North Carolina General Statutes 54B-48.4. Exceptions
A North Carolina savings and loan holding company, a North Carolina association, a Southern Region savings and loan holding company, or a Southern Region association may acquire or control, and shall not cease to be a North Carolina savings and loan holding company, a North Carolina association, a Southern Region savings and loan holding company, or a Southern Region association, as the case may be, by virtue of its acquisition or control of:
(1) An association having branch offices in a state not within the region, if such association has been acquired pursuant to the provisions of Section 123 of the Garn-St. Germain Depository Institutions Act of 1982 (12 U.S.C. § 1730a(m)), or comparable provisions of state law;
Terms Used In North Carolina General Statutes 54B-48.4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Association: means a mutual or capital stock savings and loan association, building and loan association or savings bank chartered under the laws of any one of the states or under the laws of the United States. See North Carolina General Statutes 54B-48.2
- Commissioner: means the Commissioner of Banks authorized pursuant to Article 2 of Chapter 53C of the N. See North Carolina General Statutes 54B-4
- Company: means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U. See North Carolina General Statutes 54B-48.2
- Control: means the power, directly or indirectly, to direct the management or policies of an association or to vote twenty-five percent (25%) or more of any class of voting securities for an association. See North Carolina General Statutes 54B-4
- Control: means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U. See North Carolina General Statutes 54B-48.2
- North Carolina association: means an association organized under the laws of the State of North Carolina or under the laws of the United States and that:
- Savings and loan holding company: means any company which directly or indirectly controls an association or controls any other company which is a savings and loan holding company. See North Carolina General Statutes 54B-48.2
- Southern Region association: means an association other than a North Carolina association organized under the laws of one of the Southern Region states or under the laws of the United States and that:
- Southern Region savings and loan holding company: means a savings and loan holding company that:
- State: means any state of the United States and the District of Columbia. See North Carolina General Statutes 54B-48.2
(2) An association which is not a Southern Region association if such association has been acquired in the regular course of securing or collecting a debt previously contracted in good faith, and if the association or savings and loan holding company divests the securities or assets acquired within two years of the date of acquisition. A North Carolina association, a North Carolina savings and loan holding company, or a Southern Region association may retain these interests for up to three additional periods of one year if the Commissioner of Banks determines that the required divestiture would create undue financial difficulties for that association or savings and loan holding company. (1983 (Reg. Sess., 1984), c. 1087, s. 1; 2001-193, s. 16.)