NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 653

SENATE BILL 272

 

 

AN ACT TO ALLOW SAVINGS AND LOAN CORPORATIONS TO INVEST IN A CORPORATION ORGANIZED TO PROVIDE SERVICES FOR SAVINGS AND LOAN CORPORATIONS.

 

The General Assembly of North Carolina do enact:

 

Section 1. Section 54-21.2 of the General Statutes is hereby amended by adding thereto a new subparagraph following subsection (c) as follows:

"(d).     Any savings and loan association incorporated under the laws of this State or any federal savings and loan association whose principal office is in the State of North Carolina, may invest in the capital stock, obligations, or other securities of any corporation organized under the laws of the State of North Carolina when the entire capital stock of such corporation is owned or is to be owned by such savings and loan association. Provided, however, that the original capital stock of such corporation shall aggregate at least three hundred thousand dollars ($300,000.00) from subscriptions and payments by at least 10 of the aforementioned associations; and provided further that no association may own capital stock obligations or other securities of such corporation which in their aggregate exceeds one per cent (1%) of the assets of each such savings and loan association, and provided further that not less than one hundred per cent (100%) of all the activities of such service corporation shall consist of originating, purchasing, selling and servicing loans or participating interest in loans upon real estate or other investments authorized to be made by savings and loan associations doing business in the State of North Carolina, and performing such clerical, bookkeeping, accounting, statistical, and other such activities, as may be permitted by the Commissioner of Insurance."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 1st day of June, 1967.