State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-398

§ 53‑398.  Destructionof books and records.

(a)        After theexpiration of five years from the date of filing, in the office of the clerk ofthe superior court of the county in which the action is pending, of a finalorder approving the liquidation of a State trust company and the delivery tothe clerk or into the clerk's custody of books, papers, records of the Statetrust company, the books, papers, and records may be destroyed by the clerk ofthe superior court of the county in which the action is pending.

(b)        After five yearsfrom the filing by the Commissioner of a final report of liquidation of anyinsolvent State trust company, the Commissioner, by and with the consent of theCommission, may destroy the records of any State trust company held in the officeof the Commissioner in connection with the liquidation of the State trustcompany. However, in connection with any unpaid dividends, the Commissionershall preserve the records or other evidence of indebtedness of the State trustcompany with reference to the unpaid dividends until the dividends have beenpaid.

(c)        Nothing in thissection shall be construed to authorize the destruction by the clerk ofsuperior court of any county or by the Commissioner of any of the formalrecords of liquidation or the records made in the office of the Commissionerwith reference to the liquidation. (2001‑263, s. 1.)