State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-87_1

§ 53‑87.1.  Payment ofdividends on preferred shares issued to the United States Treasury.

(a)        Notwithstanding anyother provision of this Chapter, the board of directors of any bank may declareand pay a dividend on preferred shares issued by the bank to the United StatesTreasury in connection with and as a condition of the bank's participation inthe Capital Purchase Program authorized by Title I of the Emergency EconomicStabilization Act of 2008 (Public Law 110‑343).

(b)        Notwithstanding anyother provision of this Chapter, with the prior approval of the Commissioner ofBanks and subject to any conditions the Commissioner may impose, a bank mayissue preferred or preference shares and pay dividends thereon, in order torecapitalize itself.  (2009‑28, s. 1.)