State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-381

§ 53‑381.  Permission toresume business.

(a)        After theCommissioner has taken possession of a State trust company under the provisionsof this Subpart, the State trust company may resume business only upon approvaland subject to terms and conditions specified by the Commissioner.

(b)        When possession ofa State trust company has been taken pursuant to either G.S. 53‑377 orG.S. 53‑378, the terms and conditions under which it may resume businessshall be fully stated in writing, and a copy thereof shall be filed with theclerk of superior court of the county in which the action is pending.

(c)        Notwithstandingsubsections (a) and (b) of this section, no State trust company possessed bythe Commissioner under the provisions of this Article shall resume trust businessunless and until the State trust company has been completely restored tosolvency and it clearly appears to the Commissioner that the State trustcompany may be reopened with safety to the clients, creditors, and shareholdersof the State trust company and to the public.

(d)        If the Commissionerdetermines that the State trust company shall not resume business, the Statetrust company shall be liquidated in accordance with the provisions of thisPart and shall cancel the charter and revoke the license of the State trustcompany as provided in G.S. 53‑414. (2001‑263, s. 1.)