Subpart B. Seizure by Commissioner; Involuntary Dissolution and Liquidation.

53-377.  When Commissioner may take charge.

The Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:

(1)        Is in a hazardous condition;

(2)        Has become insolvent or is in substantial danger of becoming insolvent;

(3)        Has sold or attempted to sell substantially all of its assets or has merged or attempted to merge its business with another entity without meeting the requirements of this Article;

(4)        Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or

(5)        Has suspended operations. (2001-263, s. 1.)