth at G.S. 53‑62(e). No branch shall beclosed until approved by the Commissioner of Banks.
(4) Subject to theapproval of the Commissioner of Banks and on the authority of its board ofdirectors, or a majority thereof, to enter into such contract, incur suchobligations and generally to do and perform any and all such acts and thingswhatsoever as may be necessary or appropriate in order to take advantage of anyand all memberships, loans, subscriptions, contracts, grants, rights orprivileges, which may at any time be available or inure to bankinginstitutions, or to their depositors, creditors, stockholders, conservators,receivers or liquidators, by virtue of those provisions of section eight of theFederal Banking Act of 1933 (section twelve B of the Federal Reserve Act asamended) which establish the Federal Deposit Insurance Corporation and providefor the insurance of deposits, or of any other provisions of that or any other actor resolution of Congress to aid, regulate or safeguard banking institutionsand their depositors, including any amendments of the same or any substitutionstherefor; also, to subscribe for and acquire any stock, debentures, bonds orother types of securities of the Federal Deposit Insurance Corporation and tocomply with the lawful regulations and requirements from time to time issued ormade by such corporations.
(5) To solicit, receiveand accept money or its equivalent on deposit both in savings accounts and uponcertificates of deposit.
(6) Subject to theapproval of the State Banking Commission, to solicit, receive and accept moneyor its equivalent on deposit subject to check; provided, however, no suchapproval shall be given unless and until such industrial bank meets the capitalrequirements of a commercial bank as set forth in G.S. 53‑2.
(7) To transact anylawful business in aid of the United States in time of war or engagement of thenation's armed forces in hostile military operations. (1923,c. 225, s. 6; C.S., s. 225(f); 1925, c. 199, s. 1; 1931, c. 243, s. 5; 1935, c.81, s. 2; 1939, c. 244, ss. 1, 2; 1943, c. 233; 1945, c. 283; 1949, c. 952, ss.1, 2; 1959, c. 365; 1967, c. 789, s. 19; 1969, c. 1303, ss. 10‑12; 1995,c. 129, s. 26; 1995 (Reg. Sess., 1996), c. 742, s. 20.)
