reglab/housing_qa huggingface dataset:
NC Gen Stat § 53-349 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-349 - Decision on acquisition of control.

 53-349. Decision on acquisition of control.(a) Not later than the sixtieth day following receipt of the application, the Commissioner shall either approve or deny the proposed acquisition of control.(b) The Commissioner may deny an acquisition of control if:(1) The financial condition of the person seeking approval to acquire control, or any member of a group seeking approval to acquire control, might jeopardize the financial stability of the State trust company or the interests of its clients;(2) Investigation of the character, competence, general fitness, experience, or integrity of the person seeking approval to acquire control, or any member of a group seeking approval to acquire control, shows that the proposed acquisition of control would not be in the best interests of the clients of the State trust company;(3) Plans or proposals to operate, liquidate, or sell the State trust company or its assets following the acquisition of control are not in the best interests of the State trust company's clients;(4) The State trust company would not be solvent, have adequate equity capital, or be in compliance with the laws of this State after the acquisition of control; or(5) The person seeking approval to acquire control has failed to furnish all information required by the Commissioner.(c) If an application filed under the provisions of this section is approved by the Commissioner, the transaction may be consummated. Any written commitment from the person seeking approval to acquire control made as a condition for approval of the application is enforceable against the State trust company and the person acquiring control. (2001-263, s. 1.)
NC Gen Stat § 53-350 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-350 - Appeal.

 53-350. Appeal.Any order entered by the Commissioner with respect to an application for acquisition or control of a State trust company shall be subject to review by the Commission for entry of a final agency decision. (2001-263, s. 1.)
NC Gen Stat § 53-351 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-351 - Report of changes in chief executive officer or directors.

 53-351. Report of changes in chief executive officer or directors.Each State trust company shall report to the Commissioner within 48 hours, on the forms and with the information required by the Commissioner, any changes in the chief executive officer or the directors of the State trust company, including in its report a statement of the past and current business and professional affiliations of each new chief executive officer or director. (2001-263, s. 1.)
NC Gen Stat § 53-352 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-352 - Board of directors.

 53-352. Board of directors.(a) All corporate powers of a State trust company shall be exercised under the authority of, and the business and affairs of a State trust company shall be managed under the direction of, a board of directors. Without the approval of the Commissioner, the board shall consist of not less than five directors. Except as specifically provided otherwise in this section, the number, election, term, and classification of the directors of a State trust company shall be governed by the provisions of Chapter 55 of the General Statutes.(b) Before each term to which a person is elected to serve as a director of a State trust company, the person shall submit an affidavit for filing in the minutes of the State trust company stating that the person:(1) Accepts the position;(2) Will not knowingly violate, or knowingly permit an officer, director, or employee of the State trust company to violate, any law applicable to the conduct of business of the State trust company; and(3) Will diligently perform the duties of a director.(c) A person designated with a title such as advisory director is not considered a director if that person:(1) Is not elected by the shareholders of the State trust company; and(2) Does not vote on matters before the board of directors or any committee of the board and is not counted for purposes of determining a quorum of the board or any committee of the board.  (2001-263, s. 1; 2011-339, s. 12.)
NC Gen Stat § 53-353 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-353 - Required board meetings.

 53-353. Required board meetings.The board of directors of a State trust company shall hold at least one regular meeting each quarter. At each regular meeting, the board shall review and approve, or disapprove and correct, the minutes of the prior meeting and review the operations, activities, and financial condition of the State trust company. The board may designate committees from among its members to perform these duties and approve or disapprove the committees' reports at each regular meeting. All material actions of the board shall be recorded in its minutes. (2001-263, s. 1.)
NC Gen Stat § 53-354 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-354 - Officers.

 53-354. Officers.The board of directors shall annually appoint the officers of the State trust company who shall serve at the pleasure of the board. The contract rights of officers, if any, shall be governed by applicable provisions of Chapter 55 of the General Statutes and general law. The State trust company shall have a chief executive officer primarily responsible for the execution of board policies and operation of the State trust company. The State trust company also shall have an officer responsible for the maintenance and storage of all corporate books and records of the State trust company and for required attestation of signatures. These positions shall not be held by the same person. The board may appoint any other officers of the State trust company, including assistants to the officers required by this section, the board considers necessary or appropriate. (2001-263, s. 1.)
NC Gen Stat § 53-355 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-355 - Certain criminal offenses.

 53-355. Certain criminal offenses.(a) An officer, director, employee, or shareholder of a State trust company commits an offense if the person knowingly:(1) Conceals information or a fact, or removes, destroys, or conceals a book or record of the State trust company for the purpose of concealing information or a fact, from the Commissioner or an agent of the Commissioner; or(2) For the purpose of concealing information or a fact, removes or destroys any book or record of the State trust company that is material to a pending or anticipated legal or administrative proceeding.(b) An officer, director, or employee of a State trust company commits an offense if the person knowingly makes a false entry in the books or records or in any report or statement of the State trust company.(c) An offense under the provisions of this section shall be a Class H felony. (2001-263, s. 1.)
NC Gen Stat § 53-356 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-356 - Responsibility of directors.

 53-356. Responsibility of directors.(a) The standard of conduct for directors shall be as set forth in G.S. 55-8-30.(b) Any director of a State trust company who shall knowingly violate, or who shall knowingly permit to be violated by any officers, agents, or employees of such State trust company, any of the provisions of this Article shall be held personally and individually liable for all damages which the State trust company, its shareholders, or any other person has sustained in consequence of the violation. Any aggrieved shareholder of any State trust company in liquidation may prosecute an action for the enforcement of the provisions of this section. Only one such action may be brought. The procedure shall follow, as much as possible, that prescribed by Article 3 of Chapter 44A of the General Statutes, relative to suits on bonds of contractors with municipal corporations. (2001-263, s. 1.)
NC Gen Stat § 53-357 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-357 - Record keeping.

 53-357. Record keeping.A State trust company shall keep its fiduciary records separate and distinct from its other records. The fiduciary records shall contain all material information relative to each account as appropriate under the circumstances. (2001-263, s. 1.)
NC Gen Stat § 53-358 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-358 - Bonding requirements; reports of apparent crime.

 53-358. Bonding requirements; reports of apparent crime.(a) The board of directors of a State trust company shall require protection and indemnity for the State trust company and its clients in amounts established by rules, orders, or declaratory rulings of the Commissioner, or otherwise in reasonable amounts, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies:(1) Authorized to do business in this State; or(2) Acceptable to the Commissioner and otherwise lawfully permitted to issue coverage against those losses in this State.(b) Except as otherwise provided by rules, orders, or declaratory rulings of the Commissioner, coverage required under subsection (a) of this section shall include each director, officer, and employee of the State trust company without regard to whether the person receives salary or other compensation.(c) A State trust company that is the victim of a robbery, has a shortage of corporate or account assets in excess of five thousand dollars ($5,000), or is the victim of an apparent or suspected misapplication of its corporate property or account assets in any amount shall report the robbery, shortage, or apparent or suspected misapplication to the Commissioner within 48 hours after the time it is discovered. The initial report may be oral if a written report is made promptly following the oral report. Neither the State trust company nor any director, officer, employee, or agent of the State trust company is subject to any liability for providing any information in any such report in good faith. (2001-263, s. 1.)
NC Gen Stat § 53-359 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-359 - Merger, share exchange, or asset transfer authority.

 53-359. Merger, share exchange, or asset transfer authority.(a) With the approval of the Commissioner, a State trust company may merge or exchange its shares with, or acquire or be acquired through a merger or share exchange with, another company, or may transfer to another company all or substantially all of its assets and liabilities, or may acquire from another company all or substantially all of its assets and liabilities.(b) A merger or share exchange authorized by subsection (a) of this section, shall be governed by Article 11 of Chapter 55 of the General Statutes and G.S. 53C-7-205. An acquisition or transfer of assets authorized by subsection (a) of this section shall be governed by Article 12 of Chapter 55 of the General Statutes and G.S. 53C-7-205.  (2001-263, s. 1; 2012-56, s. 30.)
NC Gen Stat § 53-360 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-360 - Merger, share exchange, or asset transfer application.

 53-360. Merger, share exchange, or asset transfer application.(a) A copy of the proposed articles of merger or share exchange, or asset transfer agreement, and an application in the form required by the Commissioner, shall be filed with the Commissioner. The Commissioner shall investigate the condition of the parties proposing to engage in the merger, share exchange, or asset transfer and may require the submission of additional information.(b) The Commissioner may approve the merger or share exchange if:(1) Each resulting trust institution will be solvent and have adequate capitalization;(2) Each resulting trust institution appears able and ready to comply substantially with the statutes and rules relative to its organization;(3) Each resulting State trust company will be a "domestic corporation" as that term is defined in G.S. 55-1-40(4);(4) All fiduciary obligations and liabilities of each trust institution that is a party to the merger, share exchange, or asset transfer have been discharged properly or otherwise have been or will be assumed or retained properly by a person;(5) Each surviving, new, acquiring, or transferring party that is not authorized to engage in trust business will not engage in trust business and appears able and ready to comply substantially with applicable laws and rules; and(6) All conditions imposed by the Commissioner have been satisfied or otherwise resolved. (2001-263, s. 1.)
NC Gen Stat § 53-361 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-361 - Notice and investigation of merger, share exchange, or asset transfer; decision, hearing, and appeal.

 53-361. Notice and investigation of merger, share exchange, or asset transfer; decision, hearing, and appeal.(a) The Commissioner shall notify the parties to the proposed merger, share exchange, or asset transfer when the application is complete and all required fees have been paid. Promptly following this notification, the parties shall provide notice to clients who may be affected by the proposed merger, share exchange, or asset transfer in the form and manner specified by the Commissioner.(b) At the expense of the parties to the proposed merger, share exchange, or asset transfer, the Commissioner may investigate the proposed transaction, including the character of the proposed directors, officers, and principal shareholders of each resulting trust institution and of any other person proposed to succeed to the accounts of the applying institutions. Notwithstanding any laws to the contrary, information bearing on the character or information about the personal finances of an existing or proposed organizer, officer, director, or shareholder is confidential and not subject to public disclosure.(c) Based on the application and investigation, the Commissioner shall enter an order approving or denying approval of the proposed merger, share exchange, or asset transfer not later than the sixtieth day following the date the Commissioner notifies the parties that the application is complete, unless extraordinary circumstances require a longer period of review.(d) Any written commitment made by a person proposing to engage in the merger, share exchange, or asset transfer as a condition for approval of the application is enforceable against that person.(e) Any order entered by the Commissioner under the provisions of this section shall be subject to review by the Commission for entry of a final agency decision. (2001-263, s. 1.)
NC Gen Stat § 53-362 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-362 - Appraisal rights of shareholders in mergers, share exchanges, or asset transfers.

 53-362. Appraisal rights of shareholders in mergers, share exchanges, or asset transfers.A shareholder of a State trust company may exercise appraisal rights in connection with the proposed merger, share exchange, or asset transfer to the extent allowed under, and by following the procedures prescribed by, Article 13 of Chapter 55 of the General Statutes.  (2001-263, s. 1; 2011-347, s. 2.)
NC Gen Stat § 53-365 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-365 - Conversion to public trust company.

 53-365. Conversion to public trust company.(a) Before transacting business with the general public, a private trust company shall file a notice on a form prescribed by the Commissioner, which shall set forth the name of the private trust company and an acknowledgment that any exemption granted or otherwise applicable to the private trust company pursuant to G.S. 53-363 shall cease to apply once the Commissioner terminates private trust company status. The private trust company shall furnish a copy of the resolution adopted by its board of directors authorizing the private trust company to commence transacting business with the general public, and shall pay the filing fee, if any, prescribed by rule of the Commissioner.(b) The private trust company may commence transacting business with the general public on the thirty-first day after the date the Commissioner receives the notice, unless the Commissioner:(1) Establishes an earlier or later date;(2) Notifies the private trust company that the notice raises issues that require additional information or additional time for analysis; or(3) Disapproves the termination of private trust company status.(c) If the Commissioner gives a notification described in subdivision (2) of subsection (b) of this section, the private trust company status may be terminated only on approval by the Commissioner.(d) The Commissioner may deny approval of the proposed termination of private trust company status if the Commissioner finds that the private trust company lacks sufficient resources to undertake the proposed conversion without adversely affecting its safety or soundness or if the Commissioner determines that the private trust company could not within a reasonable period be in compliance with any provision of this Article from which it previously had been exempted pursuant to G.S. 53-363. (2001-263, s. 1.)
NC Gen Stat § 53-367 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-367 - Commissioner shall have supervision over authorized trust institutions and shall examine.

 53-367. Commissioner shall have supervision over authorized trust institutions and shall examine.Every authorized trust institution shall be under the supervision of the Commissioner. The Commissioner may periodically examine and require reports from authorized trust institutions, and shall execute and enforce, through examiners and any other agents as are now or may hereafter be created or appointed, all laws and all rules, orders, and declaratory rulings relating to authorized trust institutions. All authorized trust institutions shall conduct their business in a manner consistent with all laws and all rules, orders, and declaratory rulings that may be adopted or issued by the Commissioner relating to authorized trust institutions. (2001-263, s. 1.)
NC Gen Stat § 53-368 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-368 - Assessment of State trust companies.

 53-368. Assessment of State trust companies.(a) For the purpose of operating and maintaining the office of the Commissioner, each State trust company shall pay into the office of the Commissioner, within 10 days after notice, an annual assessment of ten thousand dollars ($10,000) plus one dollar ($1.00) per one hundred thousand dollars ($100,000) of assets held for its accounts, exclusive of nonsecuritized real estate interests. For purposes of this assessment, the amount of assets held for accounts shall be determined as of the close of business on December 31 of each year.(b) If an application for merger, share exchange, sale of assets, change of control, conversion, or a similar transaction occasions an examination or if the Commissioner determines that the financial condition or manner of operation of a State trust company warrants further examination or an increased level of supervision, a State trust company may be subject to an additional assessment not to exceed the amount required of all State trust companies by subsection (a) of this section.(c) Repealed by Session Laws 2012-56, s. 32, effective October 1, 2012.  (2001-263, s. 1; 2007-55, s. 2; 2012-56, s. 32.)
NC Gen Stat § 53-369 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-369 - Administrative orders; penalties for violation; increase of equity capital.

 53-369. Administrative orders; penalties for violation; increase of equity capital.(a) In addition to any other powers conferred by this Chapter, the Commissioner may:(1) Order any authorized trust institution, or affiliate thereof, or any director, officer, or employee of an authorized trust institution, to cease and desist violating any provision of this Article or any rule issued thereunder.(2) Order any authorized trust institution, or affiliate thereof, or any director, officer, or employee of an authorized trust institution, to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of the assets of an authorized trust institution, or is likely to jeopardize or otherwise seriously prejudice the interests of the clients, creditors, shareholders, or the public in their relationships with the authorized trust institution.(3) Order any company to cease engaging in unauthorized trust activity.(4) Enter orders described in G.S. 53-321, 53-327, and 53-343.(b) The Commissioner may impose a civil money penalty of not more than one thousand dollars ($1,000) for each violation of an order issued under subdivision (1) of subsection (a) of this section. The Commissioner may impose a civil money penalty of not more than five hundred dollars ($500.00) per day for each violation of a cease and desist order issued under subdivision (2) or (3) of subsection (a) or this section. The clear proceeds of civil money penalties imposed pursuant to this section shall be remitted to the Civil Penalty and Forfeiture Fund in accordance with G.S. 115C-457.2.(c) The Commissioner may order that a State trust company in a hazardous condition increase its equity capital to a level that is adequate for the safe and sound conduct of its business. The order shall specify the period of time for meeting the requirement to increase equity capital, which period of time may be extended by further order of the Commissioner. (2001-263, s. 1.)
NC Gen Stat § 53-370 (2021)
2021 North Carolina General Statutes|Chapter 53 - Regulation of Financial Services|Article 24 - Trust Companies and Interstate Trust Business.|§ 53-370 - Notice and opportunity for hearing.

 53-370. Notice and opportunity for hearing.Consistent with Chapter 150B of the General Statutes, notice and opportunity for hearing shall be provided before the Commissioner may act under the provisions of this Subpart. In cases involving extraordinary circumstances requiring immediate action, however, the Commissioner may take action without a hearing, but shall promptly afford a subsequent hearing upon request to rescind the action taken. (2001-263, s. 1.)