§ 54C-122. Lending procedures. - North Carolina Statutes

§ 54C‑122.  Lendingprocedures.

(a)        The board ofdirectors shall establish procedures by which loans are to be considered,approved, and made by the savings bank.

(b)        All actions on loanapplications to the savings bank shall be reported to the board of directors atits next meeting.

(c)        Subject to anyrules as the Commissioner of Banks deems appropriate, a savings bank may lendfunds on any collateral deemed sufficient by the board of directors to properlysecure loans. Loans made solely upon security of collateral consisting of stockor equity securities that are not listed on a national stock exchange orregularly quoted and offered for trade on an over‑the‑countermarket are considered loans without security.

(d)        A savings bank maylend funds without requiring security. No unsecured loan shall exceed themaximum amount authorized by rules of the Commissioner of Banks.

(e)        A savings bank maymake insured or guaranteed loans in accordance with G.S. 53‑45.

(f)         A savings bank mayinvest any funds on hand in the purchase of loans of a type that the savingsbank could make in accordance with this Chapter.

(g)        A savings bank mayinvest in a participating interest in loans of a type that the savings bankcould make in accordance with this Chapter.

(h)        A savings bank maysell any loan, including any participating interest in a loan. (1991, c. 680, s. 1; 2001‑193,s. 16.)