NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 557

SENATE BILL 199

 

 

AN ACT ADDING SECTION 54-24.1 TO THE GENERAL STATUTES OF NORTH CAROLINA SO AS TO PROVIDE IN THE INSURANCE DEPARTMENT A SAVINGS AND LOAN ADVISORY BOARD CONSISTING OF SEVEN MEMBERS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Chapter 54 of the General Statutes is hereby amended by adding thereto a new Section following G.S. 54-24, to be designated G.S. 54-24.1, and to read as follows:

"Sec 54-24.1.  (a) There shall be in the Insurance Department a Savings and Loan Advisory Board which shall consist of seven members. The commissioner shall be a member of the board and its chairman and executive head. The Deputy Commissioner of Insurance for Savings and Loan Associations shall also be a member of the board and its vice chairman and act as chairman at times designated by the commissioner or in the absence of the commissioner. The remaining five members shall be appointed by the Governor. Of the five members appointed by the Governor, three shall have had experience in management of savings and loan associations. Three members shall be appointed for two years and two for four years, and thereafter all appointments shall be for a term of four years and until a successor has been appointed; in case of a vacancy for any reason, the Governor shall appoint a member to fill the unexpired term of office. The members of the Savings and Loan Advisory Board shall receive no salary but shall be paid for their services seven dollars ($7.00) per diem and their expenses. The board shall meet in regular session at least once each three months on call of the chairman. Special meetings may be had at any time upon call of the commissioner or at the request of any two members of the board. The board may adjourn its meetings from day to day or until a day certain until all its business has been transacted. The commissioner or at his designation or in his absence, the Deputy Commissioner for Savings and Loan Associations, shall keep a record of all proceedings of the board, which records shall be open to public inspection.

"(b)      The Savings and Loan Advisory Board shall have power to consider and, by a majority vote of its members present, to make recommendations to the commissioner upon any matter which may be submitted to the board.

"(c)       The Savings and Loan Advisory Board shall within six months after the ratification of this subsection, review the rules, instructions and regulations for savings and loan associations promulgated by the Commissioner of Insurance and make its recommendations to the commissioner for the approval in whole or in part, change, deletions and amendments of such existing rules, instructions and regulations and thereafter from time to time recommend to the commissioner such changes, deletions and new rules, instructions and regulations as, in the judgment of the board, are of such nature and importance to justify such a change. The board shall recommend to the commissioner for promulgation by the commissioner rules, instructions and regulations for public hearings on matters relating to savings and loan associations which shall be used for public hearings where matters affecting savings and loan associations, in the judgment of the commissioner and of the board, are of such nature and importance as to justify and require a public hearing."

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

Sec. 3.  This Act shall be effective from and after the date of its ratification.

In the General Assembly read three times and ratified, this the 23rd day of May, 1967.