N.C. Gen. Stat. § 53-377

Current through Session Law 2024-56

Section 53-377 - When Commissioner may take charge

The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:

(1) Is in a hazardous condition;

(2) Has become insolvent or is in substantial danger of becoming insolvent;

(3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;

(4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or

(5) Has suspended operations.

N.C. Gen. Stat. § 53-377

Added by 2001-263, s. 1, eff. 7/1/2001.