State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-78

Article7.

Officers and Directors.

§ 53‑78.  Appointment ofexecutive and loan committees by directors.

The board of directors shallappoint an executive committee or committees, each of which shall be composedof at least three of its members with such duties and powers as are defined bythe regulations or bylaws, who shall serve until their successors areappointed. Such executive committee or committees shall meet as often as theboard of directors may require, except that the executive committee or committeesshall meet at least once during each month in which there is no meeting of theboard of directors, and approve or disapprove all loans and investments. Allloans and investments shall be made under such rules and regulations as theboard of directors may prescribe.

The board of directors mayappoint, in addition to the executive committee or committees, a general loancommittee, the membership of which shall include at least three directors andsuch officers of the bank as may be appointed, with such duties and powers withrespect to making loans and investments as are defined in the bylaws or byresolution of the board of directors, the members of such general loancommittee to serve until their successors are appointed. Such general loancommittee, if appointed, shall meet as often as the bylaws or resolution of theboard of directors may require, which shall not be less frequently than onceeach month, and approve or disapprove all such loans and investments as may berequired by the bylaws or by resolution of the board of directors to besubmitted to the general loan committee. The board of directors of any bank,which has branches, may appoint, in addition to a general loan committee, aloan committee for the parent bank and for any branch, each of which committeesshall include at least three members who are officers or members of the localadvisory board for such parent bank or branch, with such duties and powers withrespect to approving or disapproving loans and investments as may be defined inthe bylaws or by resolution of the board of directors, and under such rules andregulations as the board of directors may prescribe. Such loans and investmentsas are authorized or approved by a general loan committee or either of theother loan committees hereinabove provided for may, but need not, be approvedor disapproved by the executive committee or committees. All loans andinvestments made, however, shall be authorized or approved by either theexecutive committee or committees, a general loan committee, or one of theother loan committees herein provided for. (1921, c. 4, s. 49; C.S., s.221(a); 1951, c. 167, s. 1; 1989, c. 187, s. 13; 1995, c. 129, s. 16.)