§ 54B-32. Simultaneous charter and ownership conversion. - North Carolina Statutes

§54B‑32.  Simultaneous charter and ownership conversion.

(a)        In the event of aState charter to federal charter conversion, when the form of ownership willalso simultaneously be changed from stock to mutual, or from mutual to stock,the conversion shall proceed initially as if it involves only a charterconversion, under G.S. 54B‑30. After the association becomes a federalassociation, then the federal regulatory authority shall govern the continuingconversion of the form of ownership of such newly converted association.

(b)        In the event of afederal charter to State charter conversion,  when the form of ownership willalso simultaneously be changed from stock to mutual or from mutual to stock,the conversion shall proceed initially as if it involves only a charterconversion, under G.S. 54B‑31. After the association becomes a Stateassociation, the provisions of G.S. 54B‑33 or 54B‑34 shall governthe continuing conversion of the form of ownership of such newly convertedassociation.

(c)        The provisions of thissection shall not apply to any simultaneous charter and ownership conversionaccomplished in conjunction with a merger under the provisions of G.S. 54B‑39.(1981, c. 282, s. 3; 1981 (Reg. Sess., 1982), c. 1238, s. 9.)