2009 North Carolina Code
Chapter 53 - Banks.
§ 53-87.1. Payment of dividends on preferred shares issued to the United States Treasury.
§ 53‑87.1. Payment of dividends on preferred shares issued to the United States Treasury.
(a) Notwithstanding any other provision of this Chapter, the board of directors of any bank may declare and pay a dividend on preferred shares issued by the bank to the United States Treasury in connection with and as a condition of the bank's participation in the Capital Purchase Program authorized by Title I of the Emergency Economic Stabilization Act of 2008 (Public Law 110‑343).
(b) Notwithstanding any other provision of this Chapter, with the prior approval of the Commissioner of Banks and subject to any conditions the Commissioner may impose, a bank may issue preferred or preference shares and pay dividends thereon, in order to recapitalize itself. (2009‑28, s. 1.)
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