North Carolina General Statutes 53-139. Capital stock
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Terms Used In North Carolina General Statutes 53-139
- industrial bank: as used in this Article shall be construed to mean any corporation organized or authorized under this Article which is engaged in receiving, soliciting or accepting money or its equivalent on deposit and in lending money to be repaid in weekly, monthly, or other periodical installments or principal sums as a business: Provided, however, this definition shall not be construed to include building and loan associations, commercial banks, or credit unions. See North Carolina General Statutes 53-136
The amount of capital stock with which any industrial bank shall commence business shall not be less than fifty percent (50%) of that which would be required of a commercial bank under the provisions of N.C. Gen. Stat. § 53-2 (1923, c. 225, s. 4; C.S., s. 225(d); 1967, c. 789, s. 18.)