State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-344

§ 53‑344.  Subsidiaries.

(a)        Before acquiring,establishing, or performing activities through a subsidiary, a State trustcompany shall file a notice with the Commissioner, in the form required by theCommissioner, describing in detail the proposed activities of the subsidiary,the amount of the State trust company's proposed investment in the subsidiary,and the State trust company's proposed ownership interest in the subsidiary.

(b)        The State trustcompany may acquire or establish a subsidiary or begin performing activities inan existing subsidiary 30 days following the date the Commissioner receives thenotice, unless the Commissioner:

(1)        Establishes anearlier or later date;

(2)        Notifies the Statetrust company that the notice raises issues that require additional informationor additional time for analysis; or

(3)        Disapproves theacquisition, establishment, or performance of activities through thesubsidiary.

(c)        If the Commissionergives a notification described in subdivision (2) of subsection (b) of thissection, the State trust company may acquire, establish or conduct activitiesthrough the subsidiary only on approval by the Commissioner. The Commissionermay disapprove the subsidiary if the Commissioner finds that the State trustcompany lacks sufficient resources to undertake the proposed expansion orperform the activity without adversely affecting its safety or soundness.

(d)        The Commissionermay make the establishment, acquisition, or performance of new activitiesthrough a subsidiary conditional and shall include any such conditions in anorder.

(e)        The provisions ofthis section, rather than G.S. 53‑342, shall apply to the establishmentof a subsidiary by a State trust company.

(f)         Changes inownership or control of a subsidiary of a State trust company shall be madeonly upon the approval of the Commissioner obtained in accordance with theprocedures set forth in this section. (2001‑263, s. 1.)