§ 53-328. Notice of transactions that cause a change in control. - North Carolina Statutes

§ 53‑328.  Notice oftransactions that cause a change in control.

Each foreign trust institutionthat maintains a trust office or representative trust office in this State, orthe home country regulator of the foreign trust institution, shall give atleast 30 days' notice (or, in the case of an emergency transaction or thecessation of trust activity in this State by an out‑of‑state trustinstitution or foreign trust institution whose only office in this State is aregistered office, as much notice as practicable) to the Commissioner, in theform required by the Commissioner, of:

(1)        Any merger,consolidation, share exchange, or other transaction that would cause a changeof control of a foreign trust institution:

a.         That would besubject to Subpart D of Part 3 of this Article if the foreign trust institutionwere a State trust company; or

b.         Is required to befiled with any bank supervisory agency;

(2)        Any transfer of allor substantially all of the accounts or account assets of the foreign trustinstitution to another person; or

(3)        The closing,transfer, or discontinuance of any trust office or representative trust officein this State. (2001‑263,s. 1; 2005‑269, s. 18.)