reglab/housing_qa huggingface dataset:
NC Gen Stat § 53-414 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-414 - Cancellation of charter.

 53-414. Cancellation of charter.Whenever a merger, share exchange, sale of assets, liquidation, or other transaction occurs by which a State trust company ceases to exist or ceases to be eligible for a charter, the Commissioner shall cancel the State trust company's charter, revoke its license, and provide notice of the revocation in the manner provided in G.S. 53-163. The filing, in the office of the Secretary of State, of a certified copy of the cancellation under seal of the Commissioner shall authorize the cancellation of the charter of the State trust company, subject, however, to its continued existence, as provided by this Article and the general law relative to corporations, for the purpose of winding up and liquidating its business and affairs. (2001-263, s. 1.)
NC Gen Stat § 53-415 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-415 - Severability.

 53-415. Severability.If any provision of this Article, or its application, is found by any court of competent jurisdiction in the United States to be invalid as to any trust institution or other person or circumstance, or to be superseded by federal law, the provision shall be deemed modified only to the extent and only in the particular circumstances necessary to render the provision valid, and the remaining provisions of this Article shall not be affected and shall continue to apply to any trust institution or other person or circumstance. (2001-263, s. 1.)
NC Gen Stat § 53-420 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-420 - Affiliate transfers authorized; procedure.

 53-420. Affiliate transfers authorized; procedure.(a) A trust institution may make an affiliate transfer of one or more accounts subject to the provisions of this Part unless the provisions governing the account explicitly provide that an affiliate transfer shall not be made.(b) The affiliate transfer shall be made pursuant to a written agreement between the transferring trust institution and the transferee trust institution.(c) Between 90 and 30 days prior to the proposed date of the affiliate transfer, the transferring trust institution shall give written notice of the proposed affiliate transfer to all clients and other persons to whom the transferring trust institution last sent reports or statements for the account or to whom the next regular report or statement would be sent. The notice shall include the following information:(1) A brief description of the proposed affiliate transfer.(2) The client's right to object in writing to the affiliate transfer, and the physical and mailing addresses to which the written objection may be sent; the transferring trust institution also may provide electronic mail or facsimile addresses, or both, as additional methods for giving written notice of objection.(3) The date upon which the affiliate transfer is proposed to be effective.(4) The identity, mailing address, and telephone number of one or more employees of the transferee trust institution who can respond to inquiries if the affiliate transfer is complete.(5) The identity, mailing address, and telephone number of one or more employees of the transferring trust institution who can respond to inquiries about the proposed affiliate transfer.(d) Notices shall be sent to the addresses for clients or their representatives on record with the transferring trust institution and shall be effective upon receipt. Notices shall be deemed received three days after they have been posted for mailing with the United States Postal Service or deposited for delivery with a reputable courier service, with all postage or delivery charges prepaid. (2005-274, s. 2.)
NC Gen Stat § 53-421 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-421 - Objection to affiliate transfer.

 53-421. Objection to affiliate transfer.If a client, or a person acting on behalf of the client, delivers a written objection to the affiliate transfer to the transferring trust institution at anytime prior to the date of the affiliate transfer, the transferring trust institution shall exclude that account from the affiliate transfer unless the objection is withdrawn. An objection to an affiliate transfer shall not affect the right of the transferring trust institution to continue to administer the account or to seek to transfer the account pursuant to the documents and law governing the account. (2005-274, s. 2.)
NC Gen Stat § 53-422 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-422 - Effect of affiliate transfer.

 53-422. Effect of affiliate transfer.(a) Following an affiliate transfer, the transferee trust institution shall have all of the rights, powers, privileges, appointments, accounts, and designations of the transferring trust institution and shall be deemed successor to the transferring trust institution in any deed, trust, agreement, filing, instrument, notice, certificate, pleading, or other document related to the account.(b) Following an affiliate transfer, the transferee trust institution is responsible for the performance of all duties, responsibilities, and obligations related to an account subject to the affiliate transfer.(c) The affiliate transfer does not limit the transferring trust institution's liability for any of its acts as fiduciary.(d) Unless the affiliate transfer is authorized by the documents governing the account, the transferring trust institution remains liable and responsible, while affiliated with the transferee trust institution, for the transferee trust institution's administration of accounts subject to an affiliate transfer. For purposes of this subsection, an affiliate transfer of an account made in reliance on subsection (e) of this section shall not be deemed to be authorized by the documents governing the account.(e) Except as explicitly provided in provisions or laws governing accounts:(1) Qualifications for administration such as capital, assets, assets under management, or similar standards set forth in documents or laws governing the account may be satisfied by the combined financial resources of the transferring trust institution and the transferee trust institution.(2) Standards relating to the location or charter of the trust institution administering the account may be satisfied by the transferring trust institution or the transferee trust institution.(f) Nothing in this Part shall be construed to impair any right of a trust institution to resign from administration of an account, or the right of a trust institution or a person interested in the account to seek the appointment of a replacement.(g) Neither the rights of creditors to nor any liens upon the property held in an account shall be impaired by an affiliate transfer.(h) Any claim or proceeding by or against the transferring trust institution pending at the time of the affiliate transfer may proceed as if the affiliate transfer had not taken place. (2005-274, s. 2.)
NC Gen Stat § 53-423 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-423 - Trust institution as agent.

 53-423. Trust institution as agent.A trust institution may appoint another trust institution that is its affiliate as its agent for the performance of acts, obligations, and responsibilities with respect to any account. In that event, the trust institution shall remain fully responsible and liable with respect to all actions of the affiliated trust institution as if those actions were performed by the trust institution. Except as explicitly provided in documents or laws governing an account, appointment of an affiliate agent is not:(1) An impermissible delegation of responsibility or duty by the appointing trust institution.(2) A transfer or relinquishment of account powers by the appointing institution.(3) A resignation or disqualification from the account by the appointing trust institution. (2005-274, s. 2.)
NC Gen Stat § 53-424 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-424 - Construction.

 53-424. Construction.(a) Except as expressly provided in this Part, nothing in this Part shall be construed to amend or modify the laws of this State governing the establishment or administration of accounts or the actions of trust institutions.(b) An affiliate transfer is not, in itself, a transfer of substantially all of the transferring trust institution's assets and liabilities.(c) Except as explicitly provided by the documents governing the account, neither an affiliate transfer nor an agency appointment under G.S. 53-423 shall be subject to any provision of law requiring court approval for removal of fiduciary funds from this State.(d) Except as explicitly provided by the documents governing the account, an affiliate transfer, but not an agency appointment, shall be subject to any provision of law requiring notice of a transfer of the principal place of administration of the account. The manner or timing of a notice required under G.S. 53-420(c) may be altered to comport with any provision of law requiring notice of a transfer of the principal place of administration of the account. (2005-274, ss. 2, 3.)
NC Gen Stat § 53-425 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 25 - Asset-Backed Securities Facilitation.|§ 53-425 - Definitions.

 53-425. Definitions.The following definitions apply in this Article:(1) Beneficial interest. - Debt or equity interests or obligations of any type that are issued by a special purpose entity and entitle the holder of the interest or obligation to receive payments that depend primarily on the cash flow from financial assets owned by the special purpose entity.(2) Financial asset. - Cash or a contract or instrument that conveys to an entity a contractual right to receive cash or another financial instrument from another entity.(3) Securitization. - The issuance by a special purpose entity of evidences of beneficial interest that meets one of the following criteria:a. Its most senior class at the time of issuance is rated in one of the four highest categories assigned to long-term debt or in an equivalent short-term category (within either of which there may be sub-categories or graduations indicating relative standing) by one or more nationally recognized rating organizations.b. It is sold in transactions by an issuer not involving any public offering under section 4 of the Securities Act of 1933 (15 U.S.C. 77d), as amended, or in transactions exempt from registration under the Securities Act of 1933 pursuant to Regulation S issued in accordance with the Act, or any successor regulations issued under the Act.(4) Special purpose entity. - A trust, corporation, limited liability company, or other entity demonstrably distinct from the transferor that is primarily engaged in acquiring and holding (or transferring to another special purpose entity) financial assets, and in activities related or incidental thereto, in connection with the issuance by the special purpose entity (or by another special purpose entity that acquires financial assets directly or indirectly from the special purpose entity) of evidences of beneficial interests.(5) Transferor. - A financial institution insured by the Federal Deposit Insurance Corporation. (2002-88, s. 1; 2002-159, s. 33.)
NC Gen Stat § 53-426 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 25 - Asset-Backed Securities Facilitation.|§ 53-426 - Waiver of equity of redemption.

 53-426. Waiver of equity of redemption.(a) Notwithstanding any other provision of law, except to the extent otherwise set forth in the transaction documents relating to a securitization, all of the following apply:(1) Any property, assets, or rights purported to be transferred, in whole or in part, in a securitization or in connection with a securitization are considered no longer the property, assets, or rights of the transferor, to the extent purported to be transferred.(2) A transferor in the securitization, its creditors, and, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person, to the extent the transfer is governed by State law, has no rights, legal or equitable, to reacquire, reclaim, recover, repudiate, disaffirm, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred to the special purpose entity, in whole or in part, by the transferor.(3) In the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the transfer of property, assets, and rights are governed by State law, the property, assets, and rights are not considered part of the transferor's property, assets, rights, or estate.(b) Nothing in this Article:(1) Requires any securitization to be treated as a sale for federal or state tax purposes;(2) Precludes the treatment of any securitization as debt for federal or state tax purposes; or(3) Changes any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor, any hypothetical lien creditor of the transferor, or, in the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession, or other similar person. (2002-88, s. 1; 2002-159, s. 33.)
NC Gen Stat § 53A-20 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-20 - Expired.

 53A-20: Expired.
NC Gen Stat § 53A-21 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-21 - Expired.

 53A-21: Expired.
NC Gen Stat § 53A-22 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-22 - Expired.

 53A-22: Expired.
NC Gen Stat § 53A-23 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-23 - Expired.

 53A-23: Expired.
NC Gen Stat § 53A-24 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-24 - Expired.

 53A-24: Expired.
NC Gen Stat § 53A-25 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-25 - Expired.

 53A-25: Expired.
NC Gen Stat § 53A-26 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-26 - Expired.

 53A-26: Expired.
NC Gen Stat § 53A-27 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-27 - Expired.

 53A-27: Expired.
NC Gen Stat § 53A-28 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-28 - Expired.

 53A-28: Expired.
NC Gen Stat § 53A-29 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-29 - Expired.

 53A-29: Expired.
NC Gen Stat § 53A-30 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-30 - Expired.

 53A-30: Expired.
NC Gen Stat § 53A-31 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-31 - Expired.

 53A-31: Expired.
NC Gen Stat § 53A-32 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-32 - Expired.

 53A-32: Expired.
NC Gen Stat § 53A-33 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-33 - Expired.

 53A-33: Expired.
NC Gen Stat § 53A-34 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 2 - North Carolina Capital Resource Corporations.|§ 53A-34 - Expired.

 53A-34: Expired.
NC Gen Stat § 53A-35 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-35 - Short Title.

 53A-35. Short Title.This Article shall be known and may be cited as the North Carolina Enterprise Corporation Act. (1987 (Reg. Sess., 1988), c. 882, s. 1.)
NC Gen Stat § 53A-36 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-36 - Legislative findings and purpose.

 53A-36. Legislative findings and purpose.(a) The General Assembly finds and declares that there exists in the State of North Carolina a serious shortage of mezzanine finance capital and credit available for investment in rural areas in the State. This shortage of mezzanine finance capital and credit is severe throughout the rural areas of the State, has persisted for a number of years, and constitutes a grave threat to the welfare and prosperity of all residents of the State.(b) The General Assembly finds and declares further that private enterprise and existing federal and State governmental programs have not adequately alleviated the severe shortage of mezzanine finance capital and credit available for investments in rural areas in the State.(c) The General Assembly finds and declares that it is a matter of grave public necessity that North Carolina Enterprise Corporations be authorized to be created and to be empowered to alleviate these severe shortages of mezzanine finance capital and credit for investment in rural areas of the State. North Carolina Enterprise Corporations shall help eliminate barriers to rural economic development by providing mezzanine finance capital and credit, and other types of financing as appropriate, to businesses in rural areas that have been unable to obtain sufficient financing through traditional financial institutions. (1987 (Reg. Sess., 1988), c. 882, s. 1.)
NC Gen Stat § 53A-37 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-37 - Definitions.

 53A-37. Definitions.The following definitions apply in this Article:(1) Business. A corporation, partnership, association, or sole proprietorship operated for profit.(2) Equity security. Common stock, preferred stock, an interest in a partnership, subordinated debt, or a warrant that is convertible into, or entitles the holder to receive upon its exercise, common stock, preferred stock, or an interest in a partnership.(3) Mezzanine finance. An investment in the equity securities or subordinated debt of a Qualified North Carolina Business.(4) Qualified North Carolina Business. A business whose headquarters and principal business operations are located in North Carolina and which, together with its affiliates on a consolidated basis, had gross income during the immediately preceding fiscal year, determined in accordance with generally accepted accounting principles without taking into account extraordinary items, of less than forty million dollars ($40,000,000).(5) Rural areas. Any county in North Carolina which does not include within its boundaries a city, as defined by G.S. 160A-1(2), with a population greater than one percent (1%) of the population of North Carolina.(6) Security. A security as defined in G.S. 78A-2(11).(7) Subordinated debt. Indebtedness that is or will be subordinated to other indebtedness of the issuer. Subordinated debt may be convertible into common stock, preferred stock, or an interest in a partnership.(8) Traditional Financial Institutions. Corporations or associations chartered under Chapters 53 or 54B of the General Statutes. (1987 (Reg. Sess., 1988), c. 882, s. 1.)
NC Gen Stat § 53A-38 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-38 - Incorporation authorized.

 53A-38. Incorporation authorized.(a) One or more persons, a majority of whom are residents of this State, may, by filing a certificate of incorporation as provided in subsection (b), incorporate a North Carolina Enterprise Corporation under the provisions of this Article.(b) Persons who wish to associate themselves for the purpose of establishing a North Carolina Enterprise Corporation shall file a certificate of incorporation with the Secretary of State. The certificate shall be in accordance with G.S. 55-7. (1987 (Reg. Sess., 1988), c. 882, s. 1.)
NC Gen Stat § 53A-39 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-39 - Purpose.

 53A-39. Purpose.The purpose of a North Carolina Enterprise Corporation shall be to promote, stimulate, develop, and advance economic prosperity and stimulate job creation in North Carolina's rural areas primarily through mezzanine finance investments in Qualified North Carolina Businesses. To stimulate development broadly across the State, a North Carolina Enterprise Corporation, to the maximum extent feasible consistent with sound business practices, will make mezzanine financing and other types of financing available to small businesses and to businesses located throughout all the rural areas of North Carolina. (1987 (Reg. Sess., 1988), c. 882, s. 1.)
NC Gen Stat § 53A-40 (2021)
2021 North Carolina General Statutes|Chapter 53A - Business Development Corporations and North Carolina Capital Resource Corporations|Article 3 - North Carolina Enterprise Corporations.|§ 53A-40 - Corporate name.

 53A-40. Corporate name.The name of the corporation shall include the words "North Carolina Enterprise Corporation". (1987 (Reg. Sess., 1988), c. 882, s. 1.)