North Carolina General Statutes 53-356. Responsibility of directors
Terms Used In North Carolina General Statutes 53-356
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(a) The standard of conduct for directors shall be as set forth in N.C. Gen. Stat. § 55-8-30.
(b) Any director of a State trust company who shall knowingly violate, or who shall knowingly permit to be violated by any officers, agents, or employees of such State trust company, any of the provisions of this Article shall be held personally and individually liable for all damages which the State trust company, its shareholders, or any other person has sustained in consequence of the violation. Any aggrieved shareholder of any State trust company in liquidation may prosecute an action for the enforcement of the provisions of this section. Only one such action may be brought. The procedure shall follow, as much as possible, that prescribed by Article 3 of Chapter 44A of the N.C. Gen. Stat., relative to suits on bonds of contractors with municipal corporations. (2001-263, s. 1.)