§ 54B-8. Scope and prohibitions; existing charters; injunctions. - North Carolina Statutes

§ 54B‑8.  Scope andprohibitions; existing charters; injunctions.

(a)        Nothing in thisChapter shall be construed to invalidate any charter that was valid prior tothe enactment of this Chapter. All such associations shall continue operationin full force, but such associations shall be operated in accordance with theprovisions of this Chapter.

(b)        Repealed by SessionLaws 1985, c. 659, s. 2.

(c)        No person or groupof persons, nor any corporation, company, or association except oneincorporated and licensed in accordance with the provisions of this Chapter tooperate a State association, shall operate as a State association. Unless soauthorized as a State or federal association and actually engaged intransacting a savings and loan business, no person or group of persons, nor anycorporation, company, or association domiciled and doing business in this Stateshall:

(1)        Use in its name theterms "building and loan association" or "savings and loanassociation" or words of similar import or connotation that lead thepublic reasonably to believe that the business so conducted is that of asavings and loan association; or

(2)        Use any sign, orcirculate or use any letterhead, billhead, circular or paper whatsoever, oradvertise or communicate in any manner that would lead the public reasonably tobelieve that it is conducting the business of a savings and loan association.

(d)        Upon application bythe Commissioner of Banks or by any savings and loan association, a court ofcompetent jurisdiction may issue an injunction to restrain any person or entityfrom violating or from continuing to violate any of the foregoing provisions ofsubsection (c). (1981,c. 282, s. 3; 1985, c. 659, s. 2; 1987, c. 237, s. 1; 2001‑193, s. 16.)