§ 54C-9. Application to organize a savings bank. - North Carolina Statutes

§ 54C‑9.  Application toorganize a savings bank.

(a)        The originalincorporators, a majority of whom shall be domiciled in this State, mayorganize and establish a savings bank in order to promote the purposes of thisChapter, subject to approval as provided in this Chapter. The originalincorporators shall file with the Commissioner of Banks a preliminaryapplication to organize a State savings bank in the form to be prescribed bythe Commissioner of Banks, together with the proper nonrefundable applicationfee.

(b)        The Commissioner ofBanks shall receive the application to organize a State savings bank not lessthan 60 days before the scheduled consideration of the application by theCommission. The application shall contain the following:

(1)        The original of thecertificate of incorporation, which shall be signed by the originalincorporators, or a majority of them, and shall be properly acknowledged by aperson duly authorized by this State to take proof or acknowledgment of deeds;and two conformed copies;

(2)        The names andaddresses of the incorporators; and the names and addresses of the initialmembers of the board of directors;

(3)        Statements of theanticipated receipts, expenditures, earnings, and financial condition of thesavings bank for its first three years of operation, or any longer period asthe Commissioner of Banks may require;

(4)        A showingsatisfactory to the Commission that:

a.         The publicconvenience and advantage will be served by the establishment of the proposedsavings bank;

b.         There is areasonable demand and necessity in the community that will be served by theestablishment of the proposed savings bank;

c.         The proposed savingsbank will have a reasonable probability of sustaining profitable and beneficialoperations within a reasonable time in the community in which the proposedsavings bank intends to locate;

d.         The proposed savingsbank, if established, will promote healthy and effective competition in thecommunity in the delivery to the public of savings institution services;

(5)        The proposed bylaws;and

(6)        Statements,exhibits, maps, and other data that may be prescribed or requested by theCommissioner of Banks, which data shall be sufficiently detailed andcomprehensive so as to enable the Commissioner of Banks to pass upon thecriteria set forth in this Article.

(c)        The applicationshall be signed by the original incorporators, or a majority of them, and shallbe properly acknowledged by a person duly authorized by this State to takeproof and acknowledgment of deeds. (1991, c. 680, s. 1; 1991 (Reg. Sess., 1992), c. 829,s. 5; 2001‑193, s. 16.)