§ 53‑318. Action on notice.
(a) 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:
(1) Specifies an earlier or later date for commencing business,
(2) Extends the period of review on a determination that the notice raises issues that require additional information or additional time for analysis; or
(3) Disapproves the proposed trust office.
(b) 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. (2001‑263, s. 1; 2005‑269, s. 9.)