GENERAL ASSEMBLY OF NORTH CAROLINA
1997 SESSION
S.L. 1997-54
The General Assembly of North Carolina enacts:
Section 1. G.S. 53-224.14(c) reads as rewritten:
"(c) Prior to June 1, 1997,
1999, an out-of-state bank may establish and maintain a de novo
branch or may establish and maintain a branch through acquisition of a branch
if:
(1) In the case of a de novo branch, the laws of the home state of the out-of-state bank permit North Carolina banks to establish and maintain de novo branches in that state under substantially the same terms and conditions as herein set forth; and
(2) In the case of a branch established through the acquisition of a branch, the laws of the home state of the out-of-state bank permit North Carolina banks to establish and maintain branches in that state through the acquisition of branches under substantially the same terms and conditions as herein set forth."
Section 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 8th day of May, 1997.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 12:46 p.m. this 16th day of May, 1997