53-163.2. Investments in securities by trust institutions.
Unless the governing instrument, court order, or a statute specifically directs otherwise, a trust institution serving as trustee, guardian, agent, or in any other fiduciary capacity may invest in any security authorized by this Chapter even if such fiduciary or an affiliate thereof participates or has participated as a member of a syndicate underwriting such security, if:
(1) The fiduciary does not purchase the security from itself or its affiliate; and
(2) The fiduciary does not purchase the security from another syndicate member or an affiliate, pursuant to an implied or express agreement between the fiduciary or its affiliate and a selling member or its affiliate, to purchase all or part of each other's underwriting commitments. (1985, c. 549, s.1; 2005-192, s. 1; 2007-106, s. 51; 2011-339, s. 7.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53 - Regulation of Financial Services
Article 14 - Trust Institutions Acting in a Fiduciary Capacity.
§ 53-159 - Trust institution may act as fiduciary.
§ 53-159.1 - Power of fiduciary or custodian to deposit securities in a clearing corporation.
§ 53-160 - License to do business.
§ 53-161 - Examination in connection with license as to solvency.
§ 53-163 - Clerk of superior court notified of license and revocation.
§ 53-163.1 - Funds held by a trust institution awaiting investment or distribution.
§ 53-163.2 - Investments in securities by trust institutions.
§ 53-163.3 - Fiduciary funds awaiting investment.
§ 53-163.5 - Establishment of common trust funds.
§ 53-163.6 - Court accountings.
§ 53-163.7 - Supervision by State Banking Commission.