04 NCAC 03D .0303. BOOKS AND RECORDS; SURCHARGES

(a)  Books and Records.  Each bank engaging in trust business must keep in the trust department:

(1)           a separate and distinct set of books and records showing in proper detail all receipts and disbursements of funds, receipts, purchases and sales of assets, and other transactions engaged in, in connection with trust business; and showing at all times the ownership of all moneys, funds, investments and property held by the bank;

(2)           files containing the original instruments creating each trust or properly authenticated copies thereof;

(3)           a permanent record of minutes for each committee, showing clearly its action.  All minutes shall be signed by the chairman and the Secretary and shall be read and approved at the next meeting of the committee.

(b)  Surcharges.  Banks engaging in a trust business must also keep in the trust department a permanent record of surcharges.  Any surcharge of one thousand dollars ($1,000) or more must be expressly approved by the Trust Committee.

 

History Note:        Authority G.S. 36A‑71; 53‑92; 53‑110;

Eff. February 1, 1976;

Amended Eff. May 1, 1992; September 26, 1979.