54C-30. Conversion to savings bank. (a) An association 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 savings bank and for certification of appropriate amendments to its certificate of incorporation to effect the change. Upon receipt […]
54C-31. Conversion from State to federal charter. A State savings bank, stock or mutual, organized and operated under this Chapter, may convert to a federal charter in accordance with the laws and regulations of the United States and with the same force and effect as though originally incorporated under these laws. The procedure to effect […]
54C-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. 54C-31. After the […]
54C-33. Conversion of mutual to stock savings bank. (a) A mutual savings bank may convert from mutual to the stock form of ownership as provided in this section. (b) A mutual savings bank may apply to the Commissioner of Banks for permission to convert to a stock savings bank and for certification of appropriate amendments […]
54C-34. Conversion of stock savings bank to mutual savings bank. A stock savings bank organized and operating under this Chapter may, subject to the approval of the Commissioner of Banks, convert to a mutual savings bank under this section. Any rules that the Commissioner of Banks may adopt governing the conversion of stock savings banks […]
54C-35. Merger of like savings banks. Any two or more mutual savings banks or any two or more stock savings banks organized and operating, may merge or consolidate into a single savings bank. The procedure to effect the merger is as follows: (1) The directors, or a majority of them, of the savings banks that […]
54C-36. Simultaneous conversion/merger. (a) The Commissioner of Banks shall not approve any application for the conversion of a savings bank 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 […]
54C-37. Merger of mutual and stock savings banks. Any two or more savings banks, when one or more is mutually owned and one or more is stock owned, may merge to form either a mutual or stock savings bank in separate conversion-merger proceedings or in simultaneous conversion-merger proceedings. (1991, c. 680, s. 1.)
54C-38. Simultaneous merger and conversion. Any combination of associations and State savings banks may merge to form either an association or a State savings bank. (1991, c. 680, s. 1.)
54C-39. Merger of federal charters with State savings banks. Any two or more depository institutions, when one or more is a State savings bank and one or more is a federal depository institution operating in North Carolina, may merge under either a State savings bank charter or a federal charter. (1991, c. 680, s. 1.)
54C-40. Merger of savings banks with banks and associations. (a) A State savings bank, 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), or any association, as defined in G.S. 54B-4. (b) The State savings bank […]
54C-41. Voluntary dissolution by directors. A State savings bank 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 savings bank or as provided in G.S. 55-14-01 and when a certificate of dissolution is […]
54C-42. Voluntary dissolution by stockholders or members. At any annual or special meeting called for the purpose of dissolution, a savings bank may, by an affirmative vote, in person or by proxy, of at least two-thirds of the total number of shares or votes that all members or stockholders of the association are entitled to […]
54C-43. Reports of voluntary dissolution. Upon completion of liquidation, the liquidator shall file with the Commissioner of Banks a final report and accounting of the liquidation. The Commissioner of Banks’ approval of the report shall operate as a complete and final discharge of the liquidator, the board of directors, and each member or stockholder in […]
54C-44. Stock dividends. No dividend on stock shall be paid unless the savings bank has the prior written approval of the Commissioner of Banks, except as provided in any rules that the Commissioner of Banks may adopt. (1991, c. 680, s. 1; 2001-193, s. 16.)
54C-45. Supervisory mergers, consolidations, conversions, and combination mergers and conversions. Notwithstanding any other provision of this Chapter, in order to protect the public, including members, depositors, and stockholders of a State savings bank, the Commissioner of Banks, upon making a finding that a State savings bank is unable to operate in a safe and sound […]
54C-46. Interim savings banks. (a) Article 2 of this Chapter shall not apply to applications for permission to organize an interim State savings bank 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 savings bank is conditional upon the […]
54C-47. Conversion to bank. (a) A State savings bank, 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 to […]
