North Carolina § 53-318 - Action on notice.

§ 53-318. Action on notice.

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 G.S. 53-317 unless the Commissioner, within 60 days of receiving the notice: Specifies an earlier or later date for commencing business, Extends the period of review on a determination that the notice raises issues that require additional information or additional time for analysis; or Disapproves the proposed trust office. 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 G.S. 53-315 or G.S. 53-316 have not been satisfied. History (2001-263, s. 1; 2005-269, s. 9.) Effect of Amendments. - Session Laws 2005-269, s. 9, effective August 12, 2005, substituted "through" for "at" in subsection (a).