NORTH CAROLINA GENERAL ASSEMBLY

1977 SESSION

 

 

CHAPTER 1111

HOUSE BILL 928

 

 

AN ACT TO AMEND G.S. 54-33.3 TO ALLOW FEWER THAN TEN STATE CHARTERED SAVINGS AND LOAN ASSOCIATIONS TO INVEST IN SERVICE CORPORATIONS AND TO ALLOW THE ADMINISTRATOR TO APPROVE PERMITTED DATA PROCESSING ACTIVITIES OF SUCH SERVICE CORPORATIONS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 54-33.3 is hereby amended by adding thereto the following new subsection (4):

"(4)      Invest in the capital stock, obligations or other securities of any service 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 one or more, but less than 10 State associations who may join in said stock ownership with one or more, but less than 10, federal savings and loan associations whose principal offices are in the State; but no association may make any investment in such corporation if its aggregate investment as determined by the Administrator of the Savings and Loan Division of North Carolina would exceed one percent (1%) of its assets. Such service corporation shall be subject to audit by the Administrator of the Savings and Loan Division of North Carolina, and the cost of such audit shall be borne by such corporation. Such service corporation may engage in such data processing activities as are approved as of the date of enactment of this section by the Federal Home Loan Bank Board for service corporations for federal savings and loan associations whose principal offices are in the State of North Carolina and such additional data processing activities as are from time to time approved by the Administrator of the Savings and Loan Division of North Carolina subject to the direction and approval of the Savings and Loan Commission. However, nothing in this act shall permit these service corporations to perform data processing activities for commercial customers other than Savings and Loan Associations."

Sec. 2.  Nothing in this act shall be interpreted to restrict or limit State chartered savings and loan associations from forming service corporations and conducting such activities as are otherwise authorized by G.S. 54-33.3(1) and G.S. 54-21.2(d) and regulations pursuant thereto.

Sec. 3.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 1st day of July, 1977.