reglab/housing_qa huggingface dataset:
NC Gen Stat § 53-391 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-391 - Employment of counsel, accountants, and other experts; compensation.

 53-391. Employment of counsel, accountants, and other experts; compensation.The Commissioner, for the purpose of exercising any power under the provisions of this Subpart, may (i) employ any liquidating agents, attorneys, accountants, consultants, and clerks necessary to properly conduct the business of or liquidate and distribute the assets of a State trust company; (ii) fix the compensation for the agents, attorneys, accountants, consultants, and clerks; and (iii) pay the compensation of those persons out of the assets of the State trust company. Provided, that all expenditures described in this section shall be approved by the resident or presiding judge in the county in which the action is pending. Payments made by the Commissioner pursuant to this section shall not be subject to the requirements of Article 3 of Chapter 143 of the General Statutes. As used in this Subpart, the term "Commissioner" includes the Commissioner's duly appointed agents. The Commissioner shall: (i) submit all proposed agreements or contracts for supplies, materials, printing, equipment, and contractual services that exceed one million dollars ($1,000,000) authorized by this section to the Attorney General or the Attorney General's designee for review as provided in G.S. 114-8.3; and (ii) include in all agreements or contracts to be awarded by the Commissioner under this section a standard clause which provides that the State Auditor and internal auditors of the Commissioner may audit the records of the contractor during and after the term of the agreement or contract to verify accounts and data affecting fees and performance. The Commissioner shall not award a cost plus percentage of cost agreement or contract for any purpose.  (2001-263, s. 1; 2010-194, s. 4; 2011-326, s. 15(d).)
NC Gen Stat § 53-392 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-392 - Unclaimed dividends held in trust.

 53-392. Unclaimed dividends held in trust.Unclaimed dividends for claims described in subdivisions (a)(1) through (a)(4) of G.S. 53-389 shall be held by the Commissioner in trust for the claimants to whom the dividends are owed; and the dividends so held by the Commissioner shall be paid over to the persons entitled to the dividends when they furnish satisfactory evidence of their right to the dividends. In case of doubtful or conflicting claims, the Commissioner may apply to the superior court, by motion in the pending action, for an order from the resident or presiding judge of the superior court directing the payment of the dividends so claimed. Issues of fact raised by motion may, upon request of any claimant, be determined as in other civil actions. Interest earned on any unclaimed dividends so held shall be applied toward defraying the expenses incurred in the distribution of the unclaimed dividends. The balance of interest, if any, shall be deposited and held as other funds to the credit of the Commissioner. After the Commissioner has held any unclaimed dividends in trust under the provisions of this statute for the creditors of the liquidated State trust company for a period of three years following the resumption of business by or cancellation of the charter of the State trust company, the unclaimed dividends shall be subject to the provisions of Chapter 116B of the General Statutes. Upon payment of unclaimed dividends to the State Treasurer, the Commissioner shall be fully discharged from all further liability therefor. (2001-263, s. 1.)
NC Gen Stat § 53-394 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-394 - Annual report of the Commissioner; items included; reports of condition of State trust companies.

 53-394. Annual report of the Commissioner; items included; reports of condition of State trust companies.(a) The Commissioner shall file, as a part of an annual report to the Governor, a list of the names of any State trust companies of which possession was taken and liquidated in the preceding year, the sum of unclaimed assets with respect to each State trust company, and all depositories of all sums coming into the hands of the Commissioner under the provisions of this Part.(b) The Commissioner shall, from time to time, compile and make available for public inspection reports showing the condition of State trust companies. (2001-263, s. 1.)
NC Gen Stat § 53-395 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-395 - Compensation of the Commissioner's office.

 53-395. Compensation of the Commissioner's office.The office of the Commissioner, for services rendered in connection with the duties described in this Subpart, shall be entitled to actual expenses incurred in connection with the liquidation of each State trust company, including a reasonable sum for the time of the examiners and other agents of the Commissioner. The Commissioner may adopt rules or orders for fixing these expenses. (2001-263, s. 1.)
NC Gen Stat § 53-396 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-396 - Exclusive method of liquidation.

 53-396. Exclusive method of liquidation.No State trust company shall be liquidated other than as provided in this Part. (2001-263, s. 1.)
NC Gen Stat § 53-397 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-397 - Disposition of books and records.

 53-397. Disposition of books and records.All fiduciary records relating to the administration of particular accounts shall be turned over to the successors in charge of administration of the accounts. All other books, papers, and records of a State trust company that has been finally liquidated shall be deposited by the receiver in the office of the clerk of the superior court of the county in which the action is pending, or in any other place as in the clerk's judgment, after consultation with the Commissioner, will provide for the proper safekeeping and protection of those books, papers, and records. Such books, papers, and records shall be held subject to the orders of the clerk of the superior court of the county in which the action is pending, including orders necessary for preserving the confidentiality of any information relating to accounts contained in those books, papers, and records. (2001-263, s. 1.)
NC Gen Stat § 53-398 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-398 - Destruction of books and records.

 53-398. Destruction of books and records.(a) After the expiration of five years from the date of filing, in the office of the clerk of the superior court of the county in which the action is pending, of a final order approving the liquidation of a State trust company and the delivery to the clerk or into the clerk's custody of books, papers, records of the State trust company, the books, papers, and records may be destroyed by the clerk of the superior court of the county in which the action is pending.(b) After five years from the filing by the Commissioner of a final report of liquidation of any insolvent State trust company, the Commissioner, by and with the consent of the Commission, may destroy the records of any State trust company held in the office of the Commissioner in connection with the liquidation of the State trust company. However, in connection with any unpaid dividends, the Commissioner shall preserve the records or other evidence of indebtedness of the State trust company with reference to the unpaid dividends until the dividends have been paid.(c) Nothing in this section shall be construed to authorize the destruction by the clerk of superior court of any county or by the Commissioner of any of the formal records of liquidation or the records made in the office of the Commissioner with reference to the liquidation. (2001-263, s. 1.)
NC Gen Stat § 53-399 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-399 - Petition for new trustee.

 53-399. Petition for new trustee.Any person interested in any account, either as trustee, beneficiary, client, or otherwise, may petition the clerk of superior court of the county in which court accountings are filed or, if there is no such county, the county in which the account is being administered, for a new trustee or other successor to a State trust company in all cases in which use of the procedures set forth in this Part are employed. The petition and the order appointing a new trustee or other successor may relate to any number of accounts administered by the State trust company. Except as specified in this section, the procedure shall be as provided in Chapter 36A of the General Statutes for the appointment of successor trustees. (2001-263, s. 1.)
NC Gen Stat § 53-400 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-400 - Report to the Secretary of State.

 53-400. Report to the Secretary of State.The Commissioner shall, on or before the first day of each year, file with the Secretary of State a report showing any State trust companies under liquidation in this State and the names of any auditors or attorneys employed in connection with the liquidation of these State trust companies, together with the amounts paid or contracted to be paid to each of the auditors or attorneys. If any attorney has been employed on a fee contingent upon recovery, the report shall set forth the material terms of the fee arrangements. (2001-263, s. 1.)=cx=ctC=sph Conservatorship.
NC Gen Stat § 53-401 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-401 - Provisions for conservator; duties and powers.

 53-401. Provisions for conservator; duties and powers.Whenever the Commissioner deems it necessary in order to conserve the assets of a State trust company for the benefit of clients or creditors, the Commissioner may appoint a conservator for the State trust company and require of the conservator a bond with any surety the Commissioner deems necessary and proper in an amount deemed sufficient by the Commissioner. The conservator, under the direction of the Commissioner, shall take possession of the fiduciary records and other books, records, and assets of every description of the State trust company placed under conservatorship and take actions necessary to conserve those assets pending further disposition of its business as provided by law. Except as provided in G.S. 53-405, the conservator shall have all rights, powers, and privileges, subject to the approval of the Commissioner, now possessed by or given to the Commissioner under the provisions of Subpart B and Subpart D of this Part. All expenses of the conservator shall be paid out of the assets of the State trust company under conservatorship and shall be a lien thereon which shall be prior to any other lien provided by law. The compensation of the conservator shall be determined by the Commissioner and shall be based on the time and experience of the conservator and the complexity of the conservatorship. Compensation of the conservator shall not be subject to the requirements of Article 3 of Chapter 143 of the General Statutes. However, the Commissioner shall: (i) submit all proposed agreements or contracts for supplies, materials, printing, equipment, and contractual services that exceed one million dollars ($1,000,000) authorized by this section to the Attorney General or the Attorney General's designee for review as provided in G.S. 114-8.3; and (ii) include in all agreements or contracts to be awarded by the Commissioner under this section a standard clause which provides that the State Auditor and internal auditors of the Commissioner may audit the records of the conservator during and after the term of the agreement or contract to verify accounts and data affecting fees and performance. The Commissioner shall not award a cost plus percentage of cost agreement or contract for any purpose.  (2001-263, s. 1; 2010-194, s. 5; 2011-326, s. 15(e).)
NC Gen Stat § 53-402 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-402 - Examination.

 53-402. Examination.The Commissioner shall examine the affairs of a State trust company placed under conservatorship in the manner deemed necessary by the Commissioner to oversee the conservatorship. (2001-263, s. 1.)
NC Gen Stat § 53-403 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-403 - Termination of conservatorship.

 53-403. Termination of conservatorship.If the Commissioner is satisfied that the conservatorship may be terminated with safety to the clients, creditors, and shareholders of the State trust company, and to the public, the Commissioner may terminate the conservatorship of a State trust company and permit the company to resume the transaction of its business, subject to such terms, conditions, restrictions, and limitations as the Commissioner prescribes. (2001-263, s. 1.)
NC Gen Stat § 53-404 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-404 - Rights and liabilities of conservator.

 53-404. Rights and liabilities of conservator.A conservator appointed pursuant to the provisions of this Subpart is subject to the provisions of G.S. 53-331 and to the penalties prescribed by G.S. 53-129 and G.S. 53-355. (2001-263, s. 1.)
NC Gen Stat § 53-405 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-405 - Naming of conservator not liquidation.

 53-405. Naming of conservator not liquidation.No power conferred in this Subpart upon the Commissioner, when exercised, shall be deemed as an act of possession for the purposes of liquidation; and whenever the Commissioner shall, with reference to any State trust company for which a conservator is appointed, deem that liquidation is necessary, the Commissioner shall exercise the powers for the purposes of liquidation as provided in Subpart B of Part 5 of this Article. (2001-263, s. 1.)
NC Gen Stat § 53-406 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-406 - Sale of assets by board of jeopardized State trust company.

 53-406. Sale of assets by board of jeopardized State trust company.(a) With the Commissioner's approval, the board of directors of a jeopardized State trust company, acting without shareholder approval and notwithstanding any other provision of this Article or any other law, or any of the provisions of the articles of incorporation or bylaws of the State trust company, may cause the State trust company to sell to one or more buyers all or substantially all of its assets, including the right to control and act as fiduciary for accounts established with the trust company, if the Commissioner finds:(1) The interests of the State trust company's clients, creditors, and shareholders are jeopardized by the continued operation of the State trust company; and(2) The sale is in the best interests of the State trust company's clients and creditors.(b) Sales under the provisions of this section shall include assumptions and promises by one or more buyers to pay or otherwise discharge, except as provided in G.S. 53-407:(1) All of the State trust company's liabilities to clients and creditors;(2) All of the State trust company's liabilities for salaries of the State trust company's employees incurred before the date of the sale;(3) Expenses incurred by the Commissioner arising out of the supervision or sale of the State trust company; and(4) Taxes owed and fees and assessments due the Commissioner's office.(c) This section does not limit the power of a State trust company to buy and sell assets in the ordinary course of business.(d) This section does not affect the Commissioner's right to take action under another law or sale under other provisions of this Article. (2001-263, s. 1.)
NC Gen Stat § 53-407 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-407 - Authority to act as disbursing agent.

 53-407. Authority to act as disbursing agent.If a purchasing trust institution acts under a written agency contract that (i) is approved by the Commissioner; (ii) specifically names each creditor and the amount to be paid each; and (iii) limits the agency to the purely ministerial act of paying creditors the amounts due them as determined by the selling institution and does not involve discretionary duties or authority other than the identification of the creditors named, then the purchasing trust institution:(1) May rely on the contract of agency and the instructions included in it; and(2) Is not responsible for:a. Any error made by the selling institution in determining its liabilities, the creditors to whom the liabilities are due, or the amounts due the creditors; orb. Any preference that results from the payments made under the contract of agency and the instructions included in it. (2001-263, s. 1.)
NC Gen Stat § 53-408 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-408 - Payment to creditors.

 53-408. Payment to creditors.Payment to a creditor of the selling institution of the amount to be paid under the terms of a contract of agency described in G.S. 53-407 may be made by the purchasing trust company by (i) opening an agency account in the name of the creditor; (ii) crediting the account with the amount to be paid the creditor under the terms of the agency contract; and (iii) mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the creditor's address shown in the records of the selling institution. (2001-263, s. 1.)
NC Gen Stat § 53-409 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-409 - Issuance of preferred shares by jeopardized trust company.

 53-409. Issuance of preferred shares by jeopardized trust company.Notwithstanding any other provisions of this Article or any other laws, and notwithstanding any of the provisions of its articles of incorporation or bylaws, any jeopardized State trust company may, with the approval of the Commissioner, and by vote of shareholders owning a majority of the shares of such State trust company, upon not less than two days' notice given by registered mail pursuant to action taken at a meeting of its board of directors (which may be held upon not less than one day's notice) issue shares of preferred stock in such amount, with such voting rights, with such preferences, at such dividend rate, and with such other rights and limitations as shall be approved by the Commissioner. A copy of the minutes of such directors' and shareholders' meetings, certified by the proper officer and under the corporate seal of the State trust company, and accompanied by the written approval of the Commissioner, shall be immediately filed in the office of the Secretary of State, and when so filed, shall be deemed and treated as an amendment to the articles of incorporation of such State trust company. For purposes of this section, a State trust company shall be considered jeopardized when it is critical that the State trust company obtain additional equity capital to avoid, or to cease to be in, a hazardous condition, and other means of raising additional equity capital do not appear to be feasible. No issue of preferred shares shall be valid until the amount of all shares so issued shall have been paid for in full in cash, except as may otherwise be specifically approved by the Commissioner. The provisions of this section do not limit the authority of a State trust company to issue shares as provided under other applicable law. (2001-263, s. 1.)
NC Gen Stat § 53-410 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-410 - Commissioner to act under authority of the Commission.

 53-410. Commissioner to act under authority of the Commission.All the powers, duties, and functions granted to or imposed upon the Commissioner by law shall be exercised under the direction and supervision of the Commission. Wherever provision is made in this Article authorizing and permitting the Commissioner to make rules, the words "the Commissioner" shall be construed to mean the Commission. (2001-263, s. 1.)
NC Gen Stat § 53-411 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-411 - Rules.

 53-411. Rules.The Commission may adopt rules in accordance with Chapter 150B of the General Statutes to carry out the provisions of this Article relating to authorized trust institutions and to ensure safe and conservative management of authorized trust institutions under its supervision, taking into consideration the appropriate interests of the clients, creditors, shareholders, and the public in their relations with the authorized trust institutions. (2001-263, s. 1.)
NC Gen Stat § 53-412 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-412 - Commissioner hearings; appeals.

 53-412. Commissioner hearings; appeals.(a) This section does not grant a right to a hearing to a person that is not otherwise granted by governing law.(b) The Commissioner may convene a hearing to receive evidence and argument regarding any matter before the Commissioner for decision or review under the provisions of this Article. The hearing shall be conducted in accordance with Article 3A of Chapter 150B of the General Statutes.(c) Disputes over decisions and actions of the Commissioner under the provisions of this Article shall be "contested cases" as defined in G.S. 150B-2(2).(d) Except as expressly provided otherwise by this Chapter, an order of the Commissioner may be appealed, in writing, to the Commission for review, pursuant to G.S. 53C-2-6. The Commission may affirm, modify, or reverse a decision of the Commissioner.(e) Petitions for judicial review from the Commission shall be made to the Wake County Superior Court and shall proceed as provided in G.S. 53C-2-6.  (2001-263, s. 1; 2009-57, s. 11; 2012-56, s. 34.)
NC Gen Stat § 53-413 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-413 - Civil enforcement.

 53-413. Civil enforcement.The Commissioner may bring any appropriate civil action against any person the Commissioner believes has committed or is about to commit a violation of this Article or a rule, order, or declaratory ruling of the Commissioner pertaining to this Article. (2001-263, s. 1.)