04 NCAC 16E .0103 BOARD OF DIRECTORS

(a) A director shall not vote on any matter in which they have a personal or financial interest.

(b) When a savings institution takes action establishing a new chief executive officer or director, the savings institution shall notify the Commissioner of Banks within 14 calendar days of such change, and shall provide the name of the new chief executive officer or director, the effective date of the appointment, and a statement of the person's past and current business and professional affiliations. The name of any departing chief executive officer or director shall also be provided to the Commissioner of Banks in writing.

(1) For stock savings banks under fifty million dollars ($50,000,000) in assets, stock ownership in the institution or its holding company of two thousand five hundred dollars ($2,500.00) in market value at time of purchase;

(2) For mutual savings banks under fifty million dollars ($50,000,000) in assets, a two thousand five hundred dollar ($2,500) deposit relationship;

(3) For stock savings banks over fifty million dollars ($50,000,000) in assets, stock ownership in the institution or its holding company of five thousand dollars ($5,000) in market value at time of purchase; or

(4) For mutual savings banks over fifty million dollars ($50,000,000) in assets, a five thousand dollar ($5,000.00) deposit relationship.

For savings institutions that cross the fifty million dollar ($50,000,000) threshold, the Commissioner of Banks shall allow up to one year for the Directors to comply with the ownership interest requirement.

History Note: Authority G.S. 54B-55; 54C‑53; 54C‑101;

Temporary Adoption Eff. October 2, 1991 for a period of 180 days to expire on March 31, 1992;

Eff. February 15, 1992;

Amended Eff. November 1, 2017;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. November 22, 2018.