§ 54-159. Procedure for merger. - North Carolina Statutes

Article22.

Merger, Consolidation andOther Fundamental Changes.

§ 54‑159.  Procedure formerger.

(a)        Any two or moredomestic associations organized under this Subchapter, either with or withoutcapital stock, may merge into any one of such associations pursuant to a planof merger approved in the manner provided in this Article.

(b)        The board ofdirectors of each association shall, by resolution adopted by each such board,approve a plan of merger setting forth:

(1)        The names of theassociation proposing to merge, and the name of the association into which theypropose to merge, which is hereinafter designated as the surviving association.

(2)        The name which thesurviving association is to have, which name may be that of any of theassociations involved in the merger or any other available name, subject,however, to the limitations of G.S. 54‑139 and 55A‑10.

(3)        The terms andconditions of the proposed merger.

(4)        A statement of anychanges in the charter of the surviving association to be effected by suchmerger.

(5)        Such otherprovisions not inconsistent with law as are deemed necessary or desirable. (1963,c. 1168, s. 13.)