State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-311

§ 53‑311.  State trustcompany principal office.

(a)        Each State trustcompany is required to maintain a principal office in this State and toregister that principal office with the Commissioner by setting forth thecurrent street address and telephone number of the principal office.

(b)        Each executiveofficer at a principal office is an agent of the State trust company forservice of process.

(c)        Before changing thelocation of its principal office, a State trust company shall file a noticewith the Commissioner setting forth the name of the State trust company, thecurrent street address and telephone number of its principal office, the streetaddress, and telephone number if known, of the proposed new principal office,and a copy of the resolution adopted by the board of directors or dulyauthorized committee of the board of directors of the State trust companyauthorizing the change. If the State trust company is unable to provide theCommissioner with the telephone number for the proposed new principal office atthe time of the notice, it shall do so immediately after beginning to operateat the new principal office location.

(d)        The change ofprincipal office shall take effect on the thirty‑first day following thedate the Commissioner receives the notice described in subsection (c) of thissection, unless prior to the thirty‑first day following receipt of thenotice, the Commissioner (i) establishes an earlier or later date, or (ii)notifies the State trust company that the notice raises issues that requireadditional information or additional time for analysis, or (iii) disapprovesthe proposed trust office or representative trust office.

(e)        If the Commissionergives a notification described in subsection (d) of this section, the Statetrust company may change the location of its principal office only on approvalby the Commissioner. The Commissioner may disapprove the change of location ifthe Commissioner finds that the change will adversely affect the safe and soundoperation of the State trust company. (2001‑263, s. 1.)