04 NCAC 16I .0703 STANDARDS FOR APPROVAL OF ACQUISITION: DUTIES AND CONDUCT
A savings institution may be controlled by a person or a holding company. In evaluating an application for control, the Commissioner of Banks shall consider:
(1) whether the person or holding company is qualified by character, experience, and financial responsibility to control the savings institution in a legal and responsible manner;
(2) the applicant's financial and managerial resources;
(3) the organizational structure and future prospects and plans of both the applicant and the savings institution; and
(4) whether the business and activities of the applicant, or its officers and directors, or any other person controlling, controlled by, or associated with the applicant by having a common controller, would create a material deterioration of confidence in the safety, soundness, and financial integrity of the institution to be controlled.
History Note: Authority G.S. 53-227.1; 54B-43; 54B-55; 54B-261; 54B-262; 54C-53; 54C-195; 54C-196;
Eff. July 1, 1983;
Amended Eff. July 1, 1990; November 1, 1985;
Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31, 1992;
Amended Eff. November 1, 2017; February 15, 1992.