State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-33

§53‑33.  Validation of acts of officers of insolvent banks as trustees indeeds of trust.

Whenever any State bank, priorto January 1, 1931, shall have become insolvent and its assets and businessbeen placed in the hands of the Commissioner of Banks or taken control of bythe Commissioner of Banks for liquidation, and the board of directors of saidbank shall have thereafter by resolution authorized or directed the officers ofsaid bank or some of them to perform or exercise in the name of the bank as trusteeany power or duty of such bank as trustee under any deed in trust to itrecorded in any county in this State, provided said resolution was passed priorto the eleventh day of May, 1931, the performance or exercise of any such poweror duty heretofore or hereafter by any officer or officers so authorized shallbe effective and binding on all parties concerned as the act of such bank astrustee as aforesaid, to the same extent and in the same manner as if such bankhad not become insolvent and its assets and business had not been placed in thehands of the Commissioner of Banks or taken control of by the Commissioner ofBanks for liquidation. (1931, c. 403.)