§ 54C-4. Definitions and application of terms.
§ 54C‑4. Definitionsand application of terms.
(a) Except with respectto this Chapter and Chapter 54B, the term "savings and loanassociation" when used in the General Statutes shall include savings bankschartered under this Chapter.
(b) Unless the contextotherwise requires, the following definitions apply in this Chapter:
(1) Repealed by SessionLaws 2001‑193, s. 7.
(2) Affiliate. Anyperson or corporation that controls, is controlled by, or is under commoncontrol with a savings institution.
(3) Associate. Anyperson's relationship with (i) any corporation or organization, other than theapplicant or a majority‑owned subsidiary of the applicant, of which theperson is an officer or partner or is, directly or indirectly, the beneficialowner of ten percent (10%) or more of any class of equity securities, (ii) anytrust or other estate in which the person has a substantial beneficial interestor as to which the person serves as trustee or in a similar fiduciary capacity,and (iii) any relative or spouse who lives in the same house as that person, orany relative of that person's spouse who lives in the same house as thatperson, or who is a director or officer of the applicant or any of its parentsor subsidiaries.
(4) Association. Asavings and loan association as defined by G.S. 54B‑4(b)(5).
(5) Branch office. Anoffice of a savings bank, other than its principal office, that renders savingsinstitution services.
(6) Capital stock. Securities that represent ownership of a stock savings bank.
(7) Certificate ofincorporation or charter. The document that represents the corporateexistence of a State savings bank.
(8) Commission. TheState Banking Commission.
(8a) Commissioner. TheCommissioner of Banks authorized pursuant to G.S. 53‑92.
(9) Conflict ofinterest. A matter before the board of directors in which one or more of thedirectors, officers, or employees has a direct or indirect financial interestin its outcome.
(10) Control. The power,directly or indirectly, to direct the management or policies of a savings bankor to vote twenty‑five percent (25%) or more of any class of votingsecurities for a savings bank.
(11) Depositoryinstitution. A person, firm, or corporation engaged in the business ofreceiving, soliciting, or accepting money or its equivalent on deposit, or oflending money or its equivalent, or of both.
(12) Disinteresteddirectors. Those directors who have absolutely no direct or indirectfinancial interest in the matter before them.
(13) Dividends on stock. The earnings of a savings bank paid out to holders of capital stock in a stocksavings bank.
(14) Division. TheSavings Institutions Division.
(15) Examination andinvestigation. A supervisory inspection of a savings bank or proposed savingsbank that may include inspection of every relevant piece of informationincluding subsidiary or affiliated businesses.
(16) Immediate family. One's spouse, father, mother, children, brothers, sisters, and grandchildren;and the father, mother, brothers, and sisters of one's spouse; and the spouseof one's child, brother, or sister.
(17) Insurance of depositaccounts. Insurance on a savings bank's deposit accounts when the beneficiaryis the holder of the insured account.
(18) Loan productionoffice. An office of a savings bank other than the principal or branchoffices whose activities are limited to the generation of loans.
(19) Members. Depositaccount holders and borrowers in a State mutual savings bank.
(20) Mutual savings bank. A savings bank owned by members of the savings bank and organized under thisChapter.
(21) Net worth. Asavings bank's total assets less total liabilities as defined by generallyaccepted accounting principles plus unallocated, general loan loss reserves.
(22) Original incorporators. One or more natural persons who are the organizers of a State savings bankresponsible for the business of a proposed savings bank from the filing of theapplication to the Commission's final decision on the application.
(23) Plan of conversion. A detailed outline of the procedure of the conversion of a savings institutionfrom one to another regulatory authority, from one to another form ofownership, or from one to another charter.
(24) Principal office. The office that houses the headquarters of a savings bank.
(25) Proposed savingsbank. An entity in organizational procedures before the Commission's finaldecision on its charter application.
(26) Registered agent. The person named in the certificate of incorporation upon whom service of legalprocess is deemed binding upon the savings bank.
(27) Savings bank. AState savings bank or a federal savings bank, unless limited by use of thewords "State" or "federal".
(28) Savings institution. Either an association or a savings bank.
(29) Service corporation. A corporation operating under Article 7 of this Chapter that engages inactivities determined by the rules of the Administrator to be incidental to theconduct of a depository institution business as provided in this Chapter, orengages in activities that further or facilitate the corporate purposes of asavings bank, or furnishes services to a savings bank or subsidiaries of asavings bank, the voting stock of which is owned directly or indirectly by oneor more savings institutions.
(30) State savings bank. A depository institution organized and operated under this Chapter; or acorporation organized under federal law and so converted as to be operatedunder this Chapter.
(31) Stock savings bank. A savings bank owned by holders of capital stock and organized under thisChapter.
(32) Voluntarydissolution. The dissolution and liquidation of a savings bank initiated byits ownership. (1991,c. 680, s. 1; 1991 (Reg. Sess., 1992), c. 829, s. 4; 2001‑193, ss. 7, 8,17.)