§ 54B-37. Merger of mutual and stock associations. - North Carolina Statutes

§ 54B‑37.  Merger ofmutual and stock associations.

(a)        Any State mutualassociation and any State stock association, organized or operating, may mergeto form a single stock association. The procedure to effect such a merger shallbe as follows:

(1)        The mutualassociation involved shall convert separately to a stock association, asprovided under G.S. 54B‑33.

(2)        The two stockassociations shall then merge to form a single stock association, as providedin G.S. 54B‑35.

(b)        Any State mutualassociation, and any State stock association organized or operating may mergeto form a mutual association. The procedure to effect such merger shall be asfollows:

(1)        The stockassociation involved shall convert separately to a mutual association, asprovided under G.S. 54B‑34.

(2)        The two mutualassociations shall then merge to form a single mutual association, as providedin G.S. 54B‑35.

(b1)      Nothing in thissection shall be construed to prevent a simultaneous conversion‑merger insubsections (a) and (b) of this section.

(c)        The Commissioner ofBanks is hereby empowered to promulgate rules and regulations to facilitatesuch a merger of mutual with stock associations. (1981, c. 282, s. 3; 1985, c.659, s. 7; 2001‑193, s. 16.)