State Codes and Statutes
Statutes > North-carolina > Chapter_53 > GS_53-377Subpart B. Seizure byCommissioner; Involuntary Dissolution and Liquidation.
§ 53‑377. WhenCommissioner may take charge.
The Commissioner may takepossession of the business and property of any State trust company whenever itappears that the trust company:
(1) Is in a hazardouscondition;
(2) Has become insolventor is in substantial danger of becoming insolvent;
(3) Has sold orattempted to sell substantially all of its assets or has merged or attempted tomerge its business with another entity without meeting the requirements of thisArticle;
(4) Has dissolved orliquidated or attempted to dissolve or liquidate without meeting therequirements of this Article; or
(5) Has suspendedoperations. (2001‑263,s. 1.)
