State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-414

§ 53‑414.  Cancellationof charter.

Whenever a merger, shareexchange, sale of assets, liquidation, or other transaction occurs by which aState trust company ceases to exist or ceases to be eligible for a charter, theCommissioner shall cancel the State trust company's charter, revoke itslicense, and provide notice of the revocation in the manner provided in G.S. 53‑163.The filing, in the office of the Secretary of State, of a certified copy of thecancellation under seal of the Commissioner shall authorize the cancellation ofthe charter of the State trust company, subject, however, to its continuedexistence, as provided by this Article and the general law relative tocorporations, for the purpose of winding up and liquidating its business andaffairs. (2001‑263,s. 1.)