04 NCAC 16C .0203. FORFEITURE OF BRANCH OFFICE FINAL APPROVAL

Any savings institution not opening its branch office within 12 months after final approval shall forfeit such approval. Provided, the Commissioner of Banks upon written application from the savings institution, may grant the savings institution a six month extension within which to open the branch office.  Such extension shall be granted only upon a showing that the delay was beyond the control of the applicant and that the economic factors which provided the basis of the original approval have not changed.  Provided further, in no event may a savings institution delay opening a branch office for more than 18 months after final approval.

 

History Note:        Authority G.S. 54B-55; 54C-53;

Eff. August 31, 1981;

Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31, 1992;

Amended Eff. December 1, 2011; February 15, 1992.