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North Carolina General Statutes Chapter 54B. Savings and Loan Associations § 54B-36. Merger of associations where ownership is converted

Current as of January 01, 2023 | Updated by FindLaw Staff

(a) 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:

(1) 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.

(b) 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:

(1) The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35.

(2) 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.

(c) 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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 54B. Savings and Loan Associations § 54B-36. Merger of associations where ownership is converted - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-54b-savings-and-loan-associations/nc-gen-st-sect-54b-36/

Read this complete North Carolina General Statutes Chapter 54B. Savings and Loan Associations § 54B-36. Merger of associations where ownership is converted on Westlaw

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