Section 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.Amended by 2005 N.C. Sess. Laws 269, s. 9, eff. 8/12/2005.Added by 2001-263, s. 1, eff. 7/1/2001.