Terms Used In North Carolina General Statutes > Chapter 7A > Article 11 - Special Regulations

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Affiliate: A person that, directly or indirectly, controls, is controlled by, or is under common control with another person. See North Carolina General Statutes 53C-1-4
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bank: Any corporation, other than a credit union, savings institution, or trust company, that is organized under the laws of this State and is engaged in the business of receiving deposits (other than trust funds), paying monies, and making loans. See North Carolina General Statutes 53C-1-4
• Bank premises: Any improved or unimproved real estate, whether or not open to the public, that is utilized or intended to be utilized by a bank, including additional space to rent as a source of income. See North Carolina General Statutes 53C-1-4
• Bank supervisory agency: Any of the following agencies:

  a. See North Carolina General Statutes 53C-1-4

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board of directors: A governing board of a company that is responsible for policy, oversight, and compliance. See North Carolina General Statutes 53C-1-4
• Branch: An office of any bank or a depository institution organized under the banking laws of the United States, another state, or another sovereign nation, other than that depository institution's principal office, in which deposits are received. See North Carolina General Statutes 53C-1-4
• capital: as used in this Chapter shall mean an amount equal to the amount calculated by application of the definition of such replacement term. See North Carolina General Statutes 53C-1-4
• Central reserve bank: A depository institution of which at least fifty percent (50%) of its shares are owned by other depository institutions. See North Carolina General Statutes 53C-1-4
• Charter: A document issued by the Commissioner in accordance with Article 3 of this Chapter permitting a bank to conduct banking business. See North Carolina General Statutes 53C-1-4
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Combination: A merger, share exchange, or transfer or acquisition of all or substantially all assets and liabilities of a person undertaken in compliance with such federal laws and laws of this State or other states as may be applicable. See North Carolina General Statutes 53C-1-4
• Commission: The State Banking Commission provided for in N. See North Carolina General Statutes 53C-1-4
• Commissioner: The Commissioner of Banks provided for in N. See North Carolina General Statutes 53C-1-4
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company: A corporation, limited liability company, partnership, joint venture, business trust, trust, syndicate, association, unincorporated organization, or other form of business entity. See North Carolina General Statutes 53C-1-4
• Contract: A legal written agreement that becomes binding when signed.
• Control: The possession, directly or indirectly, of the power or right to direct or to cause the direction of the management or policies of a person by reason of an agreement, understanding, proxy, or power of attorney or through the ownership of or voting power over ten percent (10%) or more of any class of the voting securities of the person. See North Carolina General Statutes 53C-1-4
• Control transaction: The acquisition of control over a bank or a holding company other than pursuant to a combination. See North Carolina General Statutes 53C-1-4
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deposit: A "deposit" as defined in Section 3(l) of the Federal Deposit Insurance Act, 12 U. See North Carolina General Statutes 53C-1-4
• Deposit insurance: Insurance of a bank's deposit accounts where the beneficiaries are the holders of the insured accounts. See North Carolina General Statutes 53C-1-4
• Depository institution: A bank, out-of-state bank, savings institution, or federally chartered institution, the deposits of which are insured by the FDIC. See North Carolina General Statutes 53C-1-4
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• DPC subsidiary: A debt previously contracted subsidiary of a bank that acquires in good faith an equity ownership interest through foreclosure or other realization on collateral, by way of a compromise of a disputed or contested claim, or to avoid a loss in connection with a debt previously contracted or to which the bank transfers an equity ownership interest so acquired by the bank. See North Carolina General Statutes 53C-1-4
• Equity ownership interest: Any beneficial equity or similar interest, whether direct or indirect, including shares, limited or general partnership interests, and membership interests in a limited liability company. See North Carolina General Statutes 53C-1-4
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Examination: A supervisory inspection of a bank, a proposed bank, a holding company, or a branch of an out-of-state bank operating in this State that may include inspection of all relevant information, including information of or about the subsidiaries and affiliates of the bank, proposed bank holding company, or branch. See North Carolina General Statutes 53C-1-4
• Executor: A male person named in a will to carry out the decedent
• Farm credit system institution: A lending institution regulated by the Farm Credit Administration. See North Carolina General Statutes 53C-1-4
• FDIC: The Federal Deposit Insurance Corporation or its successor. See North Carolina General Statutes 53C-1-4
• Federal Reserve Board: The Board of Governors of the Federal Reserve System or its successor. See North Carolina General Statutes 53C-1-4
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federal savings association: A federal savings association or federal savings bank chartered under Section 5 of the Home Owners' Loan Act, 12 U. See North Carolina General Statutes 53C-1-4
• Federally chartered institution: A national bank or federal savings association. See North Carolina General Statutes 53C-1-4
• Fiduciary: A trustee, executor, or administrator.
• Financial subsidiary: A "financial subsidiary" as defined in 12 U. See North Carolina General Statutes 53C-1-4
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Holding company: A company that controls a depository institution or that controls a company that directly or indirectly controls a depository institution. See North Carolina General Statutes 53C-1-4
• Immediate family: An individual's spouse, father, mother, children, brothers, sisters, and grandchildren. See North Carolina General Statutes 53C-1-4
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• Individual: A human being. See North Carolina General Statutes 53C-1-4
• Intestate: Dying without leaving a will.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lower-tier subsidiary: Any company which is controlled by a subsidiary. See North Carolina General Statutes 53C-1-4
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National bank: A banking association organized under 12 U. See North Carolina General Statutes 53C-1-4
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Non-branch bank business office: Any staffed physical location open to the public, at which any of the following institutions offers one or more banking or banking-related products or services, but does not take deposits:

  a. See North Carolina General Statutes 53C-1-4

• oath: shall be construed to include "affirmation" in all cases where by law an affirmation may be substituted for an oath, and in like cases the word "sworn" shall be construed to include the word "affirmed. See North Carolina General Statutes 12-3
• Oath: A promise to tell the truth.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• OCC: The Office of the Comptroller of the Currency or its successor. See North Carolina General Statutes 53C-1-4
• OCOB: The Office of the Commissioner of Banks as provided in N. See North Carolina General Statutes 53C-1-4
• Organizational documents: The charter, certificate of organization, articles of incorporation, articles of association, certificate of limited partnership, bylaws, operating agreement, partnership agreement, and any other similar documents required to be prepared or adopted by a company in connection with its organization, and as thereafter amended from time to time. See North Carolina General Statutes 53C-1-4
• Organizational law: The laws of the jurisdiction of organization of a company applicable to the organization of the company and its governance, including approval of transactions by its board of directors, shareholders, partners, members, or beneficiaries, as applicable. See North Carolina General Statutes 53C-1-4
• Out-of-state bank: A bank that is organized, chartered, or created under the laws of a state other than this State and the deposits of which are insured by the FDIC. See North Carolina General Statutes 53C-1-4
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: An individual, a company, or a group of persons who are acting in concert. See North Carolina General Statutes 53C-1-4
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan of conversion: A detailed outline of the procedure of the conversion of a depository institution from one to another charter. See North Carolina General Statutes 53C-1-4
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Principal office: The office that houses the headquarters of a bank. See North Carolina General Statutes 53C-1-4
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public notice: Notice to the public of the applicable information specified in this Chapter by (i) a single publication in a newspaper of general circulation in the county in which the bank that is the subject of the publication has its principal office or in such other county as may be directed by the Commissioner to best meet the purposes for which the notice is required and (ii) a posting in the notices section of the Commissioner's Web site for at least 15 days. See North Carolina General Statutes 53C-1-4
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record: Information, reports, memoranda, charts, letters, messages, extracts, summaries, analyses, compilations, transaction documentation, account statements, financial statements, and other documents, including customer financial and other information, whether created, transmitted, distributed, retained, or stored in tangible or digital form. See North Carolina General Statutes 53C-1-4
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Required capital: Required capital means either of the following:

  a. See North Carolina General Statutes 53C-1-4

• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Savings institution: A savings and loan association or a savings bank organized under the laws of this State or of another state, or a federal savings association or savings bank. See North Carolina General Statutes 53C-1-4
• Service of process: The service of writs or summonses to the appropriate party.
• Shareholder: Any person in whose name shares are registered in the records of a corporation, or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See North Carolina General Statutes 53C-1-4
• Shares: The units into which the equity ownership interests of a corporation are divided. See North Carolina General Statutes 53C-1-4
• State: Any state of the United States, the District of Columbia, or any territory of the United States other than this State. See North Carolina General Statutes 53C-1-4
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Statute: A law passed by a legislature.
• Subsidiary: A company over which a bank has control, including a lower-tier subsidiary. See North Carolina General Statutes 53C-1-4
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust institution: Any company lawfully acting as a fiduciary in a state or in a foreign country. See North Carolina General Statutes 53C-1-4
• Trustee: A person or institution holding and administering property in trust.
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Venue: The geographical location in which a case is tried.
• Voting securities: A security that (i) confers upon the holder the right to vote for the election of members of the board of directors or similar governing body of the company or (ii) is convertible into, or entitles the holder to receive upon its exercise, a security that confers such a right to vote. See North Carolina General Statutes 53C-1-4
• Well-capitalized: The term "well-capitalized" has the same meaning as defined in Regulation Y of the Federal Reserve Board, 12 C. See North Carolina General Statutes 53C-1-4
• Well-managed: Except as otherwise provided in this Chapter, a company or depository institution is well-managed if the following apply:

  a. See North Carolina General Statutes 53C-1-4

• Writ: A formal written command, issued from the court, requiring the performance of a specific act.