§ 81-27-8.003. Authority to liquidate; publication
If the commissioner shall approve the liquidation, the commissioner shall issue to the state trust company under the commissioner’s seal, a permit for such purpose. No such permit shall be issued by the commissioner until the commissioner shall be satisfied that provision has been made by the state trust company to satisfy and pay off […]
§ 81-27-6.405. Authority to act as disbursing agent
The purchasing trust institution may hold the purchase price and any additional funds delivered to it by the selling institution in trust for the selling institution and may act as agent of the selling institution in disbursing those funds in trust by paying the creditors of the selling institution. If the purchasing trust institution acts […]
§ 81-27-6.406. Liquidation of selling state trust company
If the selling trust institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling institution the balance of the funds held by it in trust for the selling institution and […]
§ 81-27-6.407. Payment to creditors
Payment to a creditor of the selling institution of the amount to be paid the person under the terms of the contract of agency may be made by the purchasing trust company by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under […]
§ 81-27-6.408. Sale of assets
The board of a state trust company, with the commissioner’s approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the commissioner finds: The interests of the state trust company’s clients, depositors, […]
§ 81-27-7.001. Commissioner shall have supervision over authorized trust institutions and shall examine
For the purposes of this article, the term “authorized trust institution” means any state trust company, trust office or representative trust office. Every authorized trust institution shall be under the supervision of the commissioner. The commissioner shall execute and enforce through the department and such other agents as are now or may hereafter be created […]
§ 81-27-7.002. Fees for examination
The fees for examination of authorized trust institutions shall be assessed and collected by the commissioner.
§ 81-27-7.003. Department to act under authority of the commissioner
All the powers, duties and functions granted to or imposed upon the department under this chapter shall be exercised under the direction and supervision of the commissioner.
§ 81-27-7.101. Administrative orders; penalties for violation
In addition to any other powers conferred by this chapter, the commissioner shall have the power to: Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule or regulation issued under this chapter. Order any authorized trust […]
§ 81-27-7.102. Notice and opportunity for hearing
Notice and opportunity for a hearing shall be provided before any of the foregoing actions may be undertaken by the commissioner. However, in cases involving extraordinary circumstances requiring immediate action, the commissioner may take such action, but shall promptly afford a subsequent hearing upon application to rescind the action taken.