Terms Used In North Carolina General Statutes > Chapter 54B > Article 5 - Corporate Administration

• Appraisal: A determination of property value.
• Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
• Commissioner: means the Commissioner of Banks authorized pursuant to Article 2 of Chapter 53C of the N. See North Carolina General Statutes 54B-4
• Conflict of interest: means a matter before the board of directors in which one or more of the directors, officers or employees has a direct or indirect financial interest in its outcome. See North Carolina General Statutes 54B-4
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Fiduciary: A trustee, executor, or administrator.
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Members: means withdrawable account holders and borrowers in a State mutual association. See North Carolina General Statutes 54B-4
• Mutual association: means all mutual savings and loan associations owned by members of the association, and organized under the provisions of this Chapter or its predecessor for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Principal office: means the office which houses the headquarters of an association. See North Carolina General Statutes 54B-4
• Quorum: The number of legislators that must be present to do business.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Rules and regulations: means those regulatory procedures and guidelines issued by the Commissioner of Banks and approved by the Commission. See North Carolina General Statutes 54B-4
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• State association: means a corporation or association organized under this Chapter or its predecessor and operated under the provisions of this Chapter to conduct the savings and loan business; or a corporation organized under the provisions of the predecessors to this Chapter and operated under the provisions of this Chapter; or a corporation organized under the provisions of federal law and so converted as to be operated under the provisions of this Chapter. See North Carolina General Statutes 54B-4
• Stock association: means any corporation or company owned by holders of capital stock and organized under the provisions of this Chapter for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Withdrawable accounts: means accounts in which a customer or member places funds with an association which may be withdrawn by the account holder. See North Carolina General Statutes 54B-4