§ 54C-40. Merger of savings banks with banks and associations. - North Carolina Statutes

§ 54C‑40.  Merger ofsavings banks with banks and associations.

(a)        A State savingsbank, upon a majority vote of its board of directors, may apply to theCommissioner of Banks for permission to merge with any bank, as defined in G.S.53‑1, or any association, as defined in G.S. 54B‑4.

(b)        The State savingsbank shall submit a plan of merger as a part of the application to theCommissioner of Banks. The Commissioner of Banks may recommend approval of theplan of merger with or without amendment.

If the Commissioner of Banksapproves the plan, then the plan shall be submitted to the stockholders ormembers as provided in subsection (c) of this section. If the Commissioner ofBanks refuses to approve the plan, the Commissioner of Banks shall state theobjections in writing and give the merging savings bank an opportunity to amendthe plan to obviate the objections or to appeal the Commissioner of Banks'decision to the Commission.

(c)        After lawful noticeto the stockholders or members of the savings bank and full and fairdisclosure, the substance of the plan shall be approved by a majority of thetotal votes that stockholders or members of the savings bank are eligible andentitled to cast. The vote by the stockholders or members may be in person orby proxy. Following the vote of the stockholders or members, the results of thevote certified by an appropriate officer of the savings bank shall be filedwith the Commissioner of Banks. The Commissioner of Banks shall then eitherapprove or disapprove the requested merger.

(d)        A merger between amutual savings bank and a mutual savings and loan association shall beconducted in accordance with the provisions of G.S. 54C‑35. (1991, c. 680, s. 1; 1995, c.479, s. 7; 2001‑193, s. 16.)