State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-319

§ 53‑319.  Additionaltrust offices; representative trust offices.

(a)        An out‑of‑statetrust institution that maintains a trust office in this State may establish oracquire and maintain additional trust offices or one or more representativetrust offices in this State to the same extent that a State trust institutionmay establish or acquire and maintain trust offices or representative trustoffices in this State and shall follow the procedures for establishing oracquiring and maintaining trust offices or representative trust offices setforth in G.S. 53‑312.

(b)        An out‑of‑statetrust institution that does not maintain a trust office in this State shallfile a notice with the Commissioner, in the form required by the Commissioner,before establishing or acquiring a representative trust office in this State.The notice shall be preceded or accompanied by:

(1)        Evidencesatisfactory to the Commissioner of compliance by the out‑of‑statetrust institution with all applicable requirements of Article 15 of Chapter 55of the General Statutes;

(2)        Evidencesatisfactory to the Commissioner of compliance by the out‑of‑statetrust institution with any applicable requirements of its home state regulatorfor maintenance of capital, for expansion within the borders of the home state,and for acquiring or establishing and maintaining each representative trustoffice in this State;

(3)        Evidencesatisfactory to the Commissioner that the out‑of‑state trustinstitution is not in a hazardous condition;

(4)        Unless waived by theCommissioner, a copy of the resolution adopted by the board of directors of theout‑of‑state trust institution (or similar governing body or a dulyauthorized committee thereof) authorizing the representative trust office;

(5)        The proposedlocation of each proposed representative trust office; and

(6)        Payment of any feeset by rule.

(c)        The out‑of‑statetrust institution may commence business at the representative trust office onthe thirty‑first day following the date the Commissioner receives thenotice described in subsection (b) of this section, unless the Commissioner,within 30 days of 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 representative trust office.

(d)        If the Commissionergives a notification described in subdivision (2) of subsection (c) of thissection, the out‑of‑state trust institution may commence businessat the representative trust office only on approval by the Commissioner. TheCommissioner may disapprove the representative trust office if the Commissionerfinds that the out‑of‑state trust institution lacks sufficientresources to undertake the proposed expansion without adversely affecting itssafety or soundness or that the requirements of G.S. 53‑315 or G.S. 53‑316have not been satisfied.

(e)        An out‑of‑statetrust institution that was allowed to maintain a representative trust office inthis State under laws, or rules or orders of the Commissioner in effect priorto the effective date of this Article may continue to do so, but only to theextent allowed and subject to all limitations and conditions imposed under thoselaws, rules, or orders. (2001‑263, s. 1; 2005‑269, s. 10.)