§ 54B-48.4. Exceptions. - North Carolina Statutes

§ 54B‑48.4.  Exceptions.

A North Carolina savings andloan holding company, a North Carolina association, a Southern Region savingsand loan holding company, or a Southern Region association may acquire orcontrol, and shall not cease to be a North Carolina savings and loan holdingcompany, a North Carolina association, a Southern Region savings and loanholding company, or a Southern Region association, as the case may be, byvirtue of its acquisition or control of:

(1)        An associationhaving branch offices in a state not within the region, if such association hasbeen acquired pursuant to the provisions of Section 123 of the Garn‑St.Germain Depository Institutions Act of 1982 (12 U.S.C. 1730a(m)), or comparableprovisions of state law;

(2)        An association whichis not a Southern Region association if such association has been acquired inthe regular course of securing or collecting a debt previously contracted ingood faith, and if the association or savings and loan holding company diveststhe securities or assets acquired within two years of the date of acquisition.A North Carolina association, a North Carolina savings and loan holdingcompany, or a Southern Region association may retain these interests for up tothree additional periods of one year if the Commissioner of Banks determinesthat the required divestiture would create undue financial difficulties forthat association or savings and loan holding company. (1983 (Reg. Sess., 1984), c.1087, s. 1; 2001‑193, s. 16.)