State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-322

§ 53‑322.  Notice oftransactions that cause a change in control.

Each out‑of‑statetrust institution that maintains a trust office or representative trust officein this State, or the home state regulator of the trust institution, shall giveat least 30 days' notice or, in the case of an emergency transaction or thecessation of trust activity in this State by an out‑of‑state trustinstitution or foreign trust institution whose only office in this State is aregistered office, as much notice as practicable, to the Commissioner of:

(1)        Any merger,consolidation, share exchange, or other transaction that would cause a changein control of an out‑of‑state trust institution (i) that would besubject to Subpart D of Part 3 of this Article if the out‑of‑statetrust institution were a State trust company or (ii) is required to be filedwith any bank supervisory agency;

(2)        Any transfer of allor substantially all of the accounts or account assets of the out‑of‑statetrust institution to another person; or

(3)        The closing,transfer, or discontinuance of any trust office or representative trust officein this State. (2001‑263,s. 1; 2005‑269, s. 13.)