§ 53-312. Trust offices; representative trust offices.

268 words·~1 min read·/nc/chapter-53/53-312

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

(a)Before establishing or acquiring and maintaining a trust office or representative trust office in this State, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, setting forth the name of the State trust company, the location of the proposed trust office or representative trust office, and whether the office will be a trust office or a representative trust office. The State trust company also shall furnish 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 trust office or representative trust office and shall pay the filing fee, if any, set by rule.

(b)The State trust company may commence business at the trust office or representative trust office on the thirty-first day after the date the Commissioner receives the notice, unless the Commissioner

(i)establishes an earlier or later date;

(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.

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

(b)of this section, the State trust company may establish the trust office or representative trust office only on approval by the Commissioner. The Commissioner may disapprove the proposed trust office or representative trust office if the Commissioner finds that the State trust company lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness. (2001-263, s. 1.)