(a) The Bank Commissioner may take possession of the business and property of a state trust company to which this chapter is applicable whenever it appears that the state trust company:(1) Has violated its charter or any laws applicable to the charter of a state trust company;(2) Is conducting its business in an unauthorized or unsafe manner;(3) Is in an unsafe or unsound condition to transact its business;(4) Has an impairment of its capital;(5) Is in a hazardous condition;(6) Has become otherwise insolvent;(7) Has neglected or refused to comply with the terms of an order issued by the commissioner;(8) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of an appointed or authorized examiner of the commissioner;(9) Is employing officers who have refused to be examined upon oath regarding its affairs; or(10) Has made a voluntary assignment of its assets to trustees.
(1) Has violated its charter or any laws applicable to the charter of a state trust company;
(2) Is conducting its business in an unauthorized or unsafe manner;
(3) Is in an unsafe or unsound condition to transact its business;
(4) Has an impairment of its capital;
(5) Is in a hazardous condition;
(6) Has become otherwise insolvent;
(7) Has neglected or refused to comply with the terms of an order issued by the commissioner;
(8) Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of an appointed or authorized examiner of the commissioner;
(9) Is employing officers who have refused to be examined upon oath regarding its affairs; or
(10) Has made a voluntary assignment of its assets to trustees.
(b) A state trust company that the commissioner takes possession of under this subchapter shall remain in the commissioner's possession until the state trust company is authorized by the commissioner to resume business or until the state trust company is fully liquidated under § 23-51-1001 et seq.