53-321. Enforcement.
(a) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine:
(1) That activities of a trust office maintained by an out-of-state trust institution in this State are being conducted in violation of the laws of this State or any rule, order, or declaratory ruling issued by the Commissioner, or in an unsafe and unsound manner, or that the out-of-state trust institution does not meet or no longer meets the requirements of this Subpart for maintaining a trust office in this State; or
(2) That an out-of-state trust institution is engaged in unauthorized trust activity.
In either event, the Commissioner may take any enforcement actions the Commissioner would be authorized to take if the trust office or the out-of-state trust institution were a State trust company and may issue an order temporarily or permanently prohibiting the out-of-state trust institution from engaging in trust business in this State.
(b) Consistent with Article 3A of Chapter 150B of the General Statutes, after notice and opportunity for hearing, the Commissioner may determine by order that an out-of-state trust institution maintaining a representative trust office in this State does not meet or no longer meets the requirements of this Subpart for maintaining a representative trust office in this State. The order shall be effective on the date of issuance or any other date the Commissioner determines.
(c) In cases involving extraordinary circumstances requiring immediate action, the Commissioner may take any action permitted by subsection (a) or (b) of this section without notice or opportunity for hearing but shall promptly afford a subsequent hearing upon an application to rescind the action taken.
(d) The Commissioner shall promptly give notice to the home state regulator and any other bank supervisory agency supervising the out-of-state trust institution of each enforcement action taken against an out-of-state trust institution and may consult and cooperate with other bank supervisory agencies in pursuing and resolving the enforcement action. (2001-263, s. 1; 2005-269, s. 12.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 53 - Regulation of Financial Services
Article 24 - Trust Companies and Interstate Trust Business.
§ 53-302 - Title and purposes.
§ 53-303 - Companies authorized to engage in trust business.
§ 53-304 - Activities not requiring a charter, license, or approval.
§ 53-305 - Trust business of State trust institution.
§ 53-306 - Trust business of out-of-state trust institution.
§ 53-307 - Trust business of foreign trust institution.
§ 53-308 - Name of trust institution.
§ 53-309 - Trust deposits of authorized trust institutions.
§ 53-310 - Offices of State trust companies.
§ 53-311 - State trust company principal office.
§ 53-312 - Trust offices; representative trust offices.
§ 53-313 - Out-of-state trust offices and representative trust offices.
§ 53-314 - Trust business through a branch or trust office.
§ 53-315 - Establishing an interstate trust office.
§ 53-316 - Acquiring an interstate trust office.
§ 53-317 - Requirement of notice.
§ 53-319 - Additional trust offices; representative trust offices.
§ 53-320 - Examinations; periodic reports; cooperative agreements; assessment of fees.
§ 53-322 - Notice of transactions that cause a change in control.
§ 53-323 - Foreign trust institution application for trust office or representative trust office.
§ 53-324 - Conditions for approval.
§ 53-325 - Additional trust offices and representative trust offices.
§ 53-326 - Examinations; periodic reports; cooperative agreements; assessment of fees.
§ 53-328 - Notice of transactions that cause a change in control.
§ 53-329 - International agreements.
§ 53-330 - Title and purposes.
§ 53-331 - Organization and powers of State trust company.
§ 53-332 - Articles of incorporation of State trust company.
§ 53-334 - Notice and investigation of charter application.
§ 53-335 - Decision on charter application and hearing.
§ 53-336 - Issuance of charter.
§ 53-337 - Required initial capital.
§ 53-338 - Subordinated notes or debentures.
§ 53-339 - Application of laws relating to general business corporations.
§ 53-340 - Investment in State trust company facilities.
§ 53-342 - Securities and other investments.
§ 53-343 - Prohibited distributions, acquisitions, liens, or pledges.
§ 53-345 - Engaging in commerce prohibited.
§ 53-346 - Lending and lease financing; conversion to State bank.
§ 53-347 - Acquisition of control.
§ 53-348 - Application regarding acquisition of control.
§ 53-349 - Decision on acquisition of control.
§ 53-351 - Report of changes in chief executive officer or directors.
§ 53-352 - Board of directors.
§ 53-353 - Required board meetings.
§ 53-355 - Certain criminal offenses.
§ 53-356 - Responsibility of directors.
§ 53-358 - Bonding requirements; reports of apparent crime.
§ 53-359 - Merger, share exchange, or asset transfer authority.
§ 53-360 - Merger, share exchange, or asset transfer application.
§ 53-362 - Appraisal rights of shareholders in mergers, share exchanges, or asset transfers.
§ 53-363 - Private trust companies.
§ 53-364 - Requirements to apply for and maintain status as a private trust company.
§ 53-365 - Conversion to public trust company.
§ 53-367 - Commissioner shall have supervision over authorized trust institutions and shall examine.
§ 53-368 - Assessment of State trust companies.
§ 53-369 - Administrative orders; penalties for violation; increase of equity capital.
§ 53-370 - Notice and opportunity for hearing.
§ 53-371 - Removal of directors, officers, and employees.
§ 53-372 - Required vote of shareholders.
§ 53-373 - Corporate procedure.
§ 53-374 - Authority to liquidate; publication.
§ 53-375 - Examination and reports.
§ 53-376 - Unclaimed property.
§ 53-377 - When Commissioner may take charge.
§ 53-379 - Notice of seizure; bar to attachment of liens.
§ 53-380 - Notice to trust institutions, corporations, and others holding assets; existing liens.
§ 53-381 - Permission to resume business.
§ 53-382 - Remedy for seizure; answer to notice; injunction; appeal; and motions.
§ 53-384 - Bond of the Commissioner; surety; condition; minimum penalty.
§ 53-386 - Notice and time for filing claims.
§ 53-387 - Power to reject claims; notice; affidavit of service; action on claims.
§ 53-388 - List of claims presented, copies, and proviso.
§ 53-389 - Declaration of dividends; order of preference in distribution.
§ 53-390 - Deposit of funds collected.
§ 53-391 - Employment of counsel, accountants, and other experts; compensation.
§ 53-392 - Unclaimed dividends held in trust.
§ 53-393 - Action by the Commissioner following full settlement.
§ 53-395 - Compensation of the Commissioner's office.
§ 53-396 - Exclusive method of liquidation.
§ 53-397 - Disposition of books and records.
§ 53-398 - Destruction of books and records.
§ 53-399 - Petition for new trustee.
§ 53-400 - Report to the Secretary of State.
§ 53-401 - Provisions for conservator; duties and powers.
§ 53-403 - Termination of conservatorship.
§ 53-404 - Rights and liabilities of conservator.
§ 53-405 - Naming of conservator not liquidation.
§ 53-406 - Sale of assets by board of jeopardized State trust company.
§ 53-407 - Authority to act as disbursing agent.
§ 53-408 - Payment to creditors.
§ 53-409 - Issuance of preferred shares by jeopardized trust company.
§ 53-410 - Commissioner to act under authority of the Commission.
§ 53-412 - Commissioner hearings; appeals.
§ 53-414 - Cancellation of charter.
§ 53-420 - Affiliate transfers authorized; procedure.
§ 53-421 - Objection to affiliate transfer.
§ 53-422 - Effect of affiliate transfer.