State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-92

Article 8.

Commissioner of Banks andState Banking Commission.

§ 53‑92.  Appointment ofCommissioner of Banks; State Banking Commission.

(a)        On or before April1, 1983, and quadrennially thereafter, the Governor shall appoint aCommissioner of Banks subject to confirmation by the General Assembly by jointresolution. The name of the Commissioner of Banks shall be submitted to theGeneral Assembly on or before February 1, of the year in which the term of hisoffice begins. The term of office for the Commissioner of Banks shall be fouryears. In case of a vacancy in the office of Commissioner of Banks for anyreason prior to the expiration of his term of office, the name of his successorshall be submitted by the Governor to the General Assembly, not later than fourweeks after the vacancy arises. If a vacancy arises in the office when theGeneral Assembly is not in session, the Commissioner of Banks shall beappointed by the Governor to serve on an interim basis pending confirmation bythe General Assembly.

(b)        The State BankingCommission, which has heretofore been created, shall consist of the StateTreasurer, who shall serve as an ex officio member thereof, 19 membersappointed by the Governor, and two members appointed by the General Assemblyunder G.S. 120‑121, one of whom shall be appointed upon therecommendation of the President Pro Tempore of the Senate and one of whom shallbe appointed upon the recommendation of the Speaker of the House ofRepresentatives. The Governor shall appoint five practical bankers, 11 personsselected primarily as representatives of the borrowing public, and two chiefexecutive officers of State savings institutions. The person appointed by theGeneral Assembly upon the recommendation of the President Pro Tempore of theSenate shall be a practical banker. The person appointed by the GeneralAssembly upon the recommendation of the Speaker of the House shall be a personselected primarily as a representative of the borrowing public. The personsselected primarily as representatives of the borrowing public shall not beemployees or directors of any financial institution nor shall they have anyinterest in any regulated financial institution other than as a result of beinga depositor or borrower. Under this section, no person shall be considered tohave an interest in a financial institution whose interest in any financialinstitution does not exceed one‑half of one percent (1/2 of 1%) of thecapital stock of that financial institution. These members of the Commissionshall be selected so as to fully represent the consumer, industrial,manufacturing, professional, business and farming interests of the State. Noperson shall serve on the Commission for more than two complete consecutiveterms. As the terms of office of the appointive members of the Commissionexpire, their successors shall be appointed by the person appointing them, forterms of four years each. Any vacancy occurring in the membership of theCommission shall be filled by the appropriate appointing officer for the unexpiredterm, except that vacancies among members appointed by the General Assemblyshall be filled in accordance with G.S. 120‑122. The appointed members ofthe Commission shall receive subsistence and travel expenses at the rates setforth in G.S. 120‑3.1. The subsistence and travel expenses shall be paidfrom the fees collected from the examination of banks as provided by law.

(c)        The BankingCommission shall meet at such time or times, and not less than once every threemonths, as the Commission shall, by resolution, prescribe, and the Commissionmay be convened in special session at the call of the Governor, or upon therequest of the Commissioner of Banks. The State Treasurer shall be chairman ofthe said Commission.

No member of said Commissionshall act in any matter affecting any bank in which he is financiallyinterested, or with which he is in any manner connected. No member of saidCommission shall divulge or make use of any information coming into hispossession as a result of his service on such Commission, and shall not giveout any information with reference to any facts coming into his possession byreason of his services on such Commission in connection with the condition ofany State banking institution, unless such information shall be required of himat any hearing at which he is duly subpoenaed, or when required by order of acourt of competent jurisdiction.

A quorum shall consist of amajority of the total membership of the Banking Commission. A majority vote ofthe members qualified with respect to a matter under review present at thatmeeting shall constitute valid action of the Banking Commission. The StateTreasurer and all disqualified members who are present shall be counted todetermine whether a quorum is present at a meeting.

The Commissioner of Banksshall act as the executive officer of the Banking Commission, but theCommission shall provide, by rules and regulations, for hearings before theCommission upon any matter or thing which may arise in connection with thebanking laws of this State upon the request of any person interested therein,and review any action taken or done by the Commissioner of Banks.

(d)        The BankingCommission is hereby vested with full power and authority to supervise, directand review the exercise by the Commissioner of Banks of all powers, duties, andfunctions now vested in or exercised by the Commissioner of Banks under thebanking laws of this State. Upon an appeal to the Banking Commission by anyparty from an order entered by the Commissioner of Banks following anadministrative hearing pursuant to Article 3A of Chapter 150B of the GeneralStatutes, the chairman of the Commission may appoint an appellate review panelof not less than five members to review the record on appeal, hear oralarguments, and make a recommended decision to the Commission. Unless anothertime period for appeals is provided by this Chapter, any party to an order bythe Commissioner of Banks may, within 20 days after the order and upon writtennotice to the Commissioner, appeal the Commissioner's order to the BankingCommission for review. The notice of appeal shall state the grounds for theappeal and set forth in numbered order the assignments of error for review bythe Banking Commission. Failure to state the grounds for the appeal andassignments of error shall constitute grounds to dismiss the appeal. Failure tocomply with the briefing schedule provided by the Banking Commission shall alsoconstitute grounds to dismiss the appeal. Upon receipt of a notice of appeal,the Commissioner of Banks shall, within 30 days of the notice, certify to theCommission the record on appeal. Any party to a proceeding before the BankingCommission may, within 20 days after final order of the Commission, petitionthe Superior Court of Wake County for judicial review of a final determinationof any question of law which may be involved. The petition for judicial reviewshall be entitled "(insert name) Petitioner v. State of North Carolina onRelation of the Banking Commission." A copy of the petition for judicialreview shall be served upon the Commissioner of Banks pursuant to G.S. 150B‑46.The petition shall be placed on the civil issue docket of the court and shallhave precedence over other civil actions. Within 15 days of service of thepetition for judicial review, the Commissioner shall certify the record to theClerk of Superior Court of Wake County. The standard of review of a petitionfor judicial review of a final order of the Banking Commission shall be asprovided in G.S. 150B‑51(b).  (1931, c. 243, s. 1; 1935, c. 266; 1939, c. 91, s. 1;1949, c. 372; 1953, c. 1209, ss. 4, 6; 1961, c. 547, s. 2; 1967, c. 789, s. 16;1969, c. 844, s. 6; c. 920; 1979, c. 478, s. 1; 1981, c. 884, s. 1; 1983, c.328, ss. 1, 3; 1985, c. 318; 1989, c. 781, s. 41.1; 1995, c. 490, s. 9; 2001‑193,s. 14; 2003‑63, s. 2; 2006‑203, s. 16; 2009‑57, s. 1.)