§ 53-324. Conditions for approval. - North Carolina Statutes

§ 53‑324.  Conditionsfor approval.

(a)        A foreign trustinstitution may engage in trust business in this State only on approval by theCommissioner of an application described in G.S. 53‑323, which may begiven upon conditions required by the Commissioner for prudential reasonsconsistent with any applicable international agreements to which the UnitedStates is a party.

(b)        The Commissionermay deny approval of the application if the Commissioner finds that the foreigntrust institution lacks sufficient resources to undertake the proposedexpansion without adversely affecting its safety or soundness or that themanagement, integrity, or reputation of the foreign trust institution does notjustify approval. The Commissioner also may deny approval if the Commissioneris unable to determine from the application materials whether the foreign trustinstitution possesses sufficient resources to undertake the proposed expansionwithout adversely affecting its safety or soundness or whether the management,integrity, or reputation of the foreign trust institution justifies approval. (2001‑263, s. 1; 2005‑269,s. 15.)