04 NCAC 16K .0113. SURRENDER OF TRUST POWERS

(a)  Any savings institution which has been granted the right to exercise trust powers and which desires to surrender such rights shall file with the Administrator a certified copy of the resolution of its Board of Directors signifying such desire.

(b)  Upon receipt of such resolution, the Administrator shall make an investigation and if he is satisfied that the savings institution has been discharged from all fiduciary duties which it has undertaken, it shall issue a certificate to such savings institution certifying that it is no longer authorized to exercise fiduciary powers.

(c)  Upon issuance of such a certificate by the Administrator, a savings institution shall no longer be subject to the provisions of these Rules, and shall not exercise thereafter any of the powers granted by this Section without first applying for and obtaining new authorization to exercise such powers.

 

History Note:        Filed as a Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54B‑55; 54B‑77; 54C‑53; 54C‑146;

Eff. November 1, 1982;

Amended Eff. February 15, 1992.