reglab/statecodes huggingface dataset:
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-310 - Offices of State trust companies.

§ 53-310. Offices of State trust companies.
(a) A State trust company may engage in trust business or trust marketing through its principal office and through each trust office as permitted by this Part.
(b) A State trust company may engage in trust marketing through a representative trust office as permitted by this Part.
(c) A State trust company may engage in trust business and trust marketing through out-of-state trust offices or representative trust offices to the same extent permitted for trust institutions located in the host state through which those out-of-state trust offices or representative trust offices are located, subject to the laws of this State and as provided by rules, orders, or declaratory rulings of the Commissioner. (2001-263, s. 1; 2005-269, s. 6.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-311 - State trust company principal office.

§ 53-311. State trust company principal office.
(a) Each State trust company is required to maintain a principal office in this State and to register that principal office with the Commissioner by setting forth the current street address and telephone number of the principal office.
(b) Each executive officer at a principal office is an agent of the State trust company for service of process.
(c) Before changing the location of its principal office, a State trust company shall file a notice with the Commissioner setting forth the name of the State trust company, the current street address and telephone number of its principal office, the street address, and telephone number if known, of the proposed new principal office, and a copy of the resolution adopted by the board of directors or duly authorized committee of the board of directors of the State trust company authorizing the change. If the State trust company is unable to provide the Commissioner with the telephone number for the proposed new principal office at the time of the notice, it shall do so immediately after beginning to operate at the new principal office location.
(d) The change of principal office shall take effect on the thirty-first day following the date the Commissioner receives the notice described in subsection (c) of this section, unless prior to the thirty-first day following receipt of the notice, the Commissioner (i) establishes an earlier or later date, or (ii) notifies the State trust company that the notice raises issues that require additional information or additional time for analysis, or (iii) disapproves the proposed trust office or representative trust office.
(e) If the Commissioner gives a notification described in subsection (d) of this section, the State trust company may change the location of its principal office only on approval by the Commissioner. The Commissioner may disapprove the change of location if the Commissioner finds that the change will adversely affect the safe and sound operation of the State trust company. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-312 - Trust offices; representative trust offices.

§ 53-312. Trust offices; representative trust offices.
(a) Before establishing or acquiring and maintaining a trust office or representative trust office in this State, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, setting forth the name of the State trust company, the location of the proposed trust office or representative trust office, and whether the office will be a trust office or a representative trust office. The State trust company also shall furnish a copy of the resolution adopted by the board of directors or duly authorized committee of the board of directors of the State trust company authorizing the trust office or representative trust office and shall pay the filing fee, if any, set by rule.
(b) The State trust company may commence business at the trust office or representative trust office on the thirty-first day after the date the Commissioner receives the notice, unless the Commissioner (i) establishes an earlier or later date; (ii) notifies the State trust company that the notice raises issues that require additional information or additional time for analysis; or (iii) disapproves the proposed trust office or representative trust office.
(c) If the Commissioner gives a notification described in subsection (b) of this section, the State trust company may establish the trust office or representative trust office only on approval by the Commissioner. The Commissioner may disapprove the proposed trust office or representative trust office if the Commissioner finds that the State trust company lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-313 - Out-of-state trust offices and representative trust offices.

§ 53-313. Out-of-state trust offices and representative trust offices.
(a) Before establishing or acquiring and maintaining a trust office or representative trust office in a host state, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, that sets forth the name of the State trust company, the location of the proposed trust office or representative trust office, whether the office will be a trust office or a representative trust office, and whether the laws of the host state permit the trust office or representative trust office to be maintained by the State trust company. The State trust company also shall furnish a copy of the resolution adopted by the board of directors or duly authorized committee of the board of directors of the State trust company authorizing the out-of-state trust office or representative trust office and shall pay the filing fee, if any, set by rule.
(b) The State trust company may commence business at the trust office or representative trust office on the thirty-first day following the date the Commissioner receives the notice, unless the Commissioner (i) establishes an earlier or later date; (ii) notifies the State trust company that the notice raises issues that require additional information or additional time for analysis; or (iii) disapproves the proposed trust office or representative trust office.
(c) If the Commissioner gives a notification described in subsection (b) of this section, the State trust company may establish the trust office or representative trust office only on approval by the Commissioner. The Commissioner may disapprove the proposed trust office or representative trust office if the Commissioner finds that the State trust company lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-314 - Trust business through a branch or trust office.

§ 53-314. Trust business through a branch or trust office.
An out-of-state trust institution may engage in trust business in this State only if it (i) maintains a trust office in this State as permitted by this Subpart, (ii) was allowed to maintain a trust office in this State under laws, or rules or orders of the Commissioner in effect prior to the date of enactment of this Article, but only to the extent allowed and subject to all limitations and conditions imposed under those laws, rules, or orders, or (iii) is a depository institution that maintains a branch in this State. (2001-263, s. 1; 2005-269, s. 7.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-315 - Establishing an interstate trust office.

§ 53-315. Establishing an interstate trust office.
An out-of-state trust institution that obtains approval from the Commissioner in accordance with the provisions of this Subpart may establish and maintain a trust office in this State; provided that the Commissioner shall not grant that approval unless the home state of the out-of-state trust institution permits a State trust institution to establish and maintain a trust office in that home state under restrictions not materially greater than those imposed by this Article. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-316 - Acquiring an interstate trust office.

§ 53-316. Acquiring an interstate trust office.
An out-of-state trust institution that obtains approval from the Commissioner in accordance with the provisions of this Subpart may acquire and maintain a trust office in this State; provided that the Commissioner shall not grant that approval unless the home state of the out-of-state trust institution permits a State trust institution to acquire and maintain a trust office in that home state under restrictions not materially greater than those imposed by this Article. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-317 - Requirement of notice.

§ 53-317. Requirement of notice.
Before establishing or acquiring and maintaining a trust office in this State, an out-of-state trust institution shall provide, or cause its home state regulator to provide, notice to the Commissioner, in the form required by the Commissioner, along with copies of any applications, notices, or similar filings made with the home state regulator regarding the trust office. The notice shall be preceded or accompanied by:
(1) Evidence satisfactory to the Commissioner of compliance by the out-of-state trust institution with all applicable requirements of Article 15 of Chapter 55 of the General Statutes;
(2) Evidence satisfactory to the Commissioner of compliance by the out-of-state trust institution with any applicable requirements of its home state regulator for maintenance of capital, for expansion within the borders of the home state, and for acquiring or establishing and maintaining each trust office in this State;
(3) Evidence satisfactory to the Commissioner that the out-of-state trust institution is not in a hazardous condition;
(4) Unless waived by the Commissioner, a copy of the resolution adopted by the board of directors of the out-of-state trust institution (or similar governing body or a duly-authorized committee thereof) authorizing the trust office; and
(5) Payment of any fee set by rule. (2001-263, s. 1; 2005-269, s. 8.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-318 - Action on notice.

§ 53-318. Action on notice.
(a) The out-of-state trust institution may commence business in this State through the trust office on the sixty-first day following the date the Commissioner receives the notice described in G.S. 53-317 unless the Commissioner, within 60 days of receiving the notice:
(1) Specifies an earlier or later date for commencing business,
(2) Extends the period of review on a determination that the notice raises issues that require additional information or additional time for analysis; or
(3) Disapproves the proposed trust office.
(b) If the Commissioner gives a notification described in subdivision (2) of subsection (a) of this section, the out-of-state trust institution may establish the trust office only on approval by the Commissioner. The Commissioner may disapprove the proposed trust office if the Commissioner finds that the out-of-state trust institution lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the requirements of G.S. 53-315 or G.S. 53-316 have not been satisfied. (2001-263, s. 1; 2005-269, s. 9.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-321 - Enforcement.

§ 53-321. Enforcement.
(a) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine:
(1) That activities of a trust office maintained by an out-of-state trust institution in this State are being conducted in violation of the laws of this State or any rule, order, or declaratory ruling issued by the Commissioner, or in an unsafe and unsound manner, or that the out-of-state trust institution does not meet or no longer meets the requirements of this Subpart for maintaining a trust office in this State; or
(2) That an out-of-state trust institution is engaged in unauthorized trust activity.
In either event, the Commissioner may take any enforcement actions the Commissioner would be authorized to take if the trust office or the out-of-state trust institution were a State trust company and may issue an order temporarily or permanently prohibiting the out-of-state trust institution from engaging in trust business in this State.
(b) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine by order that an out-of-state trust institution maintaining a representative trust office in this State does not meet or no longer meets the requirements of this Subpart for maintaining a representative trust office in this State. The order shall be effective on the date of issuance or any other date the Commissioner determines.
(c) In cases involving extraordinary circumstances requiring immediate action, the Commissioner may take any action permitted by subsection (a) or (b) of this section without notice or opportunity for hearing but shall promptly afford a subsequent hearing upon an application to rescind the action taken.
(d) The Commissioner shall promptly give notice to the home state regulator and any other bank supervisory agency supervising the out-of-state trust institution of each enforcement action taken against an out-of-state trust institution and may consult and cooperate with other bank supervisory agencies in pursuing and resolving the enforcement action. (2001-263, s. 1; 2005-269, s. 12.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-322 - Notice of transactions that cause a change in control.

§ 53-322. Notice of transactions that cause a change in control.
Each out-of-state trust institution that maintains a trust office or representative trust office in this State, or the home state regulator of the trust institution, shall give at least 30 days' notice or, in the case of an emergency transaction or the cessation of trust activity in this State by an out-of-state trust institution or foreign trust institution whose only office in this State is a registered office, as much notice as practicable, to the Commissioner of:
(1) Any merger, consolidation, share exchange, or other transaction that would cause a change in control of an out-of-state trust institution (i) that would be subject to Subpart D of Part 3 of this Article if the out-of-state trust institution were a State trust company or (ii) is required to be filed with any bank supervisory agency;
(2) Any transfer of all or substantially all of the accounts or account assets of the out-of-state trust institution to another person; or
(3) The closing, transfer, or discontinuance of any trust office or representative trust office in this State. (2001-263, s. 1; 2005-269, s. 13.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-323 - Foreign trust institution application for trust office or representative trust office.

§ 53-323. Foreign trust institution application for trust office or representative trust office.
Before establishing or acquiring and maintaining a trust office in this State, a foreign trust institution shall make application to the Commissioner for permission to do so in the English language and in the form required by the Commissioner. The application shall be preceded or accompanied by:
(1) Evidence satisfactory to the Commissioner of compliance with all applicable requirements of Article 15 of Chapter 55 of the General Statutes;
(2) Evidence satisfactory to the Commissioner of compliance by the foreign trust institution with any applicable requirements of its home country regulator for maintenance of capital, for expansion within the borders of its home country or within a political subdivision of its home country, and for acquiring or establishing and maintaining the trust office in this State;
(3) Evidence satisfactory to the Commissioner that the foreign trust institution is not in a hazardous condition;
(4) Unless waived by the Commissioner, a copy of the resolution adopted by the board of directors of the foreign trust institution, or similar governing body or a duly-authorized committee thereof, authorizing the trust office; and
(5) Payment of any fee set by rule.
The Commissioner may require any materials not written in the English language to be translated, and the translation certified in a manner satisfactory to the Commissioner, at the expense of the foreign trust institution. (2001-263, s. 1; 2005-269, s. 14.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-324 - Conditions for approval.

§ 53-324. Conditions for approval.
(a) A foreign trust institution may engage in trust business in this State only on approval by the Commissioner of an application described in G.S. 53-323, which may be given upon conditions required by the Commissioner for prudential reasons consistent with any applicable international agreements to which the United States is a party.
(b) The Commissioner may deny approval of the application if the Commissioner finds that the foreign trust institution lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the management, integrity, or reputation of the foreign trust institution does not justify approval. The Commissioner also may deny approval if the Commissioner is unable to determine from the application materials whether the foreign trust institution possesses sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness or whether the management, integrity, or reputation of the foreign trust institution justifies approval. (2001-263, s. 1; 2005-269, s. 15.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-325 - Additional trust offices and representative trust offices.

§ 53-325. Additional trust offices and representative trust offices.
A foreign trust institution that maintains a trust office in this State under the provisions of this Subpart may establish or acquire and maintain additional trust offices or representative trust offices in this State in the manner provided by G.S. 53-319 for out-of-state trust institutions, except that the Commissioner may require any additional information and impose any additional conditions as the Commissioner deems necessary for prudential reasons consistent with any applicable international agreements to which the United States is a party. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-327 - Enforcement.

§ 53-327. Enforcement.
(a) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine:
(1) That activities of a trust office or representative trust office maintained by a foreign trust institution in this State are being conducted in violation of the laws of this State or any rule, order, or declaratory ruling issued by the Commissioner, or in an unsafe and unsound manner, or that the foreign trust institution does not meet or no longer meets the requirements of this Subpart for maintaining a trust office or representative trust office in this State; or
(2) That a foreign trust institution is engaged in unauthorized trust activity.
In either event, the Commissioner may take any enforcement actions the Commissioner would be authorized to take if the foreign trust institution were a State trust company and may issue an order temporarily or permanently prohibiting the foreign trust institution from engaging in trust business or trust marketing in this State.
(b) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine by order that a foreign trust institution maintaining a representative trust office in this State does not meet or no longer meets the requirements of this Subpart for maintaining a representative trust office in this State. The order shall be effective on the date of issuance or any other date the Commissioner determines.
(c) In cases involving extraordinary circumstances requiring immediate action, the Commissioner may take any action permitted by subsection (a) or (b) of this section without notice or opportunity for hearing but shall promptly afford a subsequent hearing upon request to rescind the action taken.
(d) The Commissioner shall promptly give notice to the home country regulator and any other bank supervisory agency supervising the foreign trust institution of each enforcement action taken against a foreign trust institution and may consult and cooperate with bank supervisory agencies in pursuing and resolving the enforcement action. (2001-263, s. 1; 2005-269, s. 17.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-328 - Notice of transactions that cause a change in control.

§ 53-328. Notice of transactions that cause a change in control.
Each foreign trust institution that maintains a trust office or representative trust office in this State, or the home country regulator of the foreign trust institution, shall give at least 30 days' notice (or, in the case of an emergency transaction or the cessation of trust activity in this State by an out-of-state trust institution or foreign trust institution whose only office in this State is a registered office, as much notice as practicable) to the Commissioner, in the form required by the Commissioner, of:
(1) Any merger, consolidation, share exchange, or other transaction that would cause a change of control of a foreign trust institution:
a. That would be subject to Subpart D of Part 3 of this Article if the foreign trust institution were a State trust company; or
b. Is required to be filed with any bank supervisory agency;
(2) Any transfer of all or substantially all of the accounts or account assets of the foreign trust institution to another person; or
(3) The closing, transfer, or discontinuance of any trust office or representative trust office in this State. (2001-263, s. 1; 2005-269, s. 18.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-329 - International agreements.

§ 53-329. International agreements.
If any provision of this Article concerning foreign trust institutions, or the application of that provision, is found by any competent adjudicatory body to violate any international agreement to which the United States is a party, the provision shall be deemed modified only to the extent and only in the particular circumstances necessary to make the provision as modified comply with the international agreement, and the remaining provisions of this Article shall not be affected and shall continue to apply to foreign trust institutions. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-330 - Title and purposes.

§ 53-330. Title and purposes.
(a) This Part may be cited as the State Trust Company Charter Act.
(b) It is the express intent of this Part to provide for the chartering of trust companies apart from the provisions of Article 2 of this Chapter and to permit trust companies to engage in trust business subject to the provisions of this Article. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-331 - Organization and powers of State trust company.

§ 53-331. Organization and powers of State trust company.
(a) Subject to the other provisions of this Part, one or more persons may organize and charter a State trust company, which may be established in the manner described in this Part and in no other way.
(b) Subject to G.S. 53-313 and G.S. 53-336(b) and other applicable provisions of State and federal law, a State trust company may:
(1) Act as a fiduciary within or outside this State;
(2) Act within or outside this State as agent, advisory agent, assignee, assignee for the benefit of creditors, attorney-in-fact, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, curator, custodian, escrow agent, exchange agent, fiscal or paying agent, financial adviser, investment adviser, investment manager, managing agent, purchase agent, receiver, registrar, safekeeping agent, subscription agent, transfer agent, warrant agent, or in similar capacities generally performed by corporate trustees, and in so acting to possess, purchase, sell, invest, reinvest, safekeep, or otherwise manage or administer real or personal property of other persons;
(3) Engage in trust marketing within this State; and
(4) Exercise the powers of a business corporation organized under North Carolina law and any incidental powers that are reasonably necessary to enable it to fully exercise, in accordance with commonly accepted fiduciary customs and usages, a power conferred in this Article. (2001-263, s. 1; 2011-339, s. 9.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-332 - Articles of incorporation of State trust company.

§ 53-332. Articles of incorporation of State trust company.
(a) The articles of incorporation of a State trust company shall be signed and acknowledged by or on behalf of each organizer and shall contain:
(1) The information required to be set forth in G.S. 55-2-02(a) and, except for telephone information, G.S. 53-311(c); and
(2) Any provision consistent with G.S. 55-2-02(b) and other applicable law that the organizers elect to set forth in the articles of incorporation for the regulation of the internal affairs of the State trust company.
(b) The Commissioner may allow a State trust company to be organized as a company other than a corporation, and, in such case, references in this Article to provisions of Chapter 55 of the General Statutes shall refer to analogous provisions of law governing the formation and operation of that State trust company. (2001-263, s. 1; 2011-339, s. 10.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-333 - Application for State trust company charter and permission to incorporate State trust company.

§ 53-333. Application for State trust company charter and permission to incorporate State trust company.
(a) An application for a State trust company charter and permission to incorporate the State trust company shall be made to the Commissioner in the form required by the Commissioner and shall be supported by information, data, and records that the Commissioner requires. The application shall be accompanied by the fee set by the Commissioner by rule.
(b) Upon receipt of the application, the Commissioner shall at once conduct an examination of all relevant facts connected with the formation of the proposed State trust company. The Commissioner may consider the following factors:
(1) The proposed market or markets to be served;
(2) Whether the proposed organizational and capital structure and the amount of initial capital appear adequate in relation to the proposed business and market or markets;
(3) Whether the anticipated volume and nature of business indicate a reasonable probability of success and profitability based on the market or markets proposed to be served;
(4) Whether the proposed officers and directors, as a group, have sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed State trust company will be free from improper or unlawful influence and otherwise will operate in compliance with law, and that success of the proposed State trust company is reasonably probable; and
(5) Whether the proposed name of the proposed State trust company is likely to mislead the public as to its character or purpose or is the same as a name already adopted by an existing bank, savings association, or trust institution in this State, or so similar thereto as to be likely to mislead the public.
(c) The failure of an applicant to furnish required information, data, other material, or the required fee within 30 days after a request may be considered an abandonment of the application. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-334 - Notice and investigation of charter application.

§ 53-334. Notice and investigation of charter application.
(a) The Commissioner shall notify the organizers when the application is complete and accepted for filing and all required fees have been paid.
(b) The Commissioner shall investigate the application and inquire into the identity and character of each proposed director, officer, and principal shareholder. Notwithstanding any laws to the contrary, information in the application 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. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-335 - Decision on charter application and hearing.

§ 53-335. Decision on charter application and hearing.
(a) The Commissioner, based on the application and investigation described in this Subpart, shall enter an order approving or denying approval of the application.
(b) If the Commissioner orders that the proposed State trust company may be formed, the Commissioner shall issue a State trust company charter and a certification to the Secretary of State permitting the establishment of the State trust company. The Commissioner may make approval of any application conditional and shall include any conditions in the order granting the charter.
(c) Any order entered by the Commissioner with respect to a charter application shall be subject to review by the Commission for entry of final agency decision. (2001-263, s. 1; 2011-339, s. 11.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-336 - Issuance of charter.

§ 53-336. Issuance of charter.
(a) A proposed State trust company shall not be incorporated or engage in trust business or trust marketing until it receives a charter issued by the Commissioner. The Commissioner shall not issue the charter until the State trust company certifies that it has:
(1) Received cash or United States government securities having a market value on the date of capitalization in at least the full amount of required initial capital from subscriptions for the issuance of shares;
(2) Elected the initial officers and directors named in the application for charter or other officers and directors approved by the Commissioner; and
(3) Complied with all other requirements of this Subpart relative to the organization of a State trust company.
(b) The charter issued by the Commissioner shall set forth the trust powers of the State trust company, which may be stated as:
(1) All powers granted to a State trust company in this State; or
(2) Specific powers that the State trust company chooses and is authorized by the Commissioner to exercise.
(c) If a State trust company does not open and engage in trust business within six months after the date it receives its charter, or within such further period as may be extended by the Commissioner, the Commissioner may cancel the charter. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-337 - Required initial capital.

§ 53-337. Required initial capital.
(a) The Commissioner shall not issue a charter to a proposed State trust company having initial capital of less than two million dollars ($2,000,000), except as provided in subsection (b) of this section.
(b) The Commissioner may require additional initial capital for a proposed State trust company if the Commissioner finds the proposed scope or type of operation of a proposed State trust company requires additional initial capital for the safe and sound operation of the State trust company. The Commissioner may reduce the amount of minimum initial capital required for a proposed State trust company if the Commissioner finds the proposed scope or type of operation of a proposed State trust company may be formed with reduced initial capital consistent with the safe and sound operation of the State trust company. The safety and soundness factors to be considered by the Commissioner in the exercise of the Commissioner's discretion include:
(1) The nature and type of business proposed to be conducted;
(2) The nature and liquidity of assets proposed to be held in a corporate capacity;
(3) The amount of fiduciary assets projected to be under management;
(4) The type of fiduciary assets proposed to be held and the proposed depository of the assets;
(5) The complexity of fiduciary duties and degree of discretion proposed to be undertaken;
(6) The competence and experience of proposed management;
(7) The extent and adequacy of proposed internal controls;
(8) The proposed presence or absence of annual unqualified audits by an independent certified public accountant;
(9) The reasonableness of business plans for retaining or acquiring additional equity capital; and
(10) The existence and adequacy of insurance proposed to be obtained by the trust company for the purpose of protecting its clients, beneficiaries, and grantors. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-338 - Subordinated notes or debentures.

§ 53-338. Subordinated notes or debentures.
The amount of any outstanding notes or debentures that are subordinated to creditors or classes of creditors of the State trust company may be treated as equity capital of the State trust company for purposes of determining equity capital adequacy, hazardous condition, or insolvency, and for other purposes, as provided by rules, orders, or declaratory rulings of the Commissioner. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-339 - Application of laws relating to general business corporations.

§ 53-339. Application of laws relating to general business corporations.
Chapter 55 of the General Statutes applies to a State trust company to the extent not inconsistent with this Article. Except for the filing of annual reports and statement of change of registered agent or registered office, unless expressly authorized by this Article or a rule adopted by the Commission, a State trust company shall not take an action authorized by Chapter 55 of the General Statutes that requires a filing with the Secretary of State without first obtaining the approval of the Commissioner. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-340 - Investment in State trust company facilities.

§ 53-340. Investment in State trust company facilities.
(a) A State trust company may invest in one or more State trust company facilities consistent with the safe and sound operation of a State trust company.
(b) For the purposes of this Part, "State trust company facility" means real estate owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a State trust company for the purposes of:
(1) Providing space for State trust company employees, officers, and directors to perform their duties and space for appropriate parking;
(2) Conducting trust business, including meeting the reasonable needs and convenience of the State trust company's customers, employees, officers, and directors, and providing for necessary computer operations, data processing, maintenance, and record retention and storage;
(3) Future expansion of the State trust company's facilities; or
(4) Conducting another activity authorized by law or by rules, orders, or declaratory rulings of the Commissioner.
(c) Without the approval of the Commissioner, a State trust company shall not, within the first three years following issuance of its charter, directly or indirectly, invest an amount in excess of one-half of its initial capital in State trust company facilities, furniture, fixtures, and equipment. Except as otherwise provided by rules, orders, or declaratory rulings of the Commissioner, in computing this limitation, a State trust company shall include:
(1) Its direct investment in State trust company facilities;
(2) Any investment in a company with an interest in a State trust company facility;
(3) Any indebtedness incurred on State trust company facilities by an affiliate of the State trust company.
Except as otherwise provided by rules, orders, or declaratory rulings of the Commissioner, in computing this limitation, a State trust company may exclude an amount included under subdivisions (1) through (3) of this subsection to the extent any lease of a facility from the company holding title to the facility is capitalized by the State trust company.
(d) Real estate acquired under subdivision (3) of subsection (b) of this section ceases to be a State trust company facility if it is not used for a purpose listed in subdivision (1), (2), or (4) of subsection (b) of this section on the third anniversary of the date of its acquisition unless the Commissioner grants approval to hold the real estate for a longer period. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-341 - Other real estate.

§ 53-341. Other real estate.
(a) A State trust company shall not acquire real estate other than a State trust company facility for its own account except:
(1) Securitized interests in real estate and obligations secured by real estate;
(2) As necessary to avoid or minimize a loss on an investment previously made in good faith; or
(3) As provided by rules, orders, or declaratory rulings of the Commissioner.
(b) To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section or under G.S. 53-340, a State trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve such real estate, or acquire additional real estate.
(c) Except as provided in subsection (d) of this section, a State trust company shall dispose of any real estate acquired as permitted by subdivision (2) of subsection (a) of this section or under G.S. 53-340:
(1) In the case of real estate acquired under subdivision (2) of subsection (a) of this section, on or before the fifth anniversary of:
a. The date it was acquired; or
b. The date it ceases to be used as a State trust company facility if it began to be so used after its acquisition.
(2) In the case of real estate acquired under G.S. 53-340, on or before the third anniversary of the date it ceases to be a State trust company facility as provided by G.S. 53-340.
(d) The Commissioner may grant one or more extensions of time for disposing of real estate if the Commissioner determines that:
(1) The State trust company has made a good faith effort to dispose of the real estate and has been unable to do so on reasonably advantageous terms; or
(2) Disposal of the real estate otherwise would be detrimental to the State trust company. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-343 - Prohibited distributions, acquisitions, liens, or pledges.

§ 53-343. Prohibited distributions, acquisitions, liens, or pledges.
A State trust company shall not make any distribution to its shareholders, acquire its own shares, acquire a lien upon its own shares, or pledge its own assets while an order of the Commissioner prohibiting such distributions, acquisitions, liens, or pledges is in effect. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-344 - Subsidiaries.

§ 53-344. Subsidiaries.
(a) Before acquiring, establishing, or performing activities through a subsidiary, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, describing in detail the proposed activities of the subsidiary, the amount of the State trust company's proposed investment in the subsidiary, and the State trust company's proposed ownership interest in the subsidiary.
(b) The State trust company may acquire or establish a subsidiary or begin performing activities in an existing subsidiary 30 days following the date the Commissioner receives the notice, unless the Commissioner:
(1) Establishes an earlier or later date;
(2) Notifies the State trust company that the notice raises issues that require additional information or additional time for analysis; or
(3) Disapproves the acquisition, establishment, or performance of activities through the subsidiary.
(c) If the Commissioner gives a notification described in subdivision (2) of subsection (b) of this section, the State trust company may acquire, establish or conduct activities through the subsidiary only on approval by the Commissioner. The Commissioner may disapprove the subsidiary if the Commissioner finds that the State trust company lacks sufficient resources to undertake the proposed expansion or perform the activity without adversely affecting its safety or soundness.
(d) The Commissioner may make the establishment, acquisition, or performance of new activities through a subsidiary conditional and shall include any such conditions in an order.
(e) The provisions of this section, rather than G.S. 53-342, shall apply to the establishment of a subsidiary by a State trust company.
(f) Changes in ownership or control of a subsidiary of a State trust company shall be made only upon the approval of the Commissioner obtained in accordance with the procedures set forth in this section. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-345 - Engaging in commerce prohibited.

§ 53-345. Engaging in commerce prohibited.
Except as otherwise provided by this Part, or by rules, orders, or declaratory rulings of the Commissioner, a State trust company shall not engage in trade or commerce by buying, selling, or otherwise dealing in goods, or by conducting business other than trust business and trust marketing, except as necessary to fulfill a fiduciary obligation to a client. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-346 - Lending and lease financing; conversion to State bank.

§ 53-346. Lending and lease financing; conversion to State bank.
(a) Except as may be appropriate for extensions of credit in connection with trust or other account relationships, and as provided in and subject to the provisions of Article 5 of Chapter 36A of the General Statutes and other provisions of applicable law, a State trust company shall not engage in a loan business or in lease financing transactions as the party extending credit.
(b) Notwithstanding any other provision of this Chapter, a State trust company may, with the approval of the Commissioner, convert to a State bank by following the procedures and requirements set forth in Article 2 of this Chapter, subject to any modifications to those procedures and requirements that are necessary and appropriate for the conversion of a State trust company. The Commissioner may make modifications to procedures or requirements of Article 2 of this Chapter by rule, order or declaratory ruling. (2001-263, s. 1.)
2023 North Carolina General Statutes › Chapter 53 - Regulation of Financial Services › Article 24 - Trust Companies and Interstate Trust Business. › § 53-348 - Application regarding acquisition of control.

§ 53-348. Application regarding acquisition of control.
(a) A person seeking approval to acquire control of a State trust company shall file with the Commissioner:
(1) An application in the form required by the Commissioner;
(2) Any filing fee required by rule; and
(3) All information required by rule or that the Commissioner requires in connection with a particular application in order to make an informed decision to approve or reject the proposed acquisition of control.
(b) If any group of individuals or entities acting in concert seek approval to acquire control, the information the Commissioner may require under the provisions of this Subpart may be required of each member of the group.
(c) Notwithstanding any laws to the contrary, information bearing on the character or information about the personal finances of an existing or proposed shareholder of a State trust company or other individual is confidential and not subject to public disclosure.
(d) If a person seeking approval to acquire control is not a North Carolina resident, a North Carolina corporation, or an out-of-state corporation qualified to do business in this State, the Commissioner may require the person to appoint a resident agent for service of process. (2001-263, s. 1.)