§ 54-160. Procedure for consolidation. - North Carolina Statutes

§54‑160.  Procedure for consolidation.

(a)        Any two or moredomestic associations organized under this Subchapter, either with or withoutcapital stock, may consolidate into a new association pursuant to a plan ofconsolidation 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 consolidation setting forth:

(1)        The names of theassociations proposing to consolidate, and the name of the new association intowhich they proposed to consolidate, which is hereinafter designated as the newassociation. The name of the new association may be that of any of theassociations involved in the consolidation or any other available name,subject, however, to the limitations of G.S. 54‑139 and 55A‑10.

(2)        The terms andconditions of the proposed consolidation.

(3)        With respect to thenew association, all of the appropriate statements required to be set forth inarticles of incorporation for associations organized under this Subchapter.

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