§ 53-311. State trust company principal office.

333 words·~2 min read·/nc/chapter-53/53-311

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Each State trust company is required to maintain a principal office in this State and to register that principal office with the Commissioner by setting forth the current street address and telephone number of the principal office.

(b)Each executive officer at a principal office is an agent of the State trust company for service of process.

(c)Before changing the location of its principal office, a State trust company shall file a notice with the Commissioner setting forth the name of the State trust company, the current street address and telephone number of its principal office, the street address, and telephone number if known, of the proposed new principal office, and a copy of the resolution adopted by the board of directors or duly authorized committee of the board of directors of the State trust company authorizing the change. If the State trust company is unable to provide the Commissioner with the telephone number for the proposed new principal office at the time of the notice, it shall do so immediately after beginning to operate at the new principal office location.

(d)The change of principal office shall take effect on the thirty-first day following the date the Commissioner receives the notice described in subsection

(c)of this section, unless prior to the thirty-first day following receipt of the notice, the Commissioner

(i)establishes an earlier or later date, or

(ii)notifies the State trust company that the notice raises issues that require additional information or additional time for analysis, or

(iii)disapproves the proposed trust office or representative trust office.

(e)If the Commissioner gives a notification described in subsection

(d)of this section, the State trust company may change the location of its principal office only on approval by the Commissioner. The Commissioner may disapprove the change of location if the Commissioner finds that the change will adversely affect the safe and sound operation of the State trust company. (2001-263, s. 1.)