State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-232_11

§53‑232.11.  Financial certification; restrictions on investments, loans,and acceptances.

(a)        Before opening anoffice in this State, and annually thereafter so long as a bank office ismaintained in this State, an international banking corporation licensed underthis Article shall certify to the Commissioner the amount of its paid‑incapital, its surplus, and its undivided profits, each expressed in the currencyof the country of its incorporation.  The dollar equivalent of this amount, asdetermined by the Commissioner, is considered to be the amount of its capital,surplus, and undivided profits.

(b)        Purchases anddiscounts of bills of exchange, bonds, debentures, and other obligations andextensions of credit and acceptances by an international bank agency withinthis State are subject to the same limitations as to amount in relation tocapital, surplus, and undivided profits as are applicable to banks organizedunder the laws of this State.  With the prior approval of the Commissioner, thecapital notes and capital debentures of the international banking corporationmay be treated as capital in computing the limitations. (1991,c. 679, s. 1.)