State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-218

§53‑218.  Nonseverability.

It is the purpose of thisArticle 17 to facilitate orderly development within North Carolina of bankingorganizations that have banking offices in more than one state. It is not thepurpose of this Article to authorize acquisitions of North Carolina bankholding companies or North Carolina banks by bank holding companies that do nothave their principal place of business in this State on any basis other than asexpressly provided in this Article. Therefore, if any portion of this Articlepertaining to the terms and conditions for and limitations upon acquisition ofNorth Carolina bank holding companies and North Carolina banks by bank holdingcompanies that do not have their principal place of business in this State isdetermined to be invalid for any reason by a final nonappealable order of anyNorth Carolina or federal court of competent jurisdiction, then this entireArticle shall be null and void in its entirety and shall be of no further forceor effect from the effective date of such order: Provided, however, that anytransaction that has been lawfully consummated pursuant to this Article priorto a determination of invalidity shall be unaffected by such determination. (1983(Reg. Sess., 1984), c. 1113, s. 1; 1993, c. 175, s. 15; 1993 (Reg. Sess.,1994), c. 599, s. 1.)