{"data":{"id":"us-nc/n.c.-gen.-stat.-53c-3-7","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53C-3-7","heading":"Issuance of charter.","body":"(a)\tA proposed bank shall not engage in business except as allowed under G.S. 53C-3-2(c)(1), until it receives a charter issued by the Commissioner. The Commissioner shall not issue the charter until the Commissioner is satisfied that the proposed bank has done each of the following:\n(1)\tReceived payment in United States currency for the purchase of shares and will have satisfactory required capital upon commencing business, in each case in at least the amount required by the Commission's order approving the application.\n(2)\tElected the proposed officers and directors named in the application or other officers and directors approved by the Commissioner.\n(3)\tSecured deposit insurance from the FDIC.\n(4)\tComplied with all requirements of the Commission's order approving the application for a charter.\n(5)\tAppears to be ready to commence the business of banking in the reasonable discretion of the Commissioner upon a pre-opening examination.\n(b)\tThe charter issued by the Commissioner shall set forth any trust powers of the bank that may be full or partial trust powers.\n(c)\tIf a bank does not open and engage in the business of banking within six months after the date its charter is issued or within such longer period as may be permitted by the Commissioner, the Commissioner shall revoke the charter.\n(d)\tIf the Commissioner determines that a charter should not be issued following Commission approval, the applicant may appeal that decision to the Commission as provided in G.S. 53C-2-6.\n(e)\tFollowing the exhaustion of all appeals, the Commissioner may dissolve and liquidate the proposed bank as provided in G.S. 53C-9-301, or order the organizers to dissolve and liquidate the proposed bank pursuant to G.S. 53C-9-201, if any one of the following occurs:\n(1)\tThe Commissioner does not recommend the issuance of a charter.\n(2)\tThe Commission denies approval of a charter.\n(3)\tThe charter is revoked by the Commissioner pursuant to subsection (c) of this section or other applicable law. (2012-56, s. 4.)","path":["Chapter 53C. Regulation of Banks.","Article 3. Organization of a Bank."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53C/GS_53C-3-7.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:27Z","sha256":"0b7b6986906ab7aa9ab0a1b5c45163f6ad88a985f92d04cd8ae79439ef2681dc","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53c-3-6","next":"us-nc/n.c.-gen.-stat.-53c-4-1"},"notice":"GroundRules: Original legal text. Not legal advice."}