\nThe Commissioner may take possession of the business and property of any State trust company whenever it appears that the trust company:\n(1) Is in a hazardous condition;\n(2) Has become insolvent or is in substantial danger of becoming insolvent;\n(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;\n(4) Has dissolved or liquidated or attempted to dissolve or liquidate without meeting the requirements of this Article; or\n(5) Has suspended operations. (2001-263, s. 1.)
North Carolina Legal Code