§ 54-48. Reserve associations. - North Carolina Statutes

§ 54‑48.  Reserveassociations.

Associations to be known as"reserve land and loan associations" may be chartered and licensed asprovided in this Article, when they are organized and the stock therein is heldby local land and loan associations, and shall have such powers, rights, andprivileges as are accorded to other domestic associations, and they may conformto such laws, rules, and regulations as may be prescribed by the laws of theUnited States, or of this State, to enable them to receive moneys, bonds, orsecurities to be used in loans and to secure the same. Such reserveassociations shall be under the supervision of the Commissioner of Banks as arebuilding and loan associations. (1915, c. 172, s. 4; C.S., s. 5207; 1971, c. 864, s.17; 1989, c. 76, s. 14; 2001‑193, s. 16.)