§ 54-109.15. Reports. - North Carolina Statutes

§ 54‑109.15.  Reports.

(a)        Credit unionsorganized under Articles 14A to 14L of this Chapter shall, in January and inJuly of each year, make a report of condition to the Administrator of CreditUnions on forms supplied for that purpose. Additional reports may be required.

(b)        Any credit unionthat neglects to make semiannual reports as provided in subsection (a) of thissection, or any of the other reports required by the Administrator of CreditUnions at the time fixed by the Administrator, shall pay a late penalty to theAdministrator of Credit Unions of seventy‑five dollars ($75.00) for eachday the neglect continues. The Administrator of Credit Unions may revoke thecertificate of incorporation and take possession of the assets and business ofany credit union failing to pay a penalty imposed under this section afterserving notice of at least 15 days upon the credit union of the proposedaction. The clear proceeds of penalties collected pursuant to this subsectionshall be remitted to the Civil Penalty and Forfeiture Fund in accordance withG.S. 115C‑457.2. (1915, c. 115, s. 7; C.S., ss. 5238, 5240; 1925, c. 73, ss. 3, 7, 8;1935, c. 87; 1941, c. 235; 1955, c. 1135, ss. 3, 4; 1957, c. 989, ss. 7, 8;1965, c. 956, ss. 1, 23, 24; 1969, c. 69, s. 6; 1971, c. 864, s. 17; 1973, c.199, s. 12; 1975, c. 538, s. 1; 1991, c. 651, s. 2; 2005‑276, s.6.37(u).)