N.C. Gen. Stat. § 53-163
Clerk of superior court notified of license and revocation
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
The Commissioner of Banks, upon granting license to any trust institution, shall immediately notify the clerk of the superior court of each county in the State that the trust institution has been licensed under this Article, and, whenever the Commissioner of Banks is satisfied that any trust institution licensed by the Commissioner is in a hazardous condition, the Commissioner shall revoke the license granted to that trust institution and notify the clerk of the superior court of each county in the State of the revocation.
The Commissioner of Banks, upon granting license to any trust institution, shall immediately notify the clerk of the superior court of each county in the State that the trust institution has been licensed under this Article, and, whenever the Commissioner of Banks is satisfied that any trust institution licensed by the Commissioner is in a hazardous condition, the Commissioner shall revoke the license granted to that trust institution and notify the clerk of the superior court of each county in the State of the revocation.
History
(1945, c. 743, s. 1; 2001-263, s. 3; 2011-339, s. 7.)
Effect of Amendments. - Session Laws 2011-339, s. 7, effective October 1, 2011, and applicable to all trusts created before, on, or after that date, substituted "trust institution" for "bank or trust company" throughout the section, substituted "licensed by the Commissioner is in a hazardous condition" for "licensed by the Commissioner has become insolvent, or is in imminent danger of insolvency," and deleted the last sentence, which read: "After such notification, the right of any such bank or trust company to act in a fiduciary capacity shall cease."
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.