Subpart B.
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/nc/chapter-53/subpart-b-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subpart B. Seizure by Commissioner; Involuntary Dissolution and Liquidation.
§ 53-377. When Commissioner may take charge.
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.)