State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-374

§ 53‑374.  Authority toliquidate; publication.

If the Commissioner approvesthe liquidation, the Commissioner shall issue to the State trust company, underthe Commissioner's seal, a permit for liquidation. No permit shall be issued bythe Commissioner until the Commissioner is satisfied that provision has beenmade by the State trust company to satisfy and pay off all creditors and totransfer all client accounts and fiduciary records to successor fiduciaries inthe manner provided by G.S. 53‑383(c). If not so satisfied, theCommissioner shall refuse to issue a permit, and shall be authorized to takepossession of the State trust company and its assets and business and to holdand liquidate the State trust company in the manner provided in this Part. Whenthe Commissioner approves the voluntary liquidation of a State trust company,the directors of the State trust company shall notify clients of the Statetrust company in the manner prescribed by the Commissioner and shall cause tobe published in a newspaper in the county in which the principal office of thetrust company is located, or if no newspaper is published in that county, thenin a newspaper having a general circulation in that county, a notice that theState trust company is closing down its affairs and going into liquidation andthat creditors of the State trust company shall present their claims forpayment. The notice shall be published once a week for four consecutive weeks. (2001‑263, s. 1.)