§ 54B-42. Rules, regulations and reports of voluntary dissolution. - North Carolina Statutes

§ 54B‑42.  Rules,regulations and reports of voluntary dissolution.

(a)        The Commissioner ofBanks shall promulgate rules and regulations governing the dissolution andliquidation of State associations. These rules and regulations shall include,but not be limited to, provisions with respect to:

(1)        The protection andliquidation of assets;

(2)        The plan ofliquidation;

(3)        Notice to fileclaims;

(4)        Claims of members;

(5)        Payments of claimsand distribution; and

(6)        Final distributionand liquidation.

(b)        Upon completion ofliquidation, the liquidators shall file with the Commissioner of Banks a finalreport and accounting of the liquidation. The approval of the report by theCommissioner of Banks shall operate as a complete and final discharge of theliquidators, the board of directors, and each member or stockholder inconnection with the liquidation of such association. Upon approval of thereport, the Commissioner of Banks shall issue a certificate of dissolution ofthe association and shall record same in the manner required by this Chapterfor the recording of certificates of incorporation; and upon such recording,the dissolution shall be effective. (1981, c. 282, s. 3; 2001‑193, s. 16.)