54B-30. Conversion from State to federal association. Any State savings and loan association, stock or mutual, organized and operated under the provisions of this Chapter, may convert into a federal savings and loan association in accordance with the provisions of the laws and regulations of the United States and with the same force and effect […]
54B-31. Conversion from federal to State association. Any federal savings and loan association, stock or mutual, organized and existing under the laws and regulations of the United States and duly authorized to operate and actually operating in North Carolina may convert into a State savings and loan association operating under the provisions of this Chapter, […]
54B-32. Simultaneous charter and ownership conversion. (a) In the event of a State charter to federal charter conversion, when the form of ownership will also simultaneously be changed from stock to mutual, or from mutual to stock, the conversion shall proceed initially as if it involves only a charter conversion, under G.S. 54B-30. After the […]
54B-33. Conversion of mutual to stock association. (a) Any mutual association may convert from mutual to the stock form of ownership as provided in this section. (b) A mutual association may apply to the Commissioner of Banks for permission to convert to a stock association and for certification of appropriate amendments to the association’s certificate […]
54B-34. Conversion of stock associations to mutual associations. Any stock savings and loan association organized and operating under the provisions of this Chapter may, subject to the approval of the Commission, convert to a mutual savings and loan association under the provisions of this section. The Commissioner of Banks may promulgate rules and regulations governing […]
54B-34.1. Conversion to State association. (a) A savings bank or State or national bank, upon a majority vote of its board of directors, may apply to the Commissioner of Banks for permission to convert to a State association and for certification of appropriate amendments to its certificate of incorporation to effect the change. Upon receipt […]
54B-34.2. Conversion to bank. (a) A savings and loan association, upon a majority vote of its board of directors, may apply to the Commissioner of Banks for permission to convert to a bank, as defined under G.S. 53C-1-4(4), or to a national bank or other form of depository institution and for certification of appropriate amendments […]
54B-35. Merger of like savings and loan associations. Any two or more mutual associations or any two or more stock associations organized and operating, may merge or consolidate into a single association which may be either one of said merging associations, and the procedure to effect such merger shall be as follows: (1) The directors, […]
54B-36. Merger of associations where ownership is converted. (a) Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows: (1) The merging associations shall merge (to form a mutual association), as […]
54B-37. Merger of mutual and stock associations. (a) Any State mutual association and any State stock association, organized or operating, may merge to form a single stock association. The procedure to effect such a merger shall be as follows: (1) The mutual association involved shall convert separately to a stock association, as provided under G.S. […]
54B-37.1. Simultaneous conversion/merger. (a) The Commissioner of Banks shall not approve any application for the conversion of an association from mutual to stock form and its simultaneous (i) merger into a stock-owned savings institution or bank or (ii) acquisition by an operating financial institution holding company except as authorized in subsection (b) of this section. […]
54B-39. Merger of federal with State associations. (a) Any two or more associations, when one or more is a State association and one or more is a federal association operating in North Carolina, may merge to form one association under either a State or federal charter. (b) The Commissioner of Banks shall promulgate rules and […]
54B-40. Voluntary dissolution by directors. A State association may be voluntarily dissolved by a majority vote of the board of directors when substantially all of the assets have been sold for the purpose of terminating the business of the association or as provided in G.S. 55-14-01, and when a certificate of dissolution is recorded in […]
54B-41. Voluntary dissolution by stockholders or members. At any annual or special meeting called for such purpose, an association may, by an affirmative vote in person or by proxy of at least two thirds of the total number of shares or votes which all members or stockholders of the association are entitled to cast, resolve […]
54B-42. Rules, regulations and reports of voluntary dissolution. (a) The Commissioner of Banks shall promulgate rules and regulations governing the dissolution and liquidation of State associations. These rules and regulations shall include, but not be limited to, provisions with respect to: (1) The protection and liquidation of assets; (2) The plan of liquidation; (3) Notice […]
54B-43. Stock dividends. No dividend on stock shall be paid unless the association has the prior written approval of the Commissioner of Banks. (1981, c. 282, s. 3; 1983, c. 144, s. 7; 1989, c. 76, s. 9; 2001-193, s. 16.)
54B-44. Supervisory mergers, consolidations, conversions, and combination mergers and conversions. (a) Notwithstanding any other provision of this Chapter, in order to protect the public, including members, depositors and stockholders of a State association, the Commissioner of Banks, upon making a finding that a State association is unable to operate in a safe and sound manner, […]
54B-45. Interim associations. (a) Article 2 of this Chapter shall not apply to applications for permission to organize an interim State association so long as the application is approved by the Commissioner of Banks. (b) Preliminary approval of an application for permission to organize an interim State association shall be conditional upon the Commissioner of […]
54B-46. Conversion of bank to stock association. (a) Any bank, as defined in G.S. 53C-1-4(4), may convert to a stock association as provided in this section. (b) Any bank, upon a majority vote of its board of directors, may apply to the Commissioner of Banks for permission to convert to a stock association and for […]
54B-47. Merger of banks and associations. (a) Any State association, upon a majority vote of its board of directors, may apply to the Commissioner of Banks for permission to merge with any bank, as defined in G.S. 53C-1-4(4). (b) The State association shall submit a plan of merger as a part of the application to […]
