North Carolina General Statutes 53C-4-10. Examination of board composition, structure, and conduct
(a) As part of its examinations of a bank, the OCOB may assess the competence, composition, structure, and conduct of such bank’s board of directors, including the following:
(1) The number of directors.
Terms Used In North Carolina General Statutes 53C-4-10
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
(2) The independence of directors.
(3) The committee structure of the board.
(4) The education and training of board members.
(5) Compliance with the bank’s code of ethics.
(b) In making the assessment authorized by subsection (a) of this section, the OCOB shall take into consideration publicly issued regulations and guidance of the Commissioner and the bank’s primary federal supervisor and may consider, among other factors, the asset size of the bank, the range and complexity of the activities in which the bank is engaged, the various risks undertaken by the bank, the experience and abilities of the bank’s directors and officers, and the adequacy of the bank’s existing policies, procedures, and internal controls. (2012-56, s. 4.)