§ 54B-48.5. Prohibitions. - North Carolina Statutes

§ 54B‑48.5. Prohibitions.

(a)        Except as may beexpressly permitted by federal law, no savings and loan holding company that isnot either a North Carolina savings and loan holding company or a SouthernRegion savings and loan holding company shall acquire a North Carolina savingsand loan holding company or a North Carolina association.

(b)        Except as requiredby federal law, a North Carolina savings and loan holding company or a SouthernRegion savings and loan holding company that ceases to be a North Carolinasavings and loan holding company or a Southern Region savings and loan holdingcompany shall as soon as practicable and, in all events, within one year aftersuch event divest itself of control of all North Carolina savings and loanholding companies and all North Carolina associations: Provided, however, thatsuch divestiture shall not be required if the North Carolina savings and loanholding company or the Southern Region savings and loan holding company ceasesto be a North Carolina savings and loan holding company or a Southern Regionsavings and loan holding company, as the case may be, because of an increase inthe deposits held by association subsidiaries not located within the region andif such increase is not the result of the acquisition of an association orsavings and loan holding company. Provided further that nothing in this Articleshall be construed to permit interstate branching by associations nor torequire the divestiture of a North Carolina association or a North Carolinasavings and loan holding company by a savings and loan holding company whichacquired its subsidiary North Carolina association or North Carolina savingsand loan holding company prior to the effective date of this Article. Nor shallanything in this Article be construed to prohibit any savings and loan holdingcompany which has acquired a North Carolina association or North Carolinasavings and loan holding company prior to the effective date of this Articlefrom acquiring additional North Carolina associations or North Carolina savingsand loan holding companies. Nor shall anything in this Article be construed tolimit the authority of the Commissioner of Banks pursuant to G.S. 54B‑44.(1983 (Reg.Sess., 1984), c. 1087, s. 1; 2001‑193, s. 16.)