§ 53-336. Issuance of charter. - North Carolina Statutes

§ 53‑336.  Issuance ofcharter.

(a)        A proposed Statetrust company shall not be incorporated or engage in trust business or trustmarketing until it receives a charter issued by the Commissioner. TheCommissioner shall not issue the charter until the State trust companycertifies that it has:

(1)        Received cash orUnited States government securities having a market value on the date ofcapitalization in at least the full amount of required initial capital fromsubscriptions for the issuance of shares;

(2)        Elected the initialofficers and directors named in the application for charter or other officersand directors approved by the Commissioner; and

(3)        Complied with allother requirements of this Subpart relative to the organization of a Statetrust company.

(b)        The charter issuedby the Commissioner shall set forth the trust powers of the State trustcompany, which may be stated as:

(1)        All powers grantedto a State trust company in this State; or

(2)        Specific powers thatthe State trust company chooses and is authorized by the Commissioner toexercise.

(c)        If a State trustcompany does not open and engage in trust business within six months after thedate it receives its charter, or within such further period as may be extendedby the Commissioner, the Commissioner may cancel the charter. (2001‑263, s. 1.)