§ 54B-194. Service corporations. - North Carolina Statutes

§ 54B‑194.  Servicecorporations.

(a)        Any association orgroup of associations whose principal offices are located within this State,may establish service corporations under the provisions of Chapter 55 forcorporate organization, provided that the Commissioner of Banks receives copiesof the proposed articles of incorporation and bylaws for approval, prior tofiling them with the Secretary of State. Any such association may also investin the capital stock, obligations or other securities of existing servicecorporations.

(b)        No Stateassociation may make any investment in service corporations if its aggregateinvestment would exceed ten percent (10%) of its total assets.

(c)        Servicecorporations shall be subject to audit and examination by the Commissioner ofBanks, and the cost of examination shall be paid by the service corporation.

(d)        The permittedactivities of a service corporation shall be described in the rules andregulations as promulgated by the Commissioner of Banks. In addition, a servicecorporation may engage in those activities which are approved for servicecorporations owned solely by federal associations who have their principaloffices in this State, unless such activities are prohibited by theCommissioner of Banks.

(e)        The location of theprincipal and branch offices of a service corporation must be approved by theCommissioner of Banks. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 20; 1989(Reg. Sess., 1990), c. 806, s. 11; 2001‑193, s. 16.)