§ 53-378. Directors may act. - North Carolina Statutes

§ 53‑378.  Directors mayact.

A State trust company mayplace its assets and business under the control of the Commissioner by aresolution of a majority of its directors upon notice to the Commissioner, and,upon taking possession of the State trust company, the Commissioner shallretain possession thereof until the State trust company is authorized by theCommissioner to resume business or until the affairs of the State trust companyare fully liquidated as provided in this Subpart. No State trust company shallmake any general assignment for the benefit of its creditors except bysurrendering possession of its assets to the Commissioner as provided in thisSubpart; and any other purported general assignment for the benefit ofcreditors by a State trust company shall be void. (2001‑263, s. 1.)