State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-323

Subpart E.  Foreign TrustInstitution Trust Offices and Representative Trust Offices.

§ 53‑323.  Foreign trustinstitution application for trust office or representative trust office.

Before establishing oracquiring and maintaining a trust office in this State, a foreign trustinstitution shall make application to the Commissioner for permission to do soin the English language and in the form required by the Commissioner. Theapplication shall be preceded or accompanied by:

(1)        Evidencesatisfactory to the Commissioner of compliance with all applicable requirementsof Article 15 of Chapter 55 of the General Statutes;

(2)        Evidencesatisfactory to the Commissioner of compliance by the foreign trust institutionwith any applicable requirements of its home country regulator for maintenanceof capital, for expansion within the borders of its home country or within apolitical subdivision of its home country, and for acquiring or establishingand maintaining the trust office in this State;

(3)        Evidence satisfactoryto the Commissioner that the foreign trust institution is not in a hazardouscondition;

(4)        Unless waived by theCommissioner, a copy of the resolution adopted by the board of directors of theforeign trust institution, or similar governing body or a duly‑authorizedcommittee thereof, authorizing the trust office; and

(5)        Payment of any feeset by rule.

The Commissioner may requireany materials not written in the English language to be translated, and thetranslation certified in a manner satisfactory to the Commissioner, at theexpense of the foreign trust institution. (2001‑263, s. 1; 2005‑269, s. 14.)