§ 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 […]
§ 53-411 – Rules.
53-411. Rules. The Commission may adopt rules in accordance with Chapter 150B of the General Statutes to carry out the provisions of this Article relating to authorized trust institutions and to ensure safe and conservative management of authorized trust institutions under its supervision, taking into consideration the appropriate interests of the clients, creditors, shareholders, and […]
§ 53-412 – Commissioner hearings; appeals.
53-412. Commissioner hearings; appeals. (a) This section does not grant a right to a hearing to a person that is not otherwise granted by governing law. (b) The Commissioner may convene a hearing to receive evidence and argument regarding any matter before the Commissioner for decision or review under the provisions of this Article. The […]
§ 53-403 – Termination of conservatorship.
53-403. Termination of conservatorship. If the Commissioner is satisfied that the conservatorship may be terminated with safety to the clients, creditors, and shareholders of the State trust company, and to the public, the Commissioner may terminate the conservatorship of a State trust company and permit the company to resume the transaction of its business, subject […]
§ 53-404 – Rights and liabilities of conservator.
53-404. Rights and liabilities of conservator. A conservator appointed pursuant to the provisions of this Subpart is subject to the provisions of G.S. 53-331 and to the penalties prescribed by G.S. 53-129 and G.S. 53-355. (2001-263, s. 1.)
§ 53-405 – Naming of conservator not liquidation.
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 […]
§ 53-406 – Sale of assets by board of jeopardized State trust company.
53-406. Sale of assets by board of jeopardized State trust company. (a) With the Commissioner’s approval, the board of directors of a jeopardized State trust company, acting without shareholder approval and notwithstanding any other provision of this Article or any other law, or any of the provisions of the articles of incorporation or bylaws of […]
§ 53-393 – Action by the Commissioner following full settlement.
53-393. Action by the Commissioner following full settlement. Whenever the Commissioner has paid all duly proven and allowed claims described in subdivisions (a)(1) through (a)(4) of G.S. 53-389, has made proper provision for unclaimed and unpaid and disputed claims, and has other assets of the State trust company, the Commissioner shall, unless the State trust […]
§ 53-394 – Annual report of the Commissioner; items included; reports of condition of State trust companies.
53-394. Annual report of the Commissioner; items included; reports of condition of State trust companies. (a) The Commissioner shall file, as a part of an annual report to the Governor, a list of the names of any State trust companies of which possession was taken and liquidated in the preceding year, the sum of unclaimed […]