State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-369

Subpart B. Enforcement Orders;Trust Company Management.

§ 53‑369. Administrative orders; penalties for violation; increase of equity capital.

(a)        In addition to anyother powers conferred by this Chapter, the Commissioner may:

(1)        Order any authorizedtrust institution, or affiliate thereof, or any director, officer, or employeeof an authorized trust institution, to cease and desist violating any provisionof this Article or any rule issued thereunder.

(2)        Order any authorizedtrust institution, or affiliate thereof, or any director, officer, or employeeof an authorized trust institution, to cease and desist from a course ofconduct that is unsafe or unsound and which is likely to cause insolvency ordissipation of the assets of an authorized trust institution, or is likely tojeopardize or otherwise seriously prejudice the interests of the clients,creditors, shareholders, or the public in their relationships with theauthorized trust institution.

(3)        Order any company tocease engaging in unauthorized trust activity.

(4)        Enter ordersdescribed in G.S. 53‑321, 53‑327, and 53‑343.

(b)        The Commissionermay impose a civil money penalty of not more than one thousand dollars ($1,000)for each violation of an order issued under subdivision (1) of subsection (a)of this section. The Commissioner may impose a civil money penalty of not morethan five hundred dollars ($500.00) per day for each violation of a cease anddesist order issued under subdivision (2) or (3) of subsection (a) or thissection. The clear proceeds of civil money penalties imposed pursuant to thissection shall be remitted to the Civil Penalty and Forfeiture Fund inaccordance with G.S. 115C‑457.2.

(c)        The Commissionermay order that a State trust company in a hazardous condition increase its equitycapital to a level that is adequate for the safe and sound conduct of itsbusiness. The order shall specify the period of time for meeting therequirement to increase equity capital, which period of time may be extended byfurther order of the Commissioner. (2001‑263, s. 1.)