North Carolina General Statutes 53-303. Companies authorized to engage in trust business
(a) No company shall engage in trust business in this State except:
(1) A State trust company;
Terms Used In North Carolina General Statutes 53-303
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) A State bank;
(3) A State savings association;
(4) A national bank having its principal office in this State;
(5) A federally chartered savings association having its principal office in this State;
(6) An out-of-state trust institution in accordance with and subject to the provisions of Subpart D of this Part;
(7) A foreign trust institution in accordance with and subject to the provisions of Subpart E of this Part; or
(8) A company otherwise authorized to engage in trust business or to act in a particular capacity described in N.C. Gen. Stat. § 53-331(b)(2) under the laws of this State or of the United States.
(b) No company shall engage in unauthorized trust activity, and all companies shall engage in trust business in accordance with and subject to all applicable laws of this State. (2001-263, s. 1.)