53-349. Decision on acquisition of control.
(a) Not later than the sixtieth day following receipt of the application, the Commissioner shall either approve or deny the proposed acquisition of control.
(b) The Commissioner may deny an acquisition of control if:
(1) The financial condition of the person seeking approval to acquire control, or any member of a group seeking approval to acquire control, might jeopardize the financial stability of the State trust company or the interests of its clients;
(2) Investigation of the character, competence, general fitness, experience, or integrity of the person seeking approval to acquire control, or any member of a group seeking approval to acquire control, shows that the proposed acquisition of control would not be in the best interests of the clients of the State trust company;
(3) Plans or proposals to operate, liquidate, or sell the State trust company or its assets following the acquisition of control are not in the best interests of the State trust company's clients;
(4) The State trust company would not be solvent, have adequate equity capital, or be in compliance with the laws of this State after the acquisition of control; or
(5) The person seeking approval to acquire control has failed to furnish all information required by the Commissioner.
(c) If an application filed under the provisions of this section is approved by the Commissioner, the transaction may be consummated. Any written commitment from the person seeking approval to acquire control made as a condition for approval of the application is enforceable against the State trust company and the person acquiring control. (2001-263, s. 1.)
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.