North Carolina General Statutes 53-318. Action on notice
(a) The out-of-state trust institution may commence business in this State through the trust office on the sixty-first day following the date the Commissioner receives the notice described in N.C. Gen. Stat. § 53-317 unless the Commissioner, within 60 days of receiving the notice:
(1) Specifies an earlier or later date for commencing business,
Terms Used In North Carolina General Statutes 53-318
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- 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
(2) Extends the period of review on a determination that the notice raises issues that require additional information or additional time for analysis; or
(3) Disapproves the proposed trust office.
(b) If the Commissioner gives a notification described in subdivision (2) of subsection (a) of this section, the out-of-state trust institution may establish the trust office only on approval by the Commissioner. The Commissioner may disapprove the proposed trust office if the Commissioner finds that the out-of-state trust institution lacks sufficient resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the requirements of N.C. Gen. Stat. § 53-315 or N.C. Gen. Stat. § 53-316 have not been satisfied. (2001-263, s. 1; 2005-269, s. 9.)