§ 53-19. When Commissioner of Banks may take charge. - North Carolina Statutes

§53‑19.  When Commissioner of Banks may take charge.

The Commissioner of Banks mayforthwith take possession of the business and property of any bank to whichthis Chapter is applicable whenever it shall appear that such bank:

(1)        Has violated itscharter or any laws applicable thereto;

(2)        Is conducting itsbusiness in an unauthorized or unsafe manner;

(3)        Is in an unsafe orunsound condition to transact its business;

(4)        Has an impairment ofits capital stock;

(5)        Has refused to payits depositors in accordance with the terms on which such deposits werereceived, or has refused to pay its holders of certificates of indebtedness orinvestment in accordance with the terms upon which such certificates ofindebtedness or investment were sold;

(6)        Has become otherwiseinsolvent;

(7)        Has neglected orrefused to comply with the terms of a duly issued lawful order of theCommissioner of Banks;

(8)        Has refused, uponproper demand, to submit its records, affairs, and concerns for inspection andexamination of a duly appointed or authorized examiner of the Commissioner ofBanks;

(9)        Its officers haverefused to be examined upon oath regarding its affairs; or

(10)      Has made a voluntaryassignment of its assets to trustees.

Such banks may resume business asprovided in G.S. 53‑37. (1911, c. 25, s. 4; 1921, c.4, s. 16; C.S., ss. 218(b), 242; 1931, c. 243, s. 5; 1995, c. 129, s. 3.)