Statutes, codes, and regulations
General Statutes of North Carolina
Chapter 53 - REGULATION OF FINANCIAL SERVICESArticle 24 - TRUST COMPANIES AND INTERSTATE TRUST BUSINESSPart 5 - DISSOLUTION AND RECEIVERSHIP; CONSERVATORSHIP; JEOPARDIZED STATE TRUST COMPANIES
Subpart C - CONSERVATORSHIP
Section 53-405 - Naming of conservator not liquidation

N.C. Gen. Stat. § 53-405

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Current through Session Law 2024-56
Section 53-405 - Naming of conservator not liquidation

No power conferred in this Subpart upon the Commissioner, when exercised, shall be deemed as an act of possession for the purposes of liquidation; and whenever the Commissioner shall, with reference to any State trust company for which a conservator is appointed, deem that liquidation is necessary, the Commissioner shall exercise the powers for the purposes of liquidation as provided in Subpart B of Part 5 of this Article.

N.C. Gen. Stat. § 53-405

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