Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 30 |
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1 (D Before the chartering of a proposed bank. the articles of incorporation filed
2 under the provisions of G.S. 53-3-2 shall be sufficient certification to the FDIC that the
3 proposed bank is a legal entity.
4t'
td The Commissioner may approve a charter for a proposed bank only when the
6 Commissioner has determined that all the following requirements have been satisfied or
7 are reasonably probable to be satisfied within a reasonable period of time specified by
8 the Commissioner in the order of approval:
9 LU The proposed bank has solicited or will solicit subscriptions for
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t2
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t4
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purchases of shares sufficient to provide an amount of required capital
satisfactory to the Commissioner for the commencement of the
business of banking.
All prior public solicitations for purchases of shares. and all future
solicitations will be solicited with appropriate disclosure. taking into
account all the circumstances of the public solicitation. including a
prominent statement in any solicitation document to the effect that the
solicitation has not been approved by the Commissioner or the
Commission and that a representation to the contrary is a criminal
offense.
All payments for purchases of shares in a bank in organization are
made in United States currency,
The proposed bank has an operational expense fund from which to pay
organizational expenses. in an amount determined by the
Commissioner to be sufficient for the safe and sound operation of the
proposed bank while the charter application is pending.
The proposed bank has been formed for le&itimate and lawful business
DUmOSeS.
The character. competence and experience of the organizers. proposed.
directors. proposed officers. and initial holders of more than ten
percent of the voting securities of the proposed bank will command the
confidence of the public.
The proposed officers and directors. as a group. have degrees of
character. competence and experience sufficient to justify a belief that
the proposed bank will be free from improper or unlawful influence
and otherwise will operate safely. soundly and in compliance with law.
The anticipated volume and nature of business of the proposed bank
projected in the application are reasonable and indicate a reasonable
probability of safe. sound. and profitable operation of the proposed
bank.
If the proposed bank intends to conduct "trust business". as defined by
G.S.53-1-4(69). it appears that trust powers should be granted based
on consideration of the various factors set forth in Article 24 of this,
Chapter for considering applications and settingcapital for a State trust
company.
Joint Legislative Study Commission on the Modernization of North Carolina Banking La.ws
(D
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CI
(2011) Page 30
Object Description
Description
| Title | Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 30 |
| Full Text | 1 (D Before the chartering of a proposed bank. the articles of incorporation filed 2 under the provisions of G.S. 53-3-2 shall be sufficient certification to the FDIC that the 3 proposed bank is a legal entity. 4t' td The Commissioner may approve a charter for a proposed bank only when the 6 Commissioner has determined that all the following requirements have been satisfied or 7 are reasonably probable to be satisfied within a reasonable period of time specified by 8 the Commissioner in the order of approval: 9 LU The proposed bank has solicited or will solicit subscriptions for 10 1l t2 13 t4 15 16 17 18 t9 20 2l purchases of shares sufficient to provide an amount of required capital satisfactory to the Commissioner for the commencement of the business of banking. All prior public solicitations for purchases of shares. and all future solicitations will be solicited with appropriate disclosure. taking into account all the circumstances of the public solicitation. including a prominent statement in any solicitation document to the effect that the solicitation has not been approved by the Commissioner or the Commission and that a representation to the contrary is a criminal offense. All payments for purchases of shares in a bank in organization are made in United States currency, The proposed bank has an operational expense fund from which to pay organizational expenses. in an amount determined by the Commissioner to be sufficient for the safe and sound operation of the proposed bank while the charter application is pending. The proposed bank has been formed for le&itimate and lawful business DUmOSeS. The character. competence and experience of the organizers. proposed. directors. proposed officers. and initial holders of more than ten percent of the voting securities of the proposed bank will command the confidence of the public. The proposed officers and directors. as a group. have degrees of character. competence and experience sufficient to justify a belief that the proposed bank will be free from improper or unlawful influence and otherwise will operate safely. soundly and in compliance with law. The anticipated volume and nature of business of the proposed bank projected in the application are reasonable and indicate a reasonable probability of safe. sound. and profitable operation of the proposed bank. If the proposed bank intends to conduct "trust business". as defined by G.S.53-1-4(69). it appears that trust powers should be granted based on consideration of the various factors set forth in Article 24 of this, Chapter for considering applications and settingcapital for a State trust company. Joint Legislative Study Commission on the Modernization of North Carolina Banking La.ws (D 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 JI 38 39 40 4I 42 43 44 G) g) 6) (o 0 G) CI (2011) Page 30 |
