§ 53-359. Merger, share exchange, or asset transfer authority. - North Carolina Statutes

§ 53‑359.  Merger, shareexchange, or asset transfer authority.

(a)        With the approvalof the Commissioner, a State trust company may merge or exchange its shareswith, or acquire or be acquired through a merger or share exchange with,another company, or may transfer to another company all or substantially all ofits assets and liabilities, or may acquire from another company all orsubstantially all of its assets and liabilities.

(b)        A merger or shareexchange authorized by subsection (a) of this section, shall be governed byArticle 11 of Chapter 55 of the General Statutes and G.S. 53‑17. Anacquisition or transfer of assets authorized by subsection (a) of this sectionshall be governed by Article 12 of Chapter 55 of the General Statutes and G.S.53‑17. (2001‑263,s. 1.)