§ 53-346. Lending and lease financing; conversion to State bank. - North Carolina Statutes

§ 53‑346.  Lending andlease financing; conversion to State bank.

(a)        Except as may beappropriate for extensions of credit in connection with trust or other accountrelationships, and as provided in and subject to the provisions of Article 5 ofChapter 36A of the General Statutes and other provisions of applicable law, aState trust company shall not engage in a loan business or in lease financingtransactions as the party extending credit.

(b)        Notwithstanding anyother provision of this Chapter, a State trust company may, with the approvalof the Commissioner, convert to a State bank by following the procedures andrequirements set forth in Article 2 of this Chapter, subject to anymodifications to those procedures and requirements that are necessary and appropriatefor the conversion of a State trust company. The Commissioner may makemodifications to procedures or requirements of Article 2 of this Chapter byrule, order or declaratory ruling. (2001‑263, s. 1.)