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

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

(a)        Nothing in thisChapter shall be construed to invalidate any charter that was valid before theenactment of this Chapter. Any savings banks so chartered on October 1, 1991,may continue operation in accordance with the Chapter under which it waschartered. However, after October 1, 1991, no depository institution may bequalified as a savings bank except in accordance with this Chapter.

(b)        Except as providedin subsection (a) of this section, no person, corporation, company, or savingsbank, except one incorporated and licensed in accordance with this Chapter orfederal law to operate a savings bank, shall operate as a savings bank. Unlessso authorized as a State or federal savings bank and engaged in transacting adepository institution business, no person, corporation, company, or savingsbank domiciled and doing business in this State shall:

(1)        Use in its name theterm "savings bank" or words of similar import or connotation thatlead the public reasonably to believe that the business so conducted is that ofa savings bank; 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 bank.

(c)        Upon application bythe Commissioner of Banks or by any savings bank, a court of competentjurisdiction may issue an injunction to restrain any person or entity fromviolating or from continuing to violate subsection (b) of this section. (1991, c. 680, s. 1; 1997‑241,s. 1; 2001‑193, s. 16.)