NORTH CAROLINA GENERAL ASSEMBLY
1979 SESSION

CHAPTER 478
HOUSE BILL 430

AN ACT TO INCREASE PUBLIC REPRESENTATION ON THE BANKING COMMISSION, THE SAVINGS AND LOAN COMMISSION, AND THE CREDIT UNION COMMISSION.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 53-92, as the same appears in the 1975 Replacement to Volume 2B of the General Statutes, is amended by:
(a)	deleting the second and third sentences of the second paragraph and inserting in lieu thereof the following:
"At least five members of the said commission shall be practical bankers, and the remaining seven members of the commission shall be selected primarily as representatives of the borrowing public and shall not be employees or directors of any financial institution nor shall they have any interest in any regulated financial institution other than as a result of being a depositor or borrower. Under this section, no person shall be considered to have an interest in a financial institution whose interest in any financial institution does not exceed one-half of one percent (1/2 of 1%) of the capital stock of that financial institution. These seven members of the commission shall be selected so as to fully represent the consumer, industrial, manufacturing, professional, business and farming interests of the State.";
(b)	deleting the fourth, fifth, sixth, seventh and eighth sentences of the second paragraph and replacing them with the following new sentence:
"In the event that the composition of the commission does not conform to that prescribed in the three preceding sentences on the effective date of this act, such composition shall be corrected thereafter by appropriate appointments as terms expire and as vacancies occur in the commission; provided that no person shall serve on the commission for more than two complete consecutive terms."
Sec. 2.  G.S. 54-24.1(a), as the same appears in the 1977 Cumulative Supplement to Volume 2B of the General Statutes, is amended by:
(a)	deleting, in the fifth sentence of the first paragraph, the words "At least three" and inserting in lieu thereof the following: "Three"; and
(b)	adding the following to the end of the first paragraph:
"At least four members shall be appointed as representatives of the borrowing public, and shall not be employees of, or directors of any financial institution or have any interest in any financial institution other than as a result of being a depositor or borrower. Under this section, no person shall be considered to have an interest in a financial institution whose interest in any stock-owned savings and loan association does not exceed one-half of one percent (1/2 of 1%) of the capital stock of that financial institution. In the event that the composition of the commission does not conform to that prescribed above on the effective date of this act, such composition shall be corrected thereafter by appropriate appointments as terms expire and as vacancies occur in the commission; provided that no person shall serve on the commission for more than two complete consecutive terms."
Sec. 3.  G.S. 143B-439(a), as the same is found in the 1978 Replacement to Volume 3C of the General Statutes, is amended by:
(a)	changing the first word in the seventh sentence from "Four" to "Three";
(b)	adding between the current seventh and eighth sentences the following new sentence:
"At least four members shall be appointed as representatives of the borrowing public and may be members of a credit union but shall not be employees of, or directors of any financial institution or have any interest in any financial institution other than as a result of being a depositor or borrower.";
(c)	adding at the end thereof the following new sentence:
"In the event that the composition of the commission on the effective date of this act does not conform to that prescribed in the preceding sentences, such composition shall be corrected thereafter by appropriate appointments as terms expire and as vacancies occur in the commission; provided that no person shall serve on the commission for more than two complete consecutive terms."
Sec. 4.  This act is effective upon ratification.
In the General Assembly read three times and ratified, this the 30th day of April, 1979.