State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-331

Subpart B. Organization andPowers of State Trust Company.

§ 53‑331.  Organizationand powers of State trust company.

(a)        Subject to theother provisions of this Part, one or more persons may organize and charter aState trust company, which may be incorporated in the manner described in thisPart and in no other way.

(b)        Subject to G.S. 53‑313and G.S. 53‑336(b) and other applicable provisions of State and federallaw, a State trust company may:

(1)        Act as a fiduciarywithin or outside this State;

(2)        Act within oroutside this State as agent, advisory agent, assignee, assignee for the benefitof creditors, attorney‑in‑fact, authenticating agent, bailee, bondor indenture trustee, conservator, conversion agent, curator, custodian, escrowagent, exchange agent, fiscal or paying agent, financial adviser, investmentadviser, investment manager, managing agent, purchase agent, receiver,registrar, safekeeping agent, subscription agent, transfer agent, warrantagent, or in similar capacities generally performed by corporate trustees, andin so acting to possess, purchase, sell, invest, reinvest, safekeep, orotherwise manage or administer real or personal property of other persons;

(3)        Engage in trustmarketing within this State; and

(4)        Exercise the powersof a business corporation organized under North Carolina law and any incidentalpowers that are reasonably necessary to enable it to fully exercise, inaccordance with commonly accepted fiduciary customs and usages, a powerconferred in this Article. (2001‑263, s. 1.)