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Laws of North Carolina (Last Updated: May 12, 2015) |
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Chapter53. Regulation of Financial Services. |
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Article24. Trust Companies and Interstate Trust Business |
| Part 1. Definitions |
| § 53-301. Definitions |
| Part 2. Multistate Trust Institutions Act |
| SUBPART A. General. |
| § 53-302. Title and purposes |
| SUBPART B. Companies Authorized to Engage in Trust Business. |
| § 53-303. Companies authorized to engage in trust business |
| § 53-304. Activities not requiring a charter, license, or approval |
| § 53-305. Trust business of State trust institution |
| § 53-306. Trust business of out-of-state trust institution |
| § 53-307. Trust business of foreign trust institution |
| § 53-308. Name of trust institution |
| § 53-309. Trust deposits of authorized trust institutions |
| SUBPART C. State Trust Company Trust Officers and Representative Trust Offices. |
| § 53-310. Offices of State trust companies |
| § 53-311. State trust company principal office |
| § 53-312. Trust offices; representative trust offices |
| § 53-313. Out-of-state trust offices and representative trust offices |
| SUBPART D. Out-of-State Trust Institution Trust Offices and Representative Trust Offices. |
| § 53-314. Trust business through a branch or trust office |
| § 53-315. Establishing an interstate trust office |
| § 53-316. Acquiring an interstate trust office |
| § 53-317. Requirement of notice |
| § 53-318. Action on notice |
| § 53-319. Additional trust offices; representative trust offices |
| § 53-320. Examinations; periodic reports; cooperative agreements; assessment of fees |
| § 53-321. Enforcement |
| § 53-322. Notice of transactions that cause a change in control |
| SUBPART E. Foreign Trust Institution Trust Offices and Representative Trust Offices. |
| § 53-323. Foreign trust institution application for trust office or representative trust office |
| § 53-324. Conditions for approval |
| § 53-325. Additional trust offices and representative trust offices |
| § 53-326. Examinations; periodic reports; cooperative agreements; assessment of fees |
| § 53-327. Enforcement |
| § 53-328. Notice of transactions that cause a change in control |
| § 53-329. International agreements |
| Part 3. State Trust Company Charter Act |
| SUBPART A. General. |
| § 53-330. Title and purposes |
| SUBPART B. Organization and Powers of State Trust Company. |
| § 53-331. Organization and powers of State trust company |
| § 53-332. Articles of incorporation of State trust company |
| § 53-333. Application for State trust company charter and permission to incorporate State trust company |
| § 53-334. Notice and investigation of charter application |
| § 53-335. Decision on charter application and hearing |
| § 53-336. Issuance of charter |
| § 53-337. Required initial capital |
| § 53-338. Subordinated notes or debentures |
| § 53-339. Application of laws relating to general business corporations |
| SUBPART C. Investments and Activities. |
| § 53-340. Investment in State trust company facilities |
| § 53-341. Other real estate |
| § 53-342. Securities and other investments |
| § 53-343. Prohibited distributions, acquisitions, liens, or pledges |
| § 53-344. Subsidiaries |
| § 53-345. Engaging in commerce prohibited |
| § 53-346. Lending and lease financing; conversion to State bank |
| SUBPART D. Ownership; Governance; Mergers. |
| § 53-347. Acquisition of control |
| § 53-348. Application regarding acquisition of control |
| § 53-349. Decision on acquisition of control |
| § 53-350. Appeal |
| § 53-351. Report of changes in chief executive officer or directors |
| § 53-352. Board of directors |
| § 53-353. Required board meetings |
| § 53-354. Officers |
| § 53-355. Certain criminal offenses |
| § 53-356. Responsibility of directors |
| § 53-357. Record keeping |
| § 53-358. Bonding requirements; reports of apparent crime |
| § 53-359. Merger, share exchange, or asset transfer authority |
| § 53-360. Merger, share exchange, or asset transfer application |
| § 53-361. Notice and investigation of merger, share exchange, or asset transfer; decision, hearing, and appeal |
| § 53-362. Appraisal rights of shareholders in mergers, share exchanges, or asset transfers |
| SUBPART E. Private Trust Companies. |
| § 53-363. Private trust companies |
| § 53-364. Requirements to apply for and maintain status as a private trust company |
| § 53-365. Conversion to public trust company |
| Part 4. Applicable Law; Enforcement Actions |
| SUBPART A. Supervision and Examination. |
| § 53-366. Applicability of other laws to authorized trust institutions; status of State trust company |
| § 53-367. Commissioner shall have supervision over authorized trust institutions and shall examine |
| § 53-368. Assessment of State trust companies |
| SUBPART B. Enforcement Orders; Trust Company Management. |
| § 53-369. Administrative orders; penalties for violation; increase of equity capital |
| § 53-370. Notice and opportunity for hearing |
| § 53-371. Removal of directors, officers, and employees |
| Part 5. Dissolution and Receivership; Conservatorship; Jeopardized State Trust Companies |
| SUBPART A. Voluntary Dissolution and Liquidation. |
| § 53-372. Required vote of shareholders |
| § 53-373. Corporate procedure |
| § 53-374. Authority to liquidate; publication |
| § 53-375. Examination and reports |
| § 53-376. Unclaimed property |
| SUBPART B. Seizure by Commissioner; Involuntary Dissolution and Liquidation. |
| § 53-377. When Commissioner may take charge |
| § 53-378. Directors may act |
| § 53-379. Notice of seizure; bar to attachment of liens |
| § 53-380. Notice to trust institutions, corporations, and others holding assets; existing liens |
| § 53-381. Permission to resume business |
| § 53-382. Remedy for seizure; answer to notice; injunction; appeal; and motions |
| § 53-383. Collection of debts and claims; Commissioner succeeds to all property of the State trust company |
| § 53-384. Bond of the Commissioner; surety; condition; minimum penalty |
| § 53-385. Inventory |
| § 53-386. Notice and time for filing claims |
| § 53-387. Power to reject claims; notice; affidavit of service; action on claims |
| § 53-388. List of claims presented, copies, and proviso |
| § 53-389. Declaration of dividends; order of preference in distribution |
| § 53-390. Deposit of funds collected |
| § 53-391. Employment of counsel, accountants, and other experts; compensation |
| § 53-392. Unclaimed dividends held in trust |
| § 53-393. Action by the Commissioner following full settlement |
| § 53-394. Annual report of the Commissioner; items included; reports of condition of State trust companies |
| § 53-395. Compensation of the Commissioner's office |
| § 53-396. Exclusive method of liquidation |
| § 53-397. Disposition of books and records |
| § 53-398. Destruction of books and records |
| § 53-399. Petition for new trustee |
| § 53-400. Report to the Secretary of State |
| SUBPART C. Conservatorship. |
| § 53-401. Provisions for conservator; duties and powers |
| § 53-402. Examination |
| § 53-403. Termination of conservatorship |
| § 53-404. Rights and liabilities of conservator |
| § 53-405. Naming of conservator not liquidation |
| SUBPART D. Sale of Assets; Issuance of Preferred Stock by Jeopardized State Trust Company. |
| § 53-406. Sale of assets by board of jeopardized State trust company |
| § 53-407. Authority to act as disbursing agent |
| § 53-408. Payment to creditors |
| § 53-409. Issuance of preferred shares by jeopardized trust company |
| Part 6. Authority, Hearings, Enforcement, and Severability |
| § 53-410. Commissioner to act under authority of the Commission |
| § 53-411. Rules |
| § 53-412. Commissioner hearings; appeals |
| § 53-413. Civil enforcement |
| § 53-414. Cancellation of charter |
| § 53-415. Severability |
| § 53-416. Reserved for future codification purposes |
| § 53-417. Reserved for future codification purposes |
| § 53-418. Reserved for future codification purposes |
| § 53-419. Reserved for future codification purposes |
| Part 7. Affiliate Transfers; Agent Appointments |
| § 53-420. Affiliate transfers authorized; procedure |
| § 53-421. Objection to affiliate transfer |
| § 53-422. Effect of affiliate transfer |
| § 53-423. Trust institution as agent |
| § 53-424. Construction |