§ 53-365. Conversion to public trust company. - North Carolina Statutes

§ 53‑365.  Conversion topublic trust company.

(a)        Before transactingbusiness with the general public, a private trust company shall file a noticeon a form prescribed by the Commissioner, which shall set forth the name of theprivate trust company and an acknowledgment that any exemption granted orotherwise applicable to the private trust company pursuant to G.S. 53‑363shall cease to apply once the Commissioner terminates private trust companystatus. The private trust company shall furnish a copy of the resolutionadopted by its board of directors authorizing the private trust company tocommence transacting business with the general public, and shall pay the filingfee, if any, prescribed by rule of the Commissioner.

(b)        The private trustcompany may commence transacting business with the general public on the thirty‑firstday after the date the Commissioner receives the notice, unless theCommissioner:

(1)        Establishes anearlier or later date;

(2)        Notifies the privatetrust company that the notice raises issues that require additional informationor additional time for analysis; or

(3)        Disapproves thetermination of private trust company status.

(c)        If the Commissionergives a notification described in subdivision (2) of subsection (b) of thissection, the private trust company status may be terminated only on approval bythe Commissioner.

(d)        The Commissionermay deny approval of the proposed termination of private trust company statusif the Commissioner finds that the private trust company lacks sufficientresources to undertake the proposed conversion without adversely affecting itssafety or soundness or if the Commissioner determines that the private trustcompany could not within a reasonable period be in compliance with anyprovision of this Article from which it previously had been exempted pursuantto G.S. 53‑363. (2001‑263, s. 1.)