§ 53-303. Companies authorized to engage in trust business.
Subpart B. CompaniesAuthorized to Engage in Trust Business.
§ 53‑303. Companiesauthorized to engage in trust business.
(a)Â Â Â Â Â Â Â No company shallengage in trust business in this State except:
(1)Â Â Â Â Â Â Â A State trustcompany;
(2)Â Â Â Â Â Â Â A State bank;
(3)Â Â Â Â Â Â Â A State savings association;
(4)Â Â Â Â Â Â Â A national bankhaving its principal office in this State;
(5)Â Â Â Â Â Â Â A federallychartered savings association having its principal office in this State;
(6)Â Â Â Â Â Â Â An out‑of‑statetrust institution in accordance with and subject to the provisions of Subpart Dof this Part;
(7)Â Â Â Â Â Â Â A foreign trustinstitution in accordance with and subject to the provisions of Subpart E ofthis Part; or
(8)Â Â Â Â Â Â Â A company otherwiseauthorized to engage in trust business or to act in a particular capacitydescribed in G.S. 53‑331(b)(2) under the laws of this State or of theUnited States.
(b)Â Â Â Â Â Â Â No company shallengage in unauthorized trust activity, and all companies shall engage in trustbusiness in accordance with and subject to all applicable laws of this State. (2001‑263, s. 1.)