GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION
CHAPTER 187
The General Assembly of North Carolina enacts:
Section 1. G.S. 53-1 reads as rewritten:
"§ 53-1. 'Bank,' 'surplus,' 'undivided profits,' and other words defined.
The following definitions shall be applied to the terms used in this Chapter:
(1) Bank. - The term 'bank' shall be construed to mean any corporation, other than savings and loan associations, savings banks, industrial banks, and credit unions, receiving, soliciting or accepting money or its equivalent on deposit as a business.
(1a) Branch. - The term 'branch' means an office of any bank in which deposits are received, monies are paid, and loans are made. Any of the functions or services authorized to be engaged in by a bank may be carried out in a branch.
(2) Demand Deposits. - The term 'demand deposits' means all deposits, the payment of which can be legally required within 30 days.
(3) Insolvency. - The term 'insolvency' means:
a. When a bank cannot meet its deposit liabilities as they become due in the regular course of business;
b. When the actual cash market value of its assets is insufficient to pay its liabilities to depositors and other creditors;
c. When its reserve shall fall under the amount required by this Chapter, and it shall fail to make good such reserve within 30 days after being required to do so by the Commissioner of Banks;
d. Whenever the undivided profits and surplus shall be inadequate to cover losses of the bank, whereby an impairment of the capital stock is created.
(3a) Limited Service Facility. - The term 'limited service facility' means an office of a bank in which deposits are received, monies are paid, or other duties and functions of a teller are performed. Loan applications shall be taken in a limited service facility but notes may not be executed nor loan proceeds disbursed in a limited service facility.
(4) Net Earnings. - The term 'net earnings' means the excess of the gross earnings of any bank over the expenses and losses chargeable against such earnings during any dividend period.
(5) Practical Banker. - The term 'practical banker' means an officer or employee of a bank actively engaged in performing duties in managing or supervising or assisting in managing or supervising the conducting of a banking business, including any such banker who is in a retired status from such duties.
(6) Surplus. - The term 'surplus' means a fund created pursuant to the provisions of this Chapter by a bank from payments by stockholders or from its net earnings or undivided profits which, to the amount specified and by any additions thereto set apart and designated as such, is not available for the payment of dividends, and cannot be used for the payment of expenses or losses so long as such bank has undivided profits.
(7) Time Deposits. - The term 'time deposits' means all deposits, the payment of which cannot be legally required within 30 days.
(8) Undivided Profits. - The term 'undivided profits' means the credit balance of the profit and loss account of any bank.
(9) Unimpaired Capital Fund. - The term 'unimpaired capital fund' means the total of the amount of unimpaired common stock, preferred stock, surplus, undivided profits, reserve for contingencies and other capital reserves (excluding accrued dividends on preferred stock and limited life preferred stock), mandatory convertible instruments, allowance for possible loan losses, and the amount of capital debentures or notes, convertible or otherwise, having an average original maturity of at least seven years, which have been specifically designated as part of the bank's unimpaired capital fund by resolution duly adopted by the board of directors of the bank; provided, that upon payment of such capital debentures or notes or upon accumulation of funds in a sinking fund for amortization of such debentures or notes, unimpaired capital fund shall be reduced by the amount of such payment or accumulation. The terms and conditions of any issue of or prepayment of capital debentures or notes must have the prior written approval of the Commissioner of Banks affirming that in his opinion such issue or prepayment is in the best interest of the depositors, creditors and stockholders of the bank."
Sec. 2. G.S. 53-2 reads as rewritten:
"§ 53-2. How incorporated.
Any number of persons, not less than five, who may be desirous of forming a company and engaging in the business of establishing, maintaining, and operating banks of discount and deposit to be known as commercial banks, or operating banks engaged in doing a trust and fiduciary business, shall be incorporated in the manner following and in no other way; that is to say, such persons shall, by a certificate of incorporation under their hands and seals set forth:
(1) The name of the corporation; no name shall be used already in use by another existing corporation organized under the laws of this State or of the Congress, or so nearly similar thereto as to lead to uncertainty or confusion.
(2) The location of its principal office in this State.
(3) The nature of its
business, whether that of a commercial bank, trust company, or a combination of
both such classes of business, business.
(4) The amount of its
authorized common capital stock, the number of shares into which it is
divided, the par value of each share; and the amount of common capital
stock with which it will commence business. business, which shall not
be less than one hundred thousand dollars ($100,000) in cities or towns of 3000
population and under; one hundred fifty thousand dollars ($150,000) in cities
or towns of more than 3000 population and less than 10,000 population; two
hundred thousand dollars ($200,000) in cities or towns of more than 10,000
population and less than 25,000 population; two hundred fifty thousand dollars
($250,000) in cities or towns or of more than 25,000 population and less than
50,000 population; or three hundred thousand dollars ($300,000) in cities or
towns of more than 50,000 population; and in addition shall have a paid-in
surplus of at least fifty percent (50%) of the authorized capital stock, as
hereinbefore set out; the population to be ascertained by the last preceding
national census: Provided, that this The amount of capital
required to charter a bank shall be determined as herein set forth by the
Commissioner of Banks who shall give due consideration to (i) the population of
the proposed bank's trade area, (ii) the total deposits of those depository
financial institutions already operating in the proposed bank's trade area,
(iii) the economic conditions and outlook within the proposed bank's trade
area, (iv) the business experience and reputation of the proposed bank's
management, (v) the business experience and reputation of the proposed bank's
incorporators and proposed directors, (vi) the type and nature of business
activities proposed to be engaged in, and (vii) the proposed bank's projected
deposit growth and profitability. Except as otherwise provided, the
amount of common capital stock required to charter a bank shall not be less
than two million dollars ($2,000,000); provided, however, such amount of
capital may be increased or decreased in the discretion of the Commissioner of
Banks who, after considering the above enumerated criteria, determines that a
greater capital requirement is necessary or that a smaller capital requirement
will provide a sufficient capital base. In addition to the required
capital, every bank shall have a paid in surplus of at least fifty percent
(50%) of its common capital stock. The capital and paid in surplus
required to charter a bank shall be exclusive of any organizational
expenses. This subdivision shall not apply to banks organized and
doing business prior to its adoption. Provided, further, that fractional shares
may be issued for the purpose of complying with the requirements of G.S. 53-88.
The adoption or amendment; provided, however, the Banking Commission
is hereby authorized and directed to adopt rules and regulations to keep such
any original required minimum capital funds intact to the end that
they remain in and with the bank as a protection for depositors.
(5) The names and post-office addresses of subscribers for stock, and the number of shares subscribed by each; the aggregate of such subscriptions shall be the amount of the capital with which the company will commence business.
(6) Period, if any, limited for the duration of the company."
Sec. 3. G.S. 53-7 reads as rewritten:
"§ 53-7. Statement filed before beginning business.
Before such company shall begin the business of banking,
banking and trust, fiduciary, or surety business, there shall be filed with the
Commissioner of Banks a statement under oath by the president or president,
cashier, or secretary, containing the names of all the directors and
officers, with the date of their election or appointment, term of office,
residence, and post-office address of each, the amount of capital stock of
which each is the owner in good faith and the amount of money paid in on
account of the capital stock. Nothing shall be received in payment of
capital stock but money."
Sec. 4. Article 2 of Chapter 53 of the General Statutes is amended by adding a new section to read:
"§ 53-9.1. Deposit insurance.
(a) Notwithstanding any other provision of law, no bank established under this Article shall engage in the business of banking without first securing insurance on its deposits from the Federal Deposit Insurance Corporation or any successor corporation created by an act of Congress.
(b) In order to secure deposit insurance as required by this section, a bank may enter into such contracts, incur such obligations, and generally do anything as may be necessary or appropriate in order to take advantage of any memberships, loans, subscriptions, contracts, grants, rights, or privileges that may at any time be available to banks or to their depositors, creditors, stockholders, conservators, receivers, or liquidators, as provided in Section 8 of the Federal Banking Act of 1933 (Section 12B of the Federal Reserve Act as amended) or in any other act or resolution of Congress, to aid, regulate, or safeguard banking institutions and their depositors. In order to secure deposit insurance as required by this section, a bank may also subscribe for and acquire stock, debentures, bonds, or any other securities of the Federal Deposit Insurance Corporation and may comply with the lawful regulations and requirements that may be imposed by the Federal Deposit Insurance Corporation."
Sec. 5. G.S. 53-43(5) is repealed.
Sec. 6. G.S. 53-43.3 reads as rewritten:
"§ 53-43.3. Officers and employees; share purchase and option plans.
Subject to any applicable rules or regulations of the State
Banking Commission, a bank (i) may grant options to purchase, sell or
enter into agreements to sell shares of its capital stock to its officers or
employees, or both, officers, directors, or employees, or all of such
groups, for a consideration of not less than one hundred percent (100%) of
the fair market value of the shares on the date the option is granted, or,
if granted and (ii) may, pursuant to the terms of a stock
purchase plan, plan for the benefit of officers and employees, sell
shares of the bank's capital stock for a consideration of not less than eighty-five
percent (85%) of the fair market value of the shares on the date the purchase
price is fixed, pursuant to the terms of an officer-employee stock option
plan or an officer-employee stock purchase plan which has been fixed.
Provided, any stock option plan for the benefit of officers, directors, and
employees or any stock purchase plan for the benefit of officers and employees
shall not be effective until adopted by the board of directors of the bank
and approved by the holders of at least two thirds two-thirds of
the particular class or classes of stock entitled to vote on such proposal and
by the Commissioner of Banks. In no event shall the option to purchase
such shares be for a consideration less than the par value thereof."
Sec. 7. G.S. 53-62 reads as rewritten:
"§ 53-62.
Establishment of branches; tellers' windows limited service
facilities; and off-premises customer-bank communications terminals.
(a) The word 'capital' as used in this section means capital stock and unimpaired surplus.
(b) Any A bank
doing business under this Chapter may establish branches or teller's windows
in the cities or towns in which they are located, or elsewhere, limited
service facilities within this State after having first obtained the
written approval of the Commissioner of Banks, which approval may be given or
withheld by the Commissioner of Banks, in his discretion. The Commissioner of
Banks, in exercising such discretion, shall take into account, but not by way
of limitation, such factors as the financial history and condition of the
applicant bank, the adequacy of its capital structure, its future earnings
prospects, and the general character of its management. Such approval shall not
be given until he shall find (i) that the establishment of such branch or teller's
window limited service facility will meet the needs and promote the
convenience of the community to be served by the bank, and (ii) that the
probable volume of business and reasonable public demand in such community are
sufficient to assure and maintain the solvency of said branch or teller's
window limited service facility and of the existing bank or banks in
said community.
(c)
(1) Such A branch banks
or limited service facility of a bank shall be operated as branches
a branch or office of and under the name of the parent bank,
and under the control and direction of the board of directors and executive
officers of said parent the bank. The board of directors of the parent
bank shall elect a cashier or such other officers as may be
required to properly conduct the business of such branch: Provided, that the
of any branch or limited service facility.
(2) The Commissioner
of Banks shall not authorize the establishment of any a branch until
he is satisfied that the applicant bank has sufficient capital to maintain a
minimum capital to asset ratio as the Commissioner of Banks, in his discretion,
may require. In determining such ratio the Commissioner of Banks shall
give due consideration to (i) the amount of capital required to support the
bank's projected growth, (ii) the bank's earnings history and projected
earnings, (iii) the quality of the bank's assets, (iv) compliance with the
fixed asset limitation contained in G.S. 53-43(3), and (v) the business experience
and reputation of bank management.
(3) The Commissioner of Banks may, on written application by a bank, in his discretion authorize the bank to establish a limited service facility after considering the criteria and making the findings required in subsection (b).
or teller's window, the capital of whose parent bank is not
sufficient in an amount to provide for the capital of at least one hundred
thousand dollars ($100,000) for the parent bank, and a capital of at least one
hundred thousand dollars ($100,000) for each branch or teller's window which it
proposed to establish in cities or towns of 3,000 population or less; at least
one hundred fifty thousand dollars ($150,000) in cities or towns whose
population exceeds 3,000 but does not exceed 10,000; at least two hundred
thousand dollars ($200,000) in cities or towns whose population exceeds 10,000,
but does not exceed 25,000; at least two hundred fifty thousand dollars
($250,000) in cities or towns whose population exceeds 25,000, but does not
exceed 50,000; at least three hundred thousand dollars ($300,000) in cities or
towns whose population exceeds 50,000. The provisions of this subsection shall
not be retroactive with respect to branches or teller's windows established or
approved by the State Banking Commission prior to June 11, 1963. If a bank
which hereafter proposes to establish a branch or teller's window is deficient
in capital stock as measured by the above set-forth formula, it shall not be
necessary for such bank to provide or allocate additional capital for branches
or teller's windows established or approved by the State Banking Commission
prior to June 11, 1963, until such a time as such bank makes application for an
additional branch or teller's window. At that time sufficient capital and
surplus must be allocated to bring the parent bank and all branches and
teller's windows into compliance with the above requirements. The bank may, at
its option, allocate capital stock and unimpaired surplus, or either, to its
branches and teller's windows and may determine the proportion of each, or may
allocate all capital stock or all unimpaired surplus. In applying this section,
population shall be ascertained by the last preceding national census;
provided, however, with respect to any branch or teller's windows established
or approved by the State Banking Commission before June 11, 1963, population
shall be ascertained by the last national census preceding the establishment of
such branch.
(d) A teller's
window within the meaning of this section shall be considered to be a place in
which no loans or investments for the bank are made and at which only the
functions and duties of a bank teller are performed. Upon securing the approval
provided for in subsection (b) of this section and upon compliance with the
capital requirements set forth in subsection (c) of this section, a teller's
window may be established in a small community having no other banking
facilities. Notwithstanding any other provisions in this section, a teller's window
may also be established in a city or town in which the applicant bank's home
office or a branch thereof is located or within two miles of the limits
of such city or town without complying with the capital allocation requirements
of subsection (c) of this section with respect to said teller's window if the
Commissioner shall find that the capital of said bank will not be unduly
impaired by the establishment of such teller's window, and any such teller's
window which has been heretofore or may hereafter be so established or approved
by the Banking Commission shall not be taken into account in computing
the capital allocation requirements for the parent bank and other
branches and teller's windows of such bank.
(d) A limited service facility, upon written request to the Commissioner of Banks, and after meeting the requirements of subsection (c) may convert to a branch. If branch status is granted then the branch shall be subject to all of the conditions and requirements of that type of banking office.
Upon 30 days written notice to the Commissioner of Banks, a bank may discontinue any limited service facility operation; Provided, however, if a limited service facility has within five years preceding the proposed closing date been a branch of any bank, it shall comply with the requirements of subsection (e) below before closing.
(d1) Subject to such rules and
regulations as may be prescribed by the State Banking Commission with regard to
their use, maintenance and supervision, any bank may establish off the premises
of any principal office, branch or teller's window limited service
facility a customer-bank communications terminal, point-of-sale terminal,
automated teller machine, automated banking facility or other direct or remote
information-processing device or machine, whether manned or unmanned, through
or by means of which information relating to any financial service or
transaction rendered to the public is stored and transmitted, instantaneously
or otherwise, to or from a bank or other nonbank terminal; and the
establishment and use of such a device or machine shall not be deemed a branch
or teller's window, limited service facility, and the capital
requirements and standards for approval of a branch or teller's window, limited
service facility, all as set forth in subsections (b) and (c) above, shall
not be applicable to the establishment of any such off-premises terminal device
or machine; provided, however, that no bank, savings and loan association,
savings bank, credit union or any other financial institution which is not
domiciled in North Carolina may establish in North Carolina any information
processing device or machine described in this subsection.
(e) A bank may
discontinue a branch office or teller's window upon resolution of its
board of directors or board of managers. Upon the adoption of such a
resolution, the bank shall file a certification with the Commissioner of Banks
specifying the location of the branch office or teller's window to be
discontinued and the date upon which it is proposed that the discontinuance
shall be effective. This certificate must state the reasons for the
closing of such branch or teller's window and indicate that the needs
and conveniences of the community would still be adequately met. Notice stating
the intention to discontinue said branch or teller's window shall be
published in a newspaper serving such community once a week for four
consecutive weeks before any certificate requesting discontinuance is filed
with the Commissioner of Banks. No such branch or teller's window may
be discontinued until approved by the Commissioner of Banks, who shall first
hold a public hearing thereon, if so requested by any interested party.
(f) Any action taken by the Commissioner of Banks pursuant to this section shall be subject to review by the State Banking Commission which shall have the authority to approve, modify or disapprove any action taken or recommended by the Commissioner of Banks."
Sec. 8. G.S. 53-67 reads as rewritten:
"§ 53-67. Banks controlled by boards of directors.
The corporate powers, business, and property of banks doing
business under this Chapter shall be exercised, conducted, and controlled by
its board of directors, which shall meet at least quarterly. Such board shall
consist of not less than five directors, to be chosen by the stockholders, and
shall hold office for the term for which they are elected, and until their
successors are elected and qualified. The annual meeting of stockholders for
the election of directors shall be held at such time as may be designated by
the charter or the bylaws of the bank but shall be held not later than the thirty-first
day of March thirtieth day of June in each year. In addition to the
foregoing powers relating to the fixing of the number and the election of
directors, the stockholders of a bank, at any stockholders' meeting, special or
annual, may authorize not more than two additional directorships which may be
left unfilled and to be filled in the discretion of the directors of the institution
during the interval between such stockholders' meetings. Aside from the
specific provisions of this section, the number, election, term and
classification of the directors of banks doing business under this Chapter
shall be governed by the provisions of the Business Corporation Act."
Sec. 9. G.S. 53-77.1 is repealed.
Sec. 10. Chapter 53 of the General Statutes is amended by adding a new section to read:
"§ 53-77.1A. Days and hours of operation.
(a) A bank as defined at G.S. 53-1 or G.S. 53-136, including national banking associations and Federal Reserve banks, or any branch of the foregoing, located in this State, shall operate not less than five days per week. On one day of the week each bank and its branches shall remain open for not less than seven hours, three of which shall be after 3 o'clock p.m.
(b) In addition to the minimum hours required of a bank and its branches in subsection (a), a bank and its branches may operate on such days and during such hours as the bank deems appropriate.
(c) A limited service facility may operate on such days of the week and during such hours as the bank deems appropriate.
(d) A bank shall give such notice of the days and hours during which it and its branches and limited service facilities shall operate as required by the Commissioner of Banks."
Sec. 11. G.S. 53-77.2A reads as rewritten:
"§ 53-77.2A. Legal banking holidays.
(a) Any bank, as defined
by G.S. 53-1 or G.S. 53-136, including national banking associations, and associations
or any branch or office limited service facility of any of
the foregoing located in this State, which operates on a five-day or six-day
week basis, State shall observe as legal banking holidays the
following:
(1) New Year's Day, January 1;
(2) Monday, January 2, when January 1 (New Year's Day) falls on a Sunday;
(3) Monday, January 3, when January 1 (New Year's Day) falls on a Saturday;
(4) President's Day, the third Monday in February;
(4a) Good Friday;
(5) Memorial Day, the last Monday in May;
(6) Independence Day, July 4;
(7) Monday, July 5, when July 4 (Independence Day) falls on a Sunday;
(8) Friday, July 3, when July 4 (Independence Day) falls on a Saturday;
(9) Labor Day, the first Monday in September;
(10) Thanksgiving Day, the fourth Thursday in November;
(11) Christmas Day, December 25;
(12) Monday, December 26, when December 25 (Christmas
Day) falls on a Sunday;
(13) Monday, December 27, when December 25 (Christmas Day) falls on a Saturday.
(b) Any banking
institution A bank as defined in subsection (a) (a),
operating on a six-day week basis, may, in addition to the above-named
legal banking holidays, observe all other as legal public
holidays designated by G.S. 103-4. Martin Luther King Jr.'s Birthday,
the third Monday of January, and Veterans Day, November 11.
(b1) When a legal public holiday falls on a Friday, a bank as defined in subsection (a) may close the Saturday and Sunday immediately following such holiday, and when a legal holiday falls on a Monday, a bank as defined in subsection (a) may close the Saturday and Sunday immediately preceding such holiday."
Sec. 12. G.S. 53-77.3(b) reads as rewritten:
"(b) Whenever the
Commissioner of Banks is of the opinion that an emergency exists, or is
impending, in this State or in any part or parts of this State, he may
authorize banks located in the affected area or areas to close any or all of
their offices. In addition, if the Commissioner is of the opinion that an
emergency exists, or is impending, which affects, or may affect, a particular
bank or banks, or a particular office or offices thereof, but not banks located
in the area generally, he may authorize the particular bank or banks, or
office or offices so affected, to close. In addition, the Commissioner
of Banks may in the interest of national defense authorize any bank, or any of
its offices, to open or close, for the transaction of business. The office
or offices so closed shall remain closed until the Commissioner declares that
the emergency has ended, or until such earlier time as the officers of the bank
determine that one or more offices, theretofore previously closed
because of the emergency, should reopen, and, in either event, for such further
time thereafter as may reasonably be required to reopen.
In the event communications systems should be so disrupted as to make it impossible or impractical for a bank official to communicate with the Commissioner of Banks, the bank officer or manager or other person in charge of any such bank or branch bank may close said office without prior approval of the Commissioner of Banks provided he gives prompt notice thereof to the Commissioner as soon as communications have been restored."
Sec. 13. G.S. 53-78 reads as rewritten:
"§ 53-78. Appointment of executive and loan committees by directors.
The board of directors shall appoint an executive committee
or committees, each of which shall be composed of at least three of its members
with such duties and powers as are defined by the regulations or bylaws, who
shall serve until their successors are appointed. Such executive committee or
committees shall meet as often as the board of directors may require, which
shall not be less frequently than once each month, except that the
executive committee or committees shall meet at least once during each month in
which there is no meeting of the board of directors, and approve or
disapprove all loans and investments. All loans and investments shall be made
under such rules and regulations as the board of directors may prescribe.
The board of directors may appoint, in addition to the executive committee or committees, a general loan committee, the membership of which shall include at least three directors and such officers of the bank as may be appointed, with such duties and powers with respect to making loans and investments as are defined in the bylaws or by resolution of the board of directors, the members of such general loan committee to serve until their successors are appointed. Such general loan committee, if appointed, shall meet as often as the bylaws or resolution of the board of directors may require, which shall not be less frequently than once each month, and approve or disapprove all such loans and investments as may be required by the bylaws or by resolution of the board of directors to be submitted to the general loan committee. The board of directors of any bank, which has branches, may appoint, in addition to a general loan committee, a loan committee for the parent bank and for any branch, each of which committees shall include at least three members who are officers or members of the board of managers for such parent bank or branch, with such duties and powers with respect to approving or disapproving loans and investments as may be defined in the bylaws or by resolution of the board of directors, and under such rules and regulations as the board of directors may prescribe. Such loans and investments as are authorized or approved by a general loan committee or either of the other loan committees hereinabove provided for may, but need not, be approved or disapproved by the executive committee or committees. All loans and investments made, however, shall be authorized or approved by either the executive committee or committees, a general loan committee, or one of the other loan committees herein provided for."
Sec. 14. G.S. 53-85 reads as rewritten:
"§ 53-85. Stockholders'
Shareholders' book.
The directors shall provide a book in which shall be kept the
name and resident address of each stockholder, shareholder of record,
the number of shares held by each, the time when such person became a stockholder,
shareholder, together with all transfer of stock, stating the time
when made, the number of shares and by whom transferred, which book shall be
subject to the inspection of the directors, officers, and stockholders shareholders
of record of the bank at all times during the usual hours for the
transaction of business."
Sec. 15. G.S. 53-105 reads as rewritten:
"§ 53-105. Reports of condition.
Every bank shall make to the Commissioner of Banks not less
than three four reports during each year, according to the
form which may be prescribed by said Commissioner of Banks; which report shall
be verified by the oath or affirmation of the president, vice-president,
cashier, secretary, or treasurer of said bank, and in addition thereto, two of
the directors. year in the manner and form prescribed by the Commission
by regulation. Each such report shall exhibit in detail and under
appropriate heads the resources, assets, and liabilities of such bank at the
close of business on any past day by the Commissioner of Banks specified, and
shall be transmitted to the Commissioner of Banks within 10 days after the
receipt of a request or requisition therefor from the Commissioner of Banks;
provided, however, the Commissioner of Banks may extend the time for a period
not to exceed 30 days for any bank to transmit the reports heretofore required
whenever in his judgment such extension is necessary; and in a form prescribed
by the Commissioner of Banks; a summary of such report shall be published in a
newspaper published in the place where the bank is located, or if there is
no newspaper in the place, then in the nearest one published thereto in the
county in which such bank is established. Proof of such publication shall be
furnished the Commissioner of Banks in such form as may be prescribed by
him."
Sec. 16. G.S. 53-108 reads as rewritten:
"§ 53-108. List
of stockholders shareholders of record to be kept.
Every bank doing business under this Chapter shall at all
times keep a correct list of its shareholders of record of the names
of all its stockholders and whenever called upon by the Commissioner of
Banks or his duly authorized agent, make available for examination a correct
list of all its stockholders, the resident shareholders of record,
the address of each, and the number of shares held by each. Whenever the
word 'stockholders' 'shareholders' is used in this section, the
same shall be deemed to include, to the extent available, stockholders shareholders
of any corporations which own ten percent (10%) or more of the capital
stock of any bank doing business under this Chapter or a lesser amount when
required by the Commissioner."
Sec. 17. G.S. 53-128 reads as rewritten:
"§ 53-128. Willfully and maliciously making derogatory reports.
Any person who shall willfully and maliciously make, circulate, or transmit to another or others any statement, rumor, or suggestion, written, printed, or by word of mouth, which is directly or by inference false and derogatory to the financial condition, or affects the solvency or financial standing of any bank, or who shall counsel, aid, procure, or induce another to state, transmit, or circulate any such statement or rumor shall be guilty of a misdemeanor, and upon conviction thereof shall be fined or imprisoned, or both, in the discretion of the court."
Sec. 18. This act shall become effective July 1, 1989.
In the General Assembly read three times and ratified this the 1st day of June, 1989.