§ 53-14. Reorganization. - North Carolina Statutes

§53‑14.  Reorganization.

Whenever any bank under thelaws of this State or of the United States is authorized to dissolve, and shallhave taken the necessary steps to effect dissolution, or upon a national bankmaking application to convert to a State‑chartered bank, it shall belawful for a majority of the directors of such bank, upon authority in writingof the owners of two thirds of its capital stock, with the approval of theCommissioner of Banks, to execute articles of incorporation as provided in thisChapter, which articles, in addition to the requirements of law, shall furtherset forth the authority derived from the stockholders of such national bank orState bank, and upon filing the same as hereinbefore provided for theorganization of banks, the same shall become a bank under the laws of thisState, and thereupon all assets, real and personal, of the dissolved nationalor State bank shall by operation of law be vested in and become the property ofsuch State bank, subject to all liabilities of such national or State bank notliquidated under the laws of the United States or this State before suchreorganization. (1921, c. 4, s. 14; C.S., s. 217(m); 1931, c. 243, s.5; 1979, c. 483, s. 3.)