N.C. Gen. Stat. § 54B-36
Merger of associations where ownership is converted
Redline — June 1, 2021 → current.View current text →
Current — June 1, 2022
As of June 1, 2021
(1) Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows: The merging associations shall merge (to form a mutual association), as provided under G.S. 54B-35.
(1) Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows: The merging associations shall merge (to form a mutual association), as provided under G.S. 54B-35.
(2) The surviving association shall then convert to a stock association, as provided under G.S. 54B-33.
(2) The surviving association shall then convert to a stock association, as provided under G.S. 54B-33.
(3) Any two or more State stock associations organized or operating may merge to form a single mutual association. The procedure to effect such a merger and conversion of ownership shall be as follows: The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35.
(3) Any two or more State stock associations organized or operating may merge to form a single mutual association. The procedure to effect such a merger and conversion of ownership shall be as follows: The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35.
(4) The surviving association shall then convert to a mutual association, as provided under G.S. 54B-34.
(4) The surviving association shall then convert to a mutual association, as provided under G.S. 54B-34. (b1) Nothing in this section shall be construed to prevent a simultaneous merger-conversion in subsections (a) and (b) of this section.
(5) Nothing in this section shall be construed to prevent a simultaneous merger-conversion in subsections (a) and (b) of this section.
(5) The Commissioner of Banks may promulgate rules and regulations to facilitate the transition from two or more associations to a single association under a new form of ownership.
History
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.