GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 599
AN ACT TO AMEND THE EFFECTIVE DATE OF THE NORTH CAROLINA INTERSTATE BANKING ACT AND TO SET AN APPLICATION FEE.
The General Assembly of North Carolina enacts:
Section 1. Section 16 of Chapter 175 of the 1993 Session Laws reads as rewritten:
"Sec. 16. Sections 1 through 5 of this act are
effective upon ratification. Sections 6 through 15 of this act become
effective July 1, 1996. July 1, 1994."
Sec. 2. G.S. 53-214(b) reads as rewritten:
"(b) The State Banking
Commission may promulgate rules, including the imposition of a reasonable
application and administration fee, shall adopt rules to implement
and effectuate the provisions of this Article."
Sec. 3. G.S. 53-211(a) reads as rewritten:
"(a) An out-of-state bank
holding company that does not have a North Carolina bank subsidiary (other subsidiary,
other than a North Carolina bank subsidiary that was acquired either in a
transaction involving assistance by the Federal Deposit Insurance Corporation)
Corporation or in the regular course of securing or collecting a
debt previously contracted in good faith, as provided in Section 3(a) of the
Bank Holding Company Act of 1956 as amended (12 U.S.C. 1842(a)), may acquire a
North Carolina bank holding company or a North Carolina bank with the approval
of the Commissioner. The out-of-state bank holding company shall submit
to the Commissioner an application for approval of such acquisition, which application
shall be approved only if the Commissioner determines that the laws of the
state in which the out-of-state bank holding company making the acquisition has
its principal place of business permit North Carolina bank holding companies to
acquire banks and bank holding companies in that state. Additionally, the
Commissioner shall make the acquisition subject to any conditions,
restrictions, requirements, or other limitations that would apply to the
acquisition by a North Carolina bank holding company of a bank or bank holding
company in the state where the out-of-state bank holding company making the
acquisition has its principal place of business but that would not apply to the
acquisition of a bank or bank holding company in such state by a bank holding
company all of the subsidiaries of which are located in that state. The
applicant shall submit an application fee of five thousand dollars ($5,000)
plus two thousand dollars ($2,000) for each North Carolina bank or bank holding
company being acquired."
Sec. 4. This act becomes effective July 1, 1994.
In the General Assembly read three times and ratified this the lst day of July, 1994.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives