North Carolina § 53-377 When Commissioner may take charge

North Carolina Statutes

§ 53-377 — When Commissioner may take charge

North Carolina·Ch. 53 Regulation of Financial Services·Art. 24 Trust Companies and Interstate Trust Business

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.)

Free access — add to your briefcase to read the full text and ask questions with AI

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.)

North Carolina § 53-377 (When Commissioner may take charge) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.