State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-318

§ 53‑318.  Action onnotice.

(a)        The out‑of‑statetrust institution may commence business in this State through the trust officeon the sixty‑first day following the date the Commissioner receives thenotice described in G.S. 53‑317 unless the Commissioner, within 60 daysof receiving the notice:

(1)        Specifies an earlieror later date for commencing business,

(2)        Extends the periodof review on a determination that the notice raises issues that requireadditional information or additional time for analysis; or

(3)        Disapproves theproposed trust office.

(b)        If the Commissionergives a notification described in subdivision (2) of subsection (a) of thissection, the out‑of‑state trust institution may establish the trustoffice only on approval by the Commissioner. The Commissioner may disapprovethe proposed trust office if the Commissioner finds that the out‑of‑statetrust institution lacks sufficient resources to undertake the proposedexpansion without adversely affecting its safety or soundness or that the requirementsof G.S. 53‑315 or G.S. 53‑316 have not been satisfied. (2001‑263, s. 1; 2005‑269,s. 9.)