North Carolina § 53-405 Naming of conservator not liquidation

North Carolina Statutes

§ 53-405 — Naming of conservator not liquidation

North Carolina § 53-405

Ch. 53Regulation of Financial Services

Art. 24Trust Companies and Interstate Trust Business

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Bluebook

N.C. Gen. Stat. § 53-405 (2026).

Text

No power conferred in this Subpart upon the Commissioner, when exercised, shall be deemed as an act of possession for the purposes of liquidation; and whenever the Commissioner shall, with reference to any State trust company for which a conservator is appointed, deem that liquidation is necessary, the Commissioner shall exercise the powers for the purposes of liquidation as provided in Subpart B of Part 5 of this Article. (2001-263, s. 1.)
Subpart D. Sale of Assets; Issuance of Preferred Stock by Jeopardized State Trust Company.

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No power conferred in this Subpart upon the Commissioner, when exercised, shall be deemed as an act of possession for the purposes of liquidation; and whenever the Commissioner shall, with reference to any State trust company for which a conservator is appointed, deem that liquidation is necessary, the Commissioner shall exercise the powers for the purposes of liquidation as provided in Subpart B of Part 5 of this Article. (2001-263, s. 1.)
Subpart D. Sale of Assets; Issuance of Preferred Stock by Jeopardized State Trust Company.