1945_session laws_128_4
CHAPTER 127 AN ACT TO AMEND THE BANKING LAW WITH REGARD TO THE LIMITATIONS OF LOANS OF COMMERCIAL AND INDUSTRIAL BANKS, AND PROVIDING FOR THE SALE OF TRUST ASSETS FROM ONE TRUST TO AN- OTHER BY THE SAME TRUSTEE. The General Assembly of North Carolina do enact:
That Section thirty-six twenty-nine of the General Statutes of North Carolina be amended by rewriting the same so as to read as follows: Sec. 36-29. Trustee selling from one trust to another trust. No trustee shall as trustee of one trust sell property to itself as trustee of another trust: Provided, assets of trust held by any bank or trust company under the supervision of the State Banking Commission may be sold or transferred from one trust to another trust if such transfer is expressly authorized by the instrument creating the trust from which the transfer is made, or if such transfer is approved by the board of directors by unanimous vote at a regular meeting, such action being recorded in the minutes.