§ 54B-216. General reserve. - North Carolina Statutes

Article 10.

General Reserve.

§ 54B‑216.  Generalreserve.

(a)        Every Stateassociation shall establish and maintain general valuation allowances andspecific loss reserves in compliance with the requirements of the appropriatefederal regulatory authorities.

(b)        The failure of aState association to maintain the required level of general valuationallowances or specific loss reserves may be grounds for supervisory action bythe Commissioner of Banks.

(c)        The Commissioner ofBanks may adopt rules to implement this section.

(d)        to (f) Repealed bySession Laws 1989, c. 76, s. 11. (1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238,s. 2; 1989, c. 76, s. 11; 1989 (Reg. Sess., 1990), c. 806, s. 14; 2001‑193,s. 16.)