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Form a Business

When Commissioner may take charge.

G.S. 53-377
in effect
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§ 53-377.  When Commissioner may take charge. The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company: (1) Is in a hazardous condition; (2) Has become insolvent or is in substantial danger of becoming insolvent; (3) Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article; (4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or (5) Has suspended operations. (2001-263, s. 1.)
Source: North Carolina General Assembly (ncleg.gov)URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-377.htmlFetched: 10/19/2026

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