(a) No company shall engage in trust business in this State except: (1) A State trust company; (2) A State bank; (3) A State savings association; (4) A national bank having its principal office in this State; (5) A federally chartered savings association having its principal office in this State; (6) An out-of-state trust institution in accordance with and subject to the provisions of Subpart D of this Part; (7) A foreign trust institution in accordance with and subject to the provisions of Subpart E of this Part; or (8) A company otherwise authorized to engage in trust business or to act in a particular capacity described in G.S. 53-331(b)(2) under the laws of this State or of the United States. (b) No company shall engage in unauthorized trust activity, and all companies shall engage in trust business in accordance with and subject to all applicable laws of this State.
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