GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1991
CHAPTER 783
AN ACT TO PERMIT A TRUST COMPANY TO BE ACQUIRED BY A BANK HOLDING COMPANY.
The General Assembly of North Carolina enacts:
Section 1. G.S. 53-229 reads as rewritten:
"§ 53-229. Acquisition and control of certain nonbank banking institutions.
(a)
Notwithstanding any other provision of this Article or any other provision
of the General Statutes law of this State, no bank holding company
or any other company may acquire or control any banking institution that:
(1) Has offices located in this State; and
(2) Is not a bank as defined in G.S. 53-226(1) of this Article.
For purposes of this section, 'company' means any corporation,
partnership, business trust, association, or similar organization, or any other
trust unless by its terms it must terminate within 25 years or not later than
21 years and 10 months after the death of individuals living on the effective
date of the trust, and 'banking institution' means any institution organized
under Article 2 of Chapter 53 (G.S. 53-2, et seq.)
or Article 11 of Chapter 53 (G.S. 53-136, et seq.) of the General
Statutes of this State this Chapter or under Chapter 2 of Title 12
of the United States Code (12 U.S.C. § 21, et seq.). Provided, the
provisions of G.S. 53-229 (12 U.S.C. § 21, et seq.).
(b) This
section shall not apply to to: (1) applications by any
company which is chartered by the Congress of the United States and which
application is pending before the Commissioner on July 7, 1984; and provided
further the provisions of G.S. 53-229 shall not apply to the 1984; and
(2) acquisition or control by a bank holding company or any other company
of a banking institution that is engaged in doing a trust and fiduciary
business that does not receive, solicit, or accept money or its equivalent
on deposit as a business if such acquisition or control occurs prior to
November 1, 1987. and that does not accept demand deposits as a
business."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 29th day of June, 1992.
James C. Gardner
President of the Senate
Daniel Blue, Jr.
Speaker of the House of Representatives