State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-163_2

§ 53‑163.2.  Investmentsin securities by banks or trust companies.

Unless the governinginstrument, court order, or a statute specifically directs otherwise, a bank ortrust company serving as trustee, guardian, agent, or in any other fiduciarycapacity may invest in any security authorized by this Chapter even if suchfiduciary or an affiliate thereof participates or has participated as a memberof a syndicate underwriting such security, if:

(1)        The fiduciary doesnot purchase the security from itself or its affiliate; and

(2)        The fiduciary doesnot purchase the security from another syndicate member or an affiliate,pursuant to an implied or express agreement between the fiduciary or itsaffiliate and a selling member or its affiliate, to purchase all or part ofeach other's underwriting commitments. (1985, c. 549, s.1; 2005‑192, s. 1; 2007‑106,s. 51.)