{"data":{"id":"us-nc/n.c.-gen.-stat.-53-318","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 53-318","heading":"Action on notice.","body":"(a)\tThe 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:\n(1)\tSpecifies an earlier or later date for commencing business,\n(2)\tExtends the period of review on a determination that the notice raises issues that require additional information or additional time for analysis; or\n(3)\tDisapproves the proposed trust office.\n(b)\tIf 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. (2001-263, s. 1; 2005-269, s. 9.)","path":["Chapter 53. Regulation of Financial Services.","Article 24. Trust Companies and Interstate Trust Business.","Part 2. Multistate Trust Institutions Act."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_53/GS_53-318.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:12Z","sha256":"c9a47191bc984881513e23fa6e96bf1cccd261668503769acce53f1f79fa3c31","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-53-317","next":"us-nc/n.c.-gen.-stat.-53-319"},"notice":"GroundRules: Original legal text. Not legal advice."}