1941 public laws – Ch.235 Sec.1

That Section five thousand two hundred and thirty-eight of the Consolidated Statutes of one thousand nine hundred and nineteen, as amended, be further amended to read as follows: 5238. Reports; Penalties; Fees. 1. Every corporation organized under this sub-chapter shall, in January and in July of each year, make a report of condition to the superintendent of credit unions giving such information as he shall require, which reports shall be verified by oath of the treasurer and by oath of a majority of the supervisory committee, and shall make such other and further reports under like oath as the superintendent shall demand at any time. 2. Each credit union applying on or after July first, one thousand nine hundred forty-one, for a certificate to do business under the provisions of this sub-chapter shall, before receiving such certificate, pay into the office of the superintendent of credit unions a charter fee of five dollars ($5.00). 3. Each credit union subject to supervision and examination by the superintendent of credit unions, including credit unions in process of voluntary liquidation, shall pay into the office of the superintendent of credit unions supervisory fees as follows: (a) two dollars and fifty cents ($2.50) for the first one thousand dollars ($1,000.00) of assets and fifty cents ($0.50) for each additional thousand dollars ($1,000.00) of assets, or fraction thereof, payable during the month of July each year on the basis of total assets as shown by its report of condition made to the superintendent of credit unions as of the previous June thirtieth, or the date most nearly approximating same of each year; and (b) two dollars and fifty cents ($2.50) for the first one thousand dollars ($1,000.00) of assets and fifty cents ($0.50) for each additional thousand dollars ($1,000.00) of assets, or fraction thereof, payable during the month of January each year on the basis of total assets as shown by its report of condition made to the superintendent of credit unions as of the previous December thirty-first, or the date most nearly approximating same of each year: Provided, that no credit union shall be required to pay any supervisory fee until the expiration of twelve months from the date of the issuance of a certificate of incorporation to such credit union. 4, Any such corporation which neglects to make semi-annual reports as provided in paragraph 1 of this Section, or any of the other reports required by the superintendent of credit unions at the time fixed by the superintendent, shall forfeit to the superintendent of credit unions five dollars ($5.00) for each day such neglect continues; and, furthermore, the superintendent of credit unions shall have authority, in his discretion, to revoke the certificate of incorporation and take possession of the assets and business of any corporation failing to pay the fees required in this Section after serving notice of at least fifteen -15 days upon such corporation of his intention so to do. 5. Moneys collected under this Section shall be deposited with the State Treasurer of North Carolina and expended, under the terms of the Executive Budget Act, to defray expenses incurred by the office of the superintendent of credit unions in carrying out its supervisory and auditing functions.