State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-377

Subpart 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.)