§ 54C-17. Insurance of accounts required. - North Carolina Statutes

§ 54C‑17.  Insurance ofaccounts required.

A State savings bank shallobtain and maintain insurance on all members' and customers' deposit accountsfrom an insurance corporation created by an act of Congress. Before thelicensing of a savings bank, a certificate of incorporation duly recorded underG.S. 54C‑14(c), is deemed to be sufficient certification to the insuringcorporation that the savings bank is a legal corporate entity. The insuranceshall be obtained within the time limit prescribed in G.S. 54C‑19.Subject to the rules of the Commissioner of Banks, a State savings bank mayobtain or participate in efforts to obtain insurance of deposits that is inexcess of the amount eligible for federal insurance of accounts. This insuranceis known as "excess insurance". (1991, c. 680, s. 1; 2001‑193, s. 16.)