§ 53-349. Decision on acquisition of control. - North Carolina Statutes

§ 53‑349.  Decision onacquisition of control.

(a)        Not later than thesixtieth day following receipt of the application, the Commissioner shalleither approve or deny the proposed acquisition of control.

(b)        The Commissionermay deny an acquisition of control if:

(1)        The financialcondition of the person seeking approval to acquire control, or any member of agroup seeking approval to acquire control, might jeopardize the financialstability of the State trust company or the interests of its clients;

(2)        Investigation of thecharacter, competence, general fitness, experience, or integrity of the personseeking approval to acquire control, or any member of a group seeking approvalto acquire control, shows that the proposed acquisition of control would not bein the best interests of the clients of the State trust company;

(3)        Plans or proposalsto operate, liquidate, or sell the State trust company or its assets followingthe acquisition of control are not in the best interests of the State trustcompany's clients;

(4)        The State trustcompany would not be solvent, have adequate equity capital, or be in compliancewith the laws of this State after the acquisition of control; or

(5)        The person seekingapproval to acquire control has failed to furnish all information required bythe Commissioner.

(c)        If an applicationfiled under the provisions of this section is approved by the Commissioner, thetransaction may be consummated. Any written commitment from the person seekingapproval to acquire control made as a condition for approval of the applicationis enforceable against the State trust company and the person acquiringcontrol. (2001‑263,s. 1.)