§ 53-413 – Civil enforcement.
53-413. Civil enforcement. The Commissioner may bring any appropriate civil action against any person the Commissioner believes has committed or is about to commit a violation of this Article or a rule, order, or declaratory ruling of the Commissioner pertaining to this Article. (2001-263, s. 1.)
§ 53-414 – Cancellation of charter.
53-414. Cancellation of charter. Whenever a merger, share exchange, sale of assets, liquidation, or other transaction occurs by which a State trust company ceases to exist or ceases to be eligible for a charter, the Commissioner shall cancel the State trust company’s charter, revoke its license, and provide notice of the revocation in the manner […]
§ 53-415 – Severability.
53-415. Severability. If any provision of this Article, or its application, is found by any court of competent jurisdiction in the United States to be invalid as to any trust institution or other person or circumstance, or to be superseded by federal law, the provision shall be deemed modified only to the extent and only […]
§ 53-420 – Affiliate transfers authorized; procedure.
53-420. Affiliate transfers authorized; procedure. (a) A trust institution may make an affiliate transfer of one or more accounts subject to the provisions of this Part unless the provisions governing the account explicitly provide that an affiliate transfer shall not be made. (b) The affiliate transfer shall be made pursuant to a written agreement between […]
§ 53-421 – Objection to affiliate transfer.
53-421. Objection to affiliate transfer. If a client, or a person acting on behalf of the client, delivers a written objection to the affiliate transfer to the transferring trust institution at anytime prior to the date of the affiliate transfer, the transferring trust institution shall exclude that account from the affiliate transfer unless the objection […]
§ 53-422 – Effect of affiliate transfer.
53-422. Effect of affiliate transfer. (a) Following an affiliate transfer, the transferee trust institution shall have all of the rights, powers, privileges, appointments, accounts, and designations of the transferring trust institution and shall be deemed successor to the transferring trust institution in any deed, trust, agreement, filing, instrument, notice, certificate, pleading, or other document related […]
§ 53-423 – Trust institution as agent.
53-423. Trust institution as agent. A trust institution may appoint another trust institution that is its affiliate as its agent for the performance of acts, obligations, and responsibilities with respect to any account. In that event, the trust institution shall remain fully responsible and liable with respect to all actions of the affiliated trust institution […]
§ 53-424 – Construction.
53-424. Construction. (a) Except as expressly provided in this Part, nothing in this Part shall be construed to amend or modify the laws of this State governing the establishment or administration of accounts or the actions of trust institutions. (b) An affiliate transfer is not, in itself, a transfer of substantially all of the transferring […]
§ 53-409 – Issuance of preferred shares by jeopardized trust company.
53-409. Issuance of preferred shares by jeopardized trust company. Notwithstanding any other provisions of this Article or any other laws, and notwithstanding any of the provisions of its articles of incorporation or bylaws, any jeopardized State trust company may, with the approval of the Commissioner, and by vote of shareholders owning a majority of the […]
§ 53-410 – Commissioner to act under authority of the Commission.
53-410. Commissioner to act under authority of the Commission. All the powers, duties, and functions granted to or imposed upon the Commissioner by law shall be exercised under the direction and supervision of the Commission. Wherever provision is made in this Article authorizing and permitting the Commissioner to make rules, the words "the Commissioner" shall […]