North Carolina § 53-163 - 2. Investments in securities by trust institutions.

§ 53-163. 2. Investments in securities by trust institutions.

Unless the governing instrument, court order, or a statute specifically directs otherwise, a trust institution serving as trustee, guardian, agent, or in any other fiduciary capacity may invest in any security authorized by this Chapter even if such fiduciary or an affiliate thereof participates or has participated as a member of a syndicate underwriting such security, if: The fiduciary does not purchase the security from itself or its affiliate; and The fiduciary does not purchase the security from another syndicate member or an affiliate, pursuant to an implied or express agreement between the fiduciary or its affiliate and a selling member or its affiliate, to purchase all or part of each other's underwriting commitments. History (1985, c. 549, s.1; 2005-192, s. 1; 2007-106, s. 51; 2011-339, s. 7.) Editor's Note. - This section was formerly codified as G.S. 36A-66.1 . It was recodified as G.S. 53-163.2 by Session Laws 2005-192, s. 1, effective January 1, 2006. Session Laws 2007-106, s. 56, provides: "This act becomes effective October 1, 2007, and applies to (i) all trusts created, and to all conveyances, devises, beneficiary designations, or other transfers occurring before, on, or after that date; (ii) all judicial proceedings concerning trusts or transfers to or by trusts commenced on or after that date; and (iii) all judicial proceedings concerning trusts or transfers to or by trusts commenced before that date unless the court finds that application of a particular provision of this act would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the law as it existed on September 30, 2007, shall apply." Effect of Amendments. - Session Laws 2007-106, s. 51, effective October 1, 2007, deleted "as defined in G.S. 36A-60(1) ," near the end of the introductory paragraph. See Editor's note for applicability. Session Laws 2011-339, s. 7, effective October 1, 2011, and applicable to all trusts created before, on, or after that date, in the section catchline and in the introductory paragraph, substituted "trust institutions" for "banks or trust companies," or similar language.