§ 54B-44. Supervisory mergers, consolidations, conversions, and combination mergers and conversions. - North Carolina Statutes

§ 54B‑44.  Supervisorymergers, consolidations, conversions, and combination mergers and conversions.

(a)        Notwithstanding anyother provision of this Chapter, in order to protect the public, includingmembers, depositors and stockholders of a State association, the Commissionerof Banks, upon making a finding that a State association is unable to operatein a safe and sound manner, may authorize or require a short form merger,consolidation, conversion, or combination merger and conversion of the State association,or any other transaction, as to which the finding is made.

(b)        The Commissioner ofBanks shall promulgate rules and regulations to govern supervisory mergers,consolidations, conversions, and combination mergers and conversions authorizedby this section. (1981,c. 670, s. 2; 1981 (Reg. Sess., 1982), c. 1238, s. 11; 1985, c. 659, s. 18;1985 (Reg. Sess., 1986), c. 948, s. 2; 2001‑193, s. 16.)