04 NCAC 16F .0112. NOTIFICATION TO THE COMMISSIONER OF BANKS

(a)  Prior to the establishment of any finance subsidiary, or prior to any transfer of assets to an existing finance subsidiary, the Board of Directors of the savings institution shall send written notification to the Commissioner of Banks, specifying:

(1)           the name of the finance subsidiary;

(2)           the amount of assets (market and book value as of date within 30 days) to be transferred or made available (including the terms of any guarantee to be issued by the savings institution or any affiliate of the savings institution), the book value of all assets previously transferred or made available, and the amount representing 30 percent of the book value of the parent's total assets as of such date;

(3)           when known and to the extent permitted by the Securities Act of 1933:

(A)          a description of the securities to be issued, including the term thereof;

(B)          the aggregate amount of the offer;

(C)          the anticipated interest or dividend rates and yields or the range thereof, and the frequency of payments;

(D)          the minimum denomination of the securities; and

(E)           the subsidiary intends to market the securities.

(b)  Within ten days after the issuance of any security, a finance subsidiary shall notify, in writing, the Commissioner of Banks and shall provide to the Commissioner of Banks a copy of any prospectus, offering circular, or other similar document concerning an issuance.

 

History Note:        Authority G.S. 54B-55; 54B-77; 54B-195; 54C-53; 54C-144; 54C-146;

Eff. October 1, 1984;

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

Amended Eff. December 1, 2011; May 11, 1992.