§ 53-49. Suspension of investment and loan limitation. - North Carolina Statutes

§53‑49.  Suspension of investment and loan limitation.

The board of directors of anybank, may by resolution duly passed at a meeting of the board, request theCommissioner of Banks to suspend temporarily the limitations on loans andinvestments as the same may apply to any particular loan or investment inexcess of the limitations of G.S. 53‑46, 53‑47, and 53‑48which the bank desires to make. Upon receipt of a duly certified copy of suchresolution, the Commissioner of Banks may, in his discretion, suspend thelimitations on loans and investments insofar as they would apply to the loan orinvestment which the bank desires to make: Provided, however, such loan shallbe amply secured and shall be for a period not longer than 120 days. (1921,c. 4, s. 30; C.S., s. 220(e); 1931, c. 243, s. 5; 1933, c. 239, s. 1.)