NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

 

 

CHAPTER 839

SENATE BILL 466

 

 

AN ACT TO AMEND G.S. 55-132 SO AS TO PERMIT FOREIGN CORPORATIONS FROM THE STATES OF GEORGIA, SOUTH CAROLINA, TENNESSEE AND VIRGINIA TO ACT AS TESTAMENTARY TRUSTEES, ADMINISTRATORS OR EXECUTORS IN NORTH CAROLINA ON A RECIPROCAL BASIS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Paragraph (b) of G.S. 55-132 is amended by changing the period at the end of said paragraph to a comma, and adding thereto the following:

", except that a foreign corporation chartered under the banking laws of Georgia, South Carolina, Tennessee or Virginia or as a National Banking Association in any said States may act as testamentary trustee, or executor in this State if:

"(1)      It has a bona fide capital of at least two hundred and fifty thousand dollars ($250,000.00) actually paid in;

"(2)      It is authorized to act in such fiduciary capacity in the State in which it is incorporated or if such foreign corporation be a national banking association in the state in which it has its principal place of business; and

"(3)      Any bank or other corporation organized under the laws of this State or a national banking association having its principal place of business in this State is permitted by law to act in such fiduciary capacity in the State in which such foreign corporation seeking to act in this State is organized or in which it has its principal place of business if it is a national banking association without further showing or qualification other than that it is authorized to act in such fiduciary capacity in this State and upon compliance with the laws of such other state, if any, concerning service of process on nonresident fiduciaries. Unless assets of the estate are to be removed from within the State of North Carolina, such foreign corporations seeking to act as testamentary trustee, or executor in this State, upon qualifying to act in such fiduciary capacity, shall not be required by law to give bond except as required of a resident corporate fiduciary in like circumstances. No officer, employee or agent of any such foreign corporation shall be eligible or entitled to serve as testamentary trustee, or executor in this State whether such officer, employee, or agent is a resident or a nonresident of this State if such officer, employee, or agent is acting as testamentary trustee, or executor on behalf of any such foreign corporation except when such foreign corporation itself shall be eligible to so serve."

Sec. 2.  A foreign corporation qualifying as testamentary trustee or executor under the provisions of this Act shall appoint a process agent in the same manner as now provided under General Statute 28-186 in the case of nonresident executors.

Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 16th day of June, 1969.