N.C. Gen. Stat. § 53-377
When Commissioner may take charge
North Carolina · North Carolina General Statutes Chapter 53 — Chapter 53. · Status: effective
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- N.C. Gen. Stat. § 53-377, When Commissioner may take charge, North Carolina, version 1 as recorded 2026-08-18, yourstate.us, https://yourstate.us/provision/1313620
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Full text
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. (2001-263, s. 1.)