State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-313

§ 53‑313.  Out‑of‑statetrust offices and representative trust offices.

(a)        Before establishingor acquiring and maintaining a trust office or representative trust office in ahost state, a State trust company shall file a notice with the Commissioner, inthe form required by the Commissioner, that sets forth the name of the Statetrust company, the location of the proposed trust office or representativetrust office, whether the office will be a trust office or a representativetrust office, and whether the laws of the host state permit the trust office orrepresentative trust office to be maintained by the State trust company. TheState trust company also shall furnish a copy of the resolution adopted by theboard of directors or duly authorized committee of the board of directors ofthe State trust company authorizing the out‑of‑state trust officeor representative trust office and shall pay the filing fee, if any, set byrule.

(b)        The State trustcompany may commence business at the trust office or representative trustoffice on the thirty‑first day following the date the Commissionerreceives the notice, unless the Commissioner (i) establishes an earlier orlater date; (ii) notifies the State trust company that the notice raises issuesthat require additional information or additional time for analysis; or (iii)disapproves the proposed trust office or representative trust office.

(c)        If the Commissionergives a notification described in subsection (b) of this section, the Statetrust company may establish the trust office or representative trust officeonly on approval by the Commissioner. The Commissioner may disapprove theproposed trust office or representative trust office if the Commissioner findsthat the State trust company lacks sufficient resources to undertake theproposed expansion without adversely affecting its safety or soundness. (2001‑263, s. 1.)