§ 54B-238. Examination and certification by Secretary of Commerce. - North Carolina Statutes

§54B‑238.  Examination and certification by Secretary of Commerce.

(a)        Upon receipt fromthe Secretary of State of a copy of the articles of incorporation of a proposedguaranty association, the Secretary of Commerce shall at once examine all thefacts connected with the formation of the proposed corporation. If the articlesof incorporation are correct in form and substance and the examination showsthat such corporation, if formed, would be entitled to commence the business ofa guaranty association, the Secretary of Commerce shall so certify to theSecretary of State.

(b)        The Secretary ofCommerce may refuse to make such certification if upon examination he hasreason to believe the proposed corporation is to be formed for any businessother than assuring the liquidity of member institutions and guaranteeingdeposits therein, if upon examination he has reason to believe that thecharacter and general fitness of the incorporators are not such as to commandthe confidence of the general public or if the best interests of the publicwill not be promoted by its establishment. (1981, c. 282, s. 3; 1983, c.719, s. 2; 1989, c. 751, s. 8(3); 1991 (Reg. Sess., 1992), c. 959, s. 8.)