SUBCHAPTER 16I ‑ ACQUISITION OF CONTROL
SECTION .0100 ‑ SCOPE
04 NCAC 16I .0101 GENERAL
04 NCAC 16I .0102 DEFINITIONS AND OTHER TERMS
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. December 1, 1981;
Amended Eff. February 1, 1983;
Repealed Eff. July 1, 1983.
SECTION .0200 ‑ ACQUISITIONS
04 NCAC 16I .0201 PRIOR WRITTEN APPROVAL REQUIRED FOR
ACQUISITIONS
04 NCAC 16I .0202 APPLICATION FEES
04 NCAC 16I .0203 REQUIRED ACQUISITION APPLICATIONS
AND AMENDMENTS
04 NCAC 16I .0204 STANDARDS FOR APPROVAL OF
ACQUISITION
04 NCAC 16I .0205 LIMITATIONS ON APPROVAL OF
ACQUISITIONS
04 NCAC 16I .0206 LIMITATIONS ON OWNERSHIP OF CAPITAL
STOCK
04 NCAC 16I .0207 CONFIDENTIAL INFORMATION
History Note: Authority G.S. 54B‑55; 54B‑63;
54B‑261; 54B‑262;
Eff. December 1, 1981;
Amended Eff. October 1, 1982; July 1, 1982;
Repealed Eff. July 1, 1983.
SECTION .0300 ‑ NOTICE OF FILING: HEARINGS AND REVIEW
04 NCAC 16I .0301 NOTICE OF FILING: HEARINGS
04 NCAC 16I .0302 REVIEW BY COMMISSION
04 NCAC 16I .0303 JUDICIAL REVIEW
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. December 1, 1981;
Amended Eff. October 1, 1983;
Repealed Eff. July 1, 1983.
SECTION .0400 ‑ SUPERVISION: INVESTMENTS
04 NCAC 16I .0401 SUPERVISION: EXAMINATION AND
REGULATION BY ADMINISTRATOR
04 NCAC 16I .0402 ACTIVITIES AND INVESTMENTS OF
HOLDING COMPANIES
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. December 1, 1981;
Amended Eff. July 1, 1982;
Repealed Eff. July 1, 1983.
SECTION .0500 ‑ REGISTRATION: REPORTS: FILINGS: BOOKS
AND RECORDS
04 NCAC 16I .0501 REGISTRATION
04 NCAC 16I .0502 ANNUAL REPORTS
04 NCAC 16I .0503 FILING AND APPROVAL: AMENDMENTS TO
ARTICLES AND BYLAWS
04 NCAC 16I .0504 REPORTS
04 NCAC 16I .0505 BOOKS AND RECORDS
04 NCAC 16I .0506 APPOINTMENT OF AGENT
04 NCAC 16I .0507 PLACE OF FILING: RECEIPT
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. December 1, 1981;
Repealed Eff. July 1, 1983.
SECTION .0600 ‑ APPLICATIONS AND OTHER FILINGS
04 NCAC 16I .0601 REGISTRATION STATEMENT AND
APPLICATIONS
04 NCAC 16I .0602 OTHER FILINGS
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. December 1, 1981;
Repealed Eff. July 1, 1983.
SECTION .0700 ‑ GENERAL
04 NCAC 16I .0701 GENERAL
History Note: Authority G.S. 54B‑55; 54B‑261;
54B‑262;
Eff. July 1, 1983;
Amended Eff. November 1, 1985;
Repealed Eff. July 1, 1990.
04 NCAC 16I .0702 DEFINITIONS AND OTHER TERMS
As used in this Subchapter, unless the context otherwise
requires, the term:
(1) "Acquisition" means a transaction in
which a person or holding company acquires control of a stock savings
institution by means of an exchange of its capital stock for the capital stock
of the stock savings institution, or by means of a purchase of the capital
stock of the stock savings institution.
(2) "Applicant" means a person or holding
company which has filed with the Administrator any application under this
Subchapter.
(3) "Control" means the power, directly or
indirectly, to direct the management or policies of a savings institution or to
vote 25 percent or more of any class of voting securities for a savings
institution.
(4) "Person" includes an individual or group
acting in concert, a corporation, a partnership, an association, a joint stock
company, a trust, an unincorporated organization similar company, or a
syndicate.
(5) "Plan of Conversion" means a plan duly
adopted in accordance with the requirements of G.S. 54B‑261 or G.S. 54C‑195
and this Subchapter that, to the satisfaction of the Administrator, sets out
all relevant terms and conditions pertaining to a mutual savings institution's
conversion to ownership by a holding company.
(6) "Plan of Reorganization" means a plan
duly adopted in accordance with the requirements of G.S. 54B‑261 or 54C‑195
and this Subchapter that, to the satisfaction of the Administrator, sets out
all relevant terms and conditions pertaining to a stock savings institution's
reorganization of its ownership to provide for a holding company.
(7) "Registrant" means any holding company
which has filed a registration statement with the Administrator under this
Subchapter.
(8) "Holding Company" means any company which
directly or indirectly controls a savings institution or controls any other
company which is a holding company of a savings institution.
(9) "Tax Free Exchange" means an exchange of
stock which would result in no tax consequences to the holding company, the
stock savings institution and its stockholders under state or federal law.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990; November 1,
1985.
04 NCAC 16I .0703 STANDARDS FOR APPROVAL OF
ACQUISITION: DUTIES AND CONDUCT
(a) A savings institution may be controlled by a person or
a holding company. The Administrator shall determine that the person or
savings and loan holding company is qualified by character, experience, and
financial responsibility to control the savings institution in a legal and
responsible manner. The Administrator shall consider the applicant's financial
and managerial resources, and the organizational structure and future prospects
and plans of both the applicant and the savings institution. The Administrator
will consider whether the business and activities of the applicant, or its
officers and directors; or any other person controlling, controlled by, or
associated with the applicant by having a common controller, would create a
material deterioration of confidence in the safety, soundness, and financial
integrity of the proposed to be controlled. When reference is made to the word
"control" in this Rule, the word "control" has the meaning
given in G.S. 54B‑4 or G.S. 54C‑4, and additionally shall have the
meaning given by any other law or regulation under which the applicant is
required to report and register as a holding company, parent corporation, or
other similar entity.
(b) An applicant shall be solvent, and shall have a debt‑to‑equity
ratio which meets or exceeds the average of the ratios of other persons in the
same line of business.
(c) The approval of an application to acquire control of a
savings institution shall in no way diminish the authority of the Administrator
to regulate the activities of the controlled savings institution.
(d) A controlled savings institution shall obtain the prior
written approval of the administrator to lend to, or invest in, its holding
company or its affiliates.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑43; 54B‑55; 54B‑261;
54B‑262; 54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990; November 1,
1985.
04 NCAC 16I .0704 INVESTMENT ACTIVITIES OF HOLDING
COMPANIES
A holding company may invest only in the stock of one or
more stock savings institutions, deposits in financial institutions the
principal offices of which are located in North Carolina, investments permitted
by G.S. 54B‑181 through ‑184, and ‑187 through ‑190 and
Article 7 of Chapter 54C of the General Statutes, and such other investments
approved in advance in writing by the Administrator. In no event shall a
savings institution holding company make any investment not specified by this
Section or not permitted for a savings institution under the supervision of the
Administrator.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1990;
Amended Eff. February 15, 1992.
SECTION .0800 ‑ ACQUISITIONS
04 NCAC 16I .0801 PRIOR WRITTEN APPROVAL REQUIRED FOR
ACQUISITIONS
(a) A person or holding company shall not acquire control
of any savings institution without having filed with the Administrator an
Acquisition Application as prescribed by the Administrator, and without the
written approval of the Administrator after consideration of the application
and any amendments thereto.
(b) In addition to the filing of the Acquisition
Application, the applicant shall file any other information requested by the
Administrator, including copies of any filings, documents or reports mentioned
in Rule .1105 of this Subchapter.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .0802 APPLICATION FEES: FILINGS
An Acquisition Application may be obtained from the Division
at its mailing address. Applications shall be accompanied by an application
fee in the amount prescribed by the fee schedule. Such fee will be paid by
check and is non‑refundable.
History Note: Authority G.S. 54B‑55; 54B‑57;
54B‑261; 54B‑262; 54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. July 1, 1990; August 1, 1984.
04 NCAC 16I .0803 CONFIDENTIAL INFORMATION
Should an applicant desire to submit any information it
deems to be of a confidential nature regarding the answer to any item or a part
of an exhibit included in any application for filing under this Subchapter, such
information pertaining to such item or exhibit shall be separately bound and
labeled "confidential", and a statement shall be submitted therewith
briefly setting forth the grounds on which such information should be treated
as confidential. Only general reference thereto need be made in that portion
of the application which the applicant deems not to be confidential.
Applications for filings under this Subchapter shall be made available for
inspection by the public, except for portions which are bound and labeled
"confidential" and which the Administrator determines to withhold
from public availability because of their confidential nature under the
provisions of G.S. 54B‑63 or 54C‑60 unless the Administrator is
compelled to release the information pursuant to G.S. 54B‑63 or 54C‑60.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑63; 54B‑261;
54B‑262; 54C‑53; 54C‑60; 54C‑195;
54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
SECTION .0900 ‑ REORGANIZING STOCK ASSOCIATION INTO
HOLDING COMPANY
04 NCAC 16I .0901 REQUIRED ACQUISITION APPLICATION
A stock savings institution may be controlled by a holding
company by means of a plan of reorganization. This may be accomplished by filing
with the Administrator one manually signed copy of an Acquisition Application.
For the purposes of filing the application, the applicant shall be considered a
holding company, even though it may not yet control a stock savings
institution.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .0902 ACQUISITION PROCEDURE
(a) Upon determining that an Acquisition Application is
properly executed and is not materially incomplete, the Administrator shall
consider the application filed. If the Plan of Reorganization is not approved,
the Administrator shall notify the applicant of such, and state the reasons for
its disapproval. The Administrator may include advice to the applicant as to
what may be required by way of amendment or other requirement to cause approval
of the Plan of Reorganization.
(b) If the Administrator approves the Plan of
Reorganization, the applicant shall be notified. Thereafter, a regular or
special meeting of the stockholders of the subject savings institution shall be
called after advance written notice to the stockholders of not less than 20
days specifying the time, place, and purpose for calling of the meeting. Notice
shall be published in at least one newspaper of general circulation in each
county where the savings institution has an office. The applicant shall file
publisher's affidavits with the Administrator to confirm the publication of
notice.
(c) The results of the stockholder's meeting shall be
confirmed to the Administrator by filing attested minutes of the meeting. If
the stockholders approve reorganization of ownership of the savings institution
to provide for ownership by a holding company, the Administrator shall enter
his final order approving the reorganization.
(d) The Administrator may waive or alter any requirements
set forth in this Rule upon a finding that compliance would work an undue
financial hardship on the applicant, would adversely affect the safe and sound
operation of the applicant, or would have an unintended negative impact upon
the public or the applicant.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .0903 INVESTMENT ACTIVITIES
04 NCAC 16I .0904 NOTICE OF FILING: HEARINGS
History Note: Authority G.S. 54B‑54; 54B‑55;
54B‑261; 54B‑262;
Eff. July 1, 1983;
Amended Eff. June 1, 1988; November 1, 1985; September 1,
1983;
Repealed Eff. July 1, 1990.
SECTION .1000 ‑ ACQUISITIONS OF STOCK ASSOCIATIONS
04 NCAC 16I .1001 REQUIRED ACQUISITION APPLICATIONS
A person seeking to acquire control of any stock savings
institution shall file with the Administrator one manually signed copy of an
Acquisition Application.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .1002 FOREIGN APPLICANTS
(a) If the applicant is a corporation for profit or having
a capital stock, but not created under any general or special act of the State
of North Carolina, then that corporation shall procure a Certificate of Authority
from the Secretary of State under the provisions of Article 15 of Chapter 55 of
the North Carolina General Statutes, before it shall be approved by the
Administrator to obtain control of a stock savings institution. The applicant
shall file a copy of the Certificate of Authority from the Secretary of State
to evidence this. If the applicant foreign corporation has been certified to
conduct business in this State under some provision of law of this State other
than Chapter 55 of the General Statutes, then evidence of that certification
shall be filed with the Administrator for his review and approval to meet the
requirements of this Rule.
(b) If the applicant is a person other than a corporation,
and not a resident of this State, then the applicant shall by a duly executed
instrument filed with the Administrator, constitute as its true and lawful
attorney the Secretary of State and his successors in office, or some other
competent resident of this State, upon whom all original process in any action
or legal proceedings against it may be served, and therein shall agree that any
original process against it which may be served upon the Secretary of State or
other competent person, shall be of the same force and validity as if served on
the person, and the authority thereof shall continue in force irrevocable so
long as the person continues to control a state savings institution.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54C‑53;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; September 1, 1983.
04 NCAC 16I .1003 ACQUISITION PROCEDURE
(a) Upon determining that an Acquisition Application is
properly executed and is not materially incomplete, the Administrator shall
consider its approval. If the application is not approved, the Administrator
will notify the applicant of such, and state the reasons for its disapproval.
The Administrator may include advice to the applicant as to what may be
required by way of amendment or other requirement, to cause approval of the
application.
(b) If the Administrator approves the application, the
applicant shall be notified. Such notice shall include any requirements or
stipulations the Administrator may make as conditions of approval.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990; June 1,
1988.
SECTION .1100 ‑ REGISTRATION: SUPERVISION: REPORTS:
FILINGS: BOOKS AND RECORDS
04 NCAC 16I .1101 REGISTRATION
(a) Not later than ten business days after becoming a
holding company, each holding company shall register with the Administrator by
filing a Registration Statement.
(b) The Administrator may at any time, upon his own motion
or otherwise, release a holding company from registration, if the Administrator
determines that such company or person no longer controls a stock savings
institution.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Authority G.S. 54B‑55: 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990; November 1,
1985.
04 NCAC 16I .1102 SUPERVISION
(a) Officers, directors, and employees of holding companies
have the same duties and responsibilities, express or implied, as officers,
directors, and employees of savings institutions.
(b) Each registrant shall be subject to such examinations
as the Administrator may prescribe. The cost of such examinations shall be
assessed against and paid by such registrant.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑57; 54B‑261;
54B‑262; 54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990; November 1,
1985.
04 NCAC 16I .1103 ANNUAL REPORTS
Each registrant will file an annual report with the
Administrator in the specified form. In addition to these, each registrant
will file such interim reports as may be prescribed by the Administrator.
History Note: Authority G.S. 54B‑55; 43B‑261;
54B‑262; 54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983.
04 NCAC 16I .1104 FILING AND APPROVAL: AMENDMENTS TO
ARTICLES AND BYLAWS
(a) Prior to any filing with the Secretary of State of the
State of North Carolina, a holding company will file with the Administrator
copies of any proposed amendment to its articles of incorporation. The
Administrator must give his approval to the content and form of such proposed
amendments.
(b) Before any amendments to the bylaws of a holding
company can become effective, a certified copy of such amendments shall be
filed with and approved by the Administrator. In the event of the failure of
the Administrator to act upon the amendment within 25 days of receipt, the
bylaws shall be deemed approved.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .1105 REPORTS
(a) Each registrant shall file simultaneously with the
Administrator copies of any filings, documents, statements or reports required
to be filed with the appropriate federal regulatory authority.
(b) Each registrant shall file with the Administrator such
reports or other filings as the Administrator may prescribe, to be made under
oath or otherwise, and to be in such form and for such periods as the
Administrator may prescribe. Each such report or filing shall contain such information
concerning the operations of the holding company, and any related persons, as
the Administrator may require.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
04 NCAC 16I .1106 BOOKS AND RECORDS
In addition to general corporate records maintained in the
ordinary course of business as required by Sections 16D .0300 and 16K .0300 of
this Chapter, each registrant shall maintain such books and records in such
form as may be prescribed by the Administrator. The books and records of a
controlled savings institution or its holding company shall not be removed from
this State without the prior written approval of the Administrator.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1983;
Amended Eff. February 15, 1992; July 1, 1990.
SECTION .1200 ‑ CONVERSION OF MUTUAL ASSOCIATION INTO
HOLDING COMPANY
04 NCAC 16I .1201 REQUIRED ACQUISITION APPLICATION
When it is proposed that a mutual savings institution shall
convert to a holding company by means of a plan of conversion, the mutual
savings institution shall file with the Administrator one manually signed copy
of an Acquisition Application.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1990;
Amended Eff. February 15, 1992.
04 NCAC 16I .1202 CONVERSION PROCEDURE
(a) Upon determining that an Acquisition Application is
properly executed and is not materially incomplete, the Administrator shall
consider the application filed. If the Plan of Conversion is not approved, the
Administrator shall notify the applicant of such, and state the reasons for its
disapproval. The Administrator may include advice to the applicant as to what
may be required by way of amendment or other requirement, to cause approval of
the Plan of Conversion.
(b) If the Administrator approves the Plan of Conversion,
the applicant shall be notified. Thereafter, a regular or special meeting of
the members of the subject savings institution shall be called after advance
written notice to the members of not less than 20 days specifying the time,
place and purpose for calling of the meeting. Notice shall be published in at
least one newspaper of general circulation in each county where the savings
institution has an office. The applicant shall file publisher's affidavits
with the Administrator to confirm publication of notice.
(c) The results of the member's meeting shall be confirmed
to the Administrator by filing attested minutes of the meeting. If the members
approve conversion of the savings institution to a mutual holding company, the
Administrator shall enter his final order approving the conversion.
(d) The Administrator may waive or alter any requirements
set forth in this Rule upon a finding that compliance would work as undue
financial hardship on the applicant, would adversely affect the safe and sound
operation of the applicant, or would have an unintended negative impact upon
the public or the applicant.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262;
54C‑53; 54C‑195; 54C‑196;
Eff. July 1, 1990;
Amended Eff. February 15, 1992.
04 NCAC 16I .1203 PLAN OF CONVERSION REQUIREMENTS
(a) The plan of conversion to a mutual holding company
shall require the chartering of a stock subsidiary. At least 51 percent of the
stock of this subsidiary shall be owned by the mutual holding company.
(b) Share of the stock subsidiary may be issued to the
holding company only after sufficient assets to match transferred deposit
liabilities are transferred by the holding company to the stock subsidiary and
only after written confirmation of continuation of insurance of accounts for
the stock subsidiary is received from the federal insurer of accounts.
(c) Upon completion of the conversion, the mutual savings
institution shall become a mutual holding company and shall cease to be a
savings institution or depository institution of any type.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑262; 54C‑53;
54C‑195;
Eff. July 1, 1990;
Amended Eff. February 15, 1992.
SECTION .1300 ‑ HOLDING COMPANY ACQUISITIONS
04 NCAC 16I .1301 REQUIRED ACQUISITION APPLICATION
A person seeking to acquire control of any holding company
shall file with the Administrator one manually signed copy of an Acquisition
Application.
History Note: Filed as a Temporary Amendment Eff.
October 2, 1991 for a period of 180 days to expire on
March 31, 1992;
Statutory Authority G.S. 54B‑55; 54B‑262; 54C‑53;
54C‑195;
Eff. July 1, 1990;
Amended Eff. February 15, 1992.
04 NCAC 16I .1302 ACQUISITION PROCEDURE
(a) Upon determining that an Acquisition Application is
properly executed and is not materially incomplete, the Administrator shall
consider the application filed. If the application is not approved, the Administrator
shall notify the applicant of such, and state the reasons for its disapproval.
The Administrator may include advice to the applicant as to what may be
required by way of amendment or other requirement to cause approval of the
application.
(b) If the Administrator approves the application, the
applicant shall be notified. Such notice shall include any requirements or
stipulations the Administrator may make as conditions of approval.
(c) The Administrator may waive or alter, for good cause, any
requirements set forth in this Rule.
History Note: Authority G.S. 54B‑55; 54B‑262;
54C‑53; 54C‑195;
Eff. July 1, 1990.
