Laws of North Carolina (Last Updated: May 12, 2015) |
Chapter53. Regulation of Financial Services. |
Article24. Trust Companies and Interstate Trust Business |
Part5. Dissolution and Receivership; Conservatorship; Jeopardized State Trust Companies |
SUBPARTB. Seizure by Commissioner; Involuntary Dissolution and Liquidation. |
§53-377. When Commissioner may take charge
Latest version.
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The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:
(1) Is in a hazardous condition;
(2) Has become insolvent or is in substantial danger of becoming insolvent;
(3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;
(4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or
(5) Has suspended operations.
(2001-263, s. 1.)