§ 54B-36. Merger of associations where ownership is converted.
§ 54B‑36. Merger ofassociations where ownership is converted.
(a) Any two or moreState mutual associations organized or operating may merge to form a singleState stock association. The procedure to effect such a merger and conversionof ownership shall be as follows:
(1) The mergingassociations shall merge (to form a mutual association), as provided under G.S.54B‑35.
(2) The survivingassociation shall then convert to a stock association, as provided under G.S.54B‑33.
(b) Any two or moreState stock associations organized or operating may merge to form a singlemutual association. The procedure to effect such a merger and conversion ofownership shall be as follows:
(1) The mergingassociations shall merge (to form a stock association), as provided under G.S.54B‑35.
(2) The survivingassociation shall then convert to a mutual association, as provided under G.S.54B‑34.
(b1) Nothing in thissection shall be construed to prevent a simultaneous merger‑conversion insubsections (a) and (b) of this section.
(c) The Commissioner ofBanks may promulgate rules and regulations to facilitate the transition fromtwo or more associations to a single association under a new form of ownership.(1981, c. 282,s. 3; 1985, c. 659, s. 6; 2001‑193, s. 16.)