§ 53-312. Trust offices; representative trust offices. - North Carolina Statutes

§ 53‑312.  Trustoffices; representative trust offices.

(a)        Before establishingor acquiring and maintaining a trust office or representative trust office inthis State, a State trust company shall file a notice with the Commissioner, inthe form required by the Commissioner, setting forth the name of the Statetrust company, the location of the proposed trust office or representativetrust office, and whether the office will be a trust office or a representativetrust office. The State trust company also shall furnish a copy of theresolution adopted by the board of directors or duly authorized committee ofthe board of directors of the State trust company authorizing the trust officeor representative trust office and shall pay the filing fee, if any, set byrule.

(b)        The State trustcompany may commence business at the trust office or representative trustoffice on the thirty‑first day after the date the Commissioner receivesthe notice, unless the Commissioner (i) establishes an earlier or later date;(ii) notifies the State trust company that the notice raises issues thatrequire additional information or additional time for analysis; or (iii)disapproves the proposed trust office or representative trust office.

(c)        If the Commissionergives a notification described in subsection (b) of this section, the Statetrust company may establish the trust office or representative trust officeonly on approval by the Commissioner. The Commissioner may disapprove theproposed trust office or representative trust office if the Commissioner findsthat the State trust company lacks sufficient resources to undertake theproposed expansion without adversely affecting its safety or soundness. (2001‑263, s. 1.)