GENERAL ASSEMBLY OF NORTH CAROLINA
1997 SESSION
S.L. 1997-241
The General Assembly of North Carolina enacts:
Section 1. G.S. 54C-8(a) reads as rewritten:
"(a) Nothing in this
Chapter shall be construed to invalidate any charter that was valid before the
enactment of this Chapter. Any savings banks so chartered on October 1,
1991, may continue operation in accordance with the Chapter under which it was
chartered. However, after October 1, 1991, no depository institution may
be qualified as a savings bank except in accordance with this Chapter. Any
savings bank chartered under this Chapter shall use the letters 'SSB' in its
legal name."
Section 2. G.S. 54C-64(3) is repealed.
Section 2.1. G.S. 53-212.1 reads as rewritten:
"§ 53-212.1. Bank agent for deposit institution affiliate.
A bank that is a subsidiary of a bank holding company may
act as the agent of any depository institution affiliate in receiving deposits,
renewing time deposits, closing loans, servicing loans, and receiving payments
on loans and other obligations, without being deemed a branch of such
affiliate, in accordance with Section 101(d) of the Reigle-Neal Interstate
Banking and Branching Efficiency Act of 1994. An affiliate for the
purposes of this section shall include (i) an affiliate as defined in Section
2(k) of the Bank Holding Company Act of 1956, as amended (12 U.S.C. § 1841(k)),
and (ii) an affiliate as defined in Section 23A(b)(1) of the Federal Reserve
Act, as amended (12 U.S.C. § 37c(b)(1)) (but without regard to whether the bank
or the affiliate is a member of the Federal Reserve System)."
Section 3. Section 2.1 of this act is effective when it becomes law. The remainder of this act becomes effective July 1, 1997, and Section 2 applies to acts committed on or after that date.
In the General Assembly read three times and ratified this the 18th day of June, 1997.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 4:18 p.m. this 27th day of June, 1997