State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-393

§ 53‑393.  Action by theCommissioner following full settlement.

Whenever the Commissioner haspaid all duly proven and allowed claims described in subdivisions (a)(1)through (a)(4) of G.S. 53‑389, has made proper provision for unclaimedand unpaid and disputed claims, and has other assets of the State trustcompany, the Commissioner shall, unless the State trust company is grantedpermission to resume business in accordance with G.S. 53‑381, call ameeting of the shareholders of the State trust company by giving notice thereofby publication once a week for four consecutive weeks in a newspaper publishedin the county, or if no newspaper is published in the county, then in anewspaper having general circulation in the county, and by mailing a copy ofthe notice to each shareholder's address as it appears on the books of theState trust company. Affidavit of the mailing of the notice herein required andof the newspaper as to the publication shall be conclusive evidence of noticehereunder. At the meeting, any shareholders may be represented by proxy and theshareholders shall elect, by a majority vote of the shares present, an agent oragents who shall be authorized to receive from the Commissioner all theremaining assets of the State trust company. The shareholders also may specifythe means of resolving disputes between multiple agents and appointingsuccessors to the agent or agents. The Commissioner shall cause to betransferred and delivered to the agent, or agents, all the remaining assets ofthe State trust company. The Commissioner shall thereupon cause to be filed inthe office of the clerk of the superior court of the county in which the actionis pending a full and complete report of all transactions showing the assets ofthe State trust company so transferred together with the name of the agent oragents giving receipt for the assets; and the filing of the report shall act asa full and complete discharge of the Commissioner from all further liabilitiesto the shareholders of the State trust company by reason of the liquidation ofthe State trust company. The agent shall convert the assets coming into theagent's hands into cash, except as otherwise provided by the court upon motionin the cause made by a shareholder of the State trust company, and shall makedistribution to the shareholders of the State trust company as herein provided.The agent shall file semiannually a report of all transactions with thesuperior court of the county in which the State trust company is located, andwith the Commissioner, and shall be allowed for the services such fees, not inexcess of five percent (5%) of receipts and disbursements, as may be fixed bythe court. In case of death, removal, or refusal to act of any agent or agentselected by the shareholders, the Commissioner or any interested person may seekan order from the resident or presiding judge in the county in which the actionis pending appointing a successor to the agent or agents as determined by theshareholders or, if no method was set forth by the shareholders, as determinedby the court to be in the best interests of the shareholders. The court in itsdiscretion may either appoint a successor or order the call of a furthermeeting of shareholders for the election of a successor and make any orders thatare appropriate. (2001‑263,s. 1.)