State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-405

§ 53‑405.  Naming ofconservator not liquidation.

No power conferred in thisSubpart upon the Commissioner, when exercised, shall be deemed as an act ofpossession for the purposes of liquidation; and whenever the Commissionershall, with reference to any State trust company for which a conservator isappointed, deem that liquidation is necessary, the Commissioner shall exercisethe powers for the purposes of liquidation as provided in Subpart B of Part 5of this Article. (2001‑263,s. 1.)