§ 53-304. Activities not requiring a charter, license, or approval.
§ 53‑304. Activitiesnot requiring a charter, license, or approval.
Notwithstanding any otherprovision of this Article, a company does not act as a fiduciary; engage intrust business or in any other business requiring a charter, license, orapproval under the provisions of this Chapter; or engage in unauthorized trustactivity by:
(1) Acting in a mannerauthorized by law as an agent of a trust institution with respect to anyactivity that is not unauthorized trust activity;
(2) Rendering legalservices in a manner authorized by the North Carolina State Bar;
(3) Acting as trusteeunder a deed of trust delivered only as security for the payment of money orfor the performance of another act;
(4) Receiving anddistributing rents and proceeds of sales of real property in a mannerauthorized by the North Carolina Real Estate Commission;
(5) Engaging insecurities transactions or providing investment advisory services in accordancewith applicable securities laws;
(6) Engaging in theissuance, sale, or administration of an insurance or annuity product in amanner authorized by the North Carolina Department of Insurance;
(7) Engaging in thelawful sale of prepaid funeral benefits in accordance with and subject toArticle 13D of Chapter 90 of the General Statutes or engaging in the lawfulbusiness of a perpetual care cemetery corporation in accordance with andsubject to Chapter 65 of the General Statutes;
(8) Acting as trusteeunder a voting trust;
(9) Acting as fiduciaryby an organization described in paragraphs (1) through (5) of section 170(c) orsection 501(c) of the Internal Revenue Code of 1986, as amended, with respectto endowment funds or other funds owned, controlled, provided to, or otherwisemade available to the organization with respect to its exempt purposes(including, without limitation, trust funds in which the organization has abeneficial interest).
(10) Engaging in otheractivities expressly excluded from the application of this Article by rule,order, or declaratory ruling of the Commissioner;
(11) Rendering services asa certified public accountant in a manner authorized by the North CarolinaState Board of Certified Public Accountant Examiners;
(12) Provided the companyis a trust institution and is not barred by order of the Commissioner fromengaging in trust marketing in this State pursuant to G.S. 53‑321(b), (i)marketing or soliciting in this State with respect to acting as a fiduciaryoutside this State; (ii) delivering money or other intangible assets to, andreceiving money or other intangible assets for administration outside thisState from, a person in this State; or (iii) accepting an account outside thisState or otherwise engaging in trust business outside this State; or
(13) Receiving, holding,administering, or distributing real or personal property for or on behalf ofanother person solely incidental to a lawfully conducted activity ortransaction. (2001‑263,s. 1.)