53-372. Required vote of shareholders.
With the approval of the Commissioner, a State trust company may go into voluntary liquidation, be closed, and surrender its charter and franchise as a corporation of this State by the affirmative vote of its shareholders owning two-thirds of its stock. (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.