§ 36D-11. Settlement; trustee limitations. - North Carolina Statutes

§ 36D‑11.  Settlement;trustee limitations.

The community trust shallsettle a community trust by filing a final accounting in the superior court. Inaddition, at any time before the settlement of the final account, the communitytrust, the Secretary of State, or the Attorney General may bring an action forthe dissolution of a nonprofit corporation in the superior court for thepurpose of terminating the trust or merging it with another charitable trust.

No trustee or any privateindividual is entitled to share in the distribution of any of the trust assetsupon dissolution, merger, or settlement of the community trust. Upondissolution, merger, or settlement, the superior court shall distribute all ofthe remaining net assets of the community trust in a manner that is consistentwith the purposes of this Article. (1991 (Reg. Sess., 1992), c. 768, s. 1; 2005‑192,s. 3.)