§ 53-80. Qualifications of directors.
§ 53‑80. Qualificationsof directors.
Every director of a bank doingbusiness under this Chapter shall be the owner and holder of shares of stock inthe bank representing not less than one thousand dollars ($1,000) book value asof the last business day of the calendar year immediately prior to the electionof such director. For the purpose of this section, book value shall consist ofcommon capital stock, unimpaired surplus, undivided profits, and reserves forcontingencies if any such reserves are segregations of capital. Where directorsare appointed during the interval between stockholders' meetings pursuant tothe provisions of G.S. 53‑67, such directors shall hold the requiredqualifying shares as of the time of their appointment. Notwithstanding the provisoat the end of this section, where the bank is a wholly owned subsidiary, therequired qualifying shares shall be shares in the parent corporation, whetheror not the bank was doing business before February 18, 1921. And every suchdirector shall hold the shares in the director's own name unpledged andunencumbered in any way. Provided, however, shares of the bank or parentcorporation stock held in an individual retirement account or other retirementaccount of a bank director, over which the director has investment authority,shall be considered qualifying shares for the purpose of this section. Theoffice of any director at any time violating any of the provisions of thissection shall immediately become vacant, and the remaining directors shall declarethat director's office vacant and proceed to fill such vacancy forthwith. Notless than one‑half of the directors of every bank doing business underthis Chapter shall be residents of the State of North Carolina or any state inwhich the bank has a branch: Provided, that as to banks doing business beforeFebruary 18, 1921, the requirements as to amount of stock owned by a directorshall not apply unless the Commissioner of Banks shall rule that the directoris not bona fide discharging the director's duties. (1921, c. 4, s. 51; C.S., s.221(c); 1931, c. 243, s. 5; 1979, c. 483, s. 8; 1983, c. 214, s. 8; 1999‑72,s. 1; 2001‑263, s. 8.)