§ 54C-13. Commission to review findings and recommendations of Commissioner of Banks. - North Carolina Statutes

§ 54C‑13.  Commission toreview findings and recommendations of Commissioner of Banks.

(a)        If the Commissionerof Banks does not have the completed application within 120 days of the filingof the preliminary application, the application shall be returned to theapplicants.

(b)        When theCommissioner of Banks has completed the examination and investigation of thefacts relevant to the establishment of the proposed savings bank, theCommissioner of Banks shall present the findings and recommendations to the Commissionat a public hearing. The Commission shall approve or reject an applicationwithin 180 days of the submission of the preliminary application.

(c)        Not less than 45days before the public hearing held for the consideration of the application toestablish a savings bank, the incorporators shall cause to be published anotice in a newspaper of general circulation in the area to be served by theproposed savings bank. The notice shall contain:

(1)        A statement that theapplication has been filed with the Commissioner of Banks;

(2)        The name of thecommunity where the principal office of the proposed savings bank intends tolocate;

(3)        A statement that apublic hearing shall be held to consider the application; and

(4)        A statement that anyinterested or affected party may file a written statement either favoring orprotesting the creation of the proposed savings bank. The statement shall befiled with the Commissioner of Banks within 30 days of the date of publication.

(d)        The Commission, atthe public hearing, shall consider the findings and recommendations of theCommissioner of Banks and shall hear oral testimony that the Commissioner ofBanks may wish to give or be called upon to give, and shall also receiveinformation and hear testimony from the original incorporators of the proposedsavings bank and from any and all other interested or affected parties. TheCommission shall hear only testimony and receive only information that isrelevant to the consideration of the application and the operation of the proposedsavings bank. (1991,c. 680, s. 1; 2001‑193, s. 16.)