§ 54C-144. Service corporations. - North Carolina Statutes

§ 54C‑144.  Servicecorporations.

(a)        A savings bank orgroup of savings banks or associations may establish service corporations underChapter 55 of the General Statutes, provided that the Commissioner of Banksreceives copies of the proposed articles of incorporation and bylaws forapproval, before filing them with the Secretary of State. A savings bank mayalso invest in the capital stock, obligations, or other securities of existingservice corporations.

(b)        No savings bank maymake any investment in service corporations if its aggregate investment wouldexceed ten percent (10%) of its total assets.

(c)        A servicecorporation is subject to audit and examination by the Commissioner of Banks,and the service corporation shall pay the cost of examination.

(d)        The permittedactivities of a service corporation shall be described in the rules adopted bythe Commissioner of Banks.

(e)        The location of theprincipal and branch offices of a service corporation shall be approved by theCommissioner of Banks. (1991, c. 680, s. 1; 2001‑193, s. 16.)