NORTH CAROLINA GENERAL ASSEMBLY
1969 SESSION
CHAPTER 69
SENATE BILL 156
AN ACT TO AMEND ARTICLES 11, 13 and 14 OF CHAPTER 54 OF THE GENERAL STATUTES RELATING TO THE POWERS, OFFICERS AND SUPERVISION OF CREDIT UNIONS.
The General Assembly of North Carolina do enact:
Section 1. G.S. 54-86 is amended by adding thereto a new subdivision as follows:
"7. They may be invested in the North Carolina Mutual Deposit Guaranty Associations."
Sec. 2. G.S. 54-90 is amended by striking therefrom the words "capital and liabilities" appearing in lines 5, 9 and 13 thereof and substituting in lieu thereof in lines 5, 9 and 13, the words "corporation's outstanding loans".
Sec. 3. G.S. 54-91 is amended by striking from the second line thereof the words "semiannually or annually".
Sec. 4. G.S. 54-91 is further amended by striking therefrom all of said Section appearing after the colon in line 9 thereof and substituting in lieu thereof the following:
"provided that in any one year not more than twenty-five percent (25%) of the undivided earnings may be used to pay a dividend and the remainder of said dividend shall be paid from the current year's earnings."
Sec. 5. G.S. 54-103 is amended by striking therefrom the words "up to the unsecured limit, or in excess of such limit if such excess is fully secured by unpledged shares in the credit union." in lines 14 and 15 thereof, and substituting in lieu thereof the following: ", secured and unsecured, up to the legal limit."
Sec. 6. G.S. 54-106(c) is rewritten to read as follows:
"(c) Fees to be paid to the office of Administrator of Credit Unions. — Each credit union subject to supervision and examination by the Administrator of Credit Unions, including credit unions in process of voluntary liquidation, shall pay into the office of the Administrator of credit unions twice each year, in the months of January and July, supervision and examination fees.
The Commissioner of Agriculture, shall, on or before December 1 of each year, determine and fix the scale of supervisory and examination fees to be assessed during the next calendar year. However, when the costs of any examination exceed the annual fees assessed and paid by the credit union, the Administrator of Credit Unions may, in his discretion, invoke the provisions of Section 54-107, giving due consideration to the time and expense incident to such examination, and the ability of the credit union to pay such additional fees. The additional fees, if assessed by the Administrator, in his discretion, shall be paid by each credit union promptly after the completion of the examination; provided that such additional fee shall not exceed the estimated cost of such examination.
No credit union shall be required to pay any supervisory fee until the expiration of twelve months from the date of the issuance of a certificate of incorporation to such credit union.
Sec. 7. G.S. 54-107 is amended by striking the words "more than two times" in lines 10-11 thereof.
Sec. 8. The last sentence of G.S. 54-107 is hereby rewritten to read as follows:
"The Administrator may designate an independent auditing firm to do the work under his direction and supervision, with the cost to be paid by the credit union involved."
Sec. 9. G.S. 54-87 is amended by striking the words and figures "seven hundred fifty dollars ($750.00)" in line 4 thereof and substituting in lieu thereof "fifteen hundred dollars ($1500.00)".
Sec. 10. G.S. 54-90 is further amended by striking from line 13 thereof the words "ten per centum (10%) of the capital and liabilities" and substituting in lieu thereof the words "seven percentum (7%) of the outstanding loans".
Sec. 11. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 12. This Act shall be in full force and effect from and after ratification.
In the General Assembly read three times and ratified, this the 13th day of March, 1969