§ 54C-32. Simultaneous charter and ownership conversion.
§54C‑32. Simultaneous charter and ownership conversion.
(a) In the event of aState charter to federal charter conversion, when the form of ownership willalso simultaneously be changed from stock to mutual, or from mutual to stock,the conversion shall proceed initially as if it involves only a charterconversion, under G.S. 54C‑31. After the savings bank becomes a federaldepository institution, then the federal regulatory authority shall govern thecontinuing conversion of the form of ownership of the newly converteddepository institution.
(b) In the event of afederal charter to State charter conversion, when the form of ownership willalso simultaneously be changed from stock to mutual or from mutual to stock,the conversion shall proceed initially as if it involves only a charterconversion under G.S. 54C‑30. After the federal depository institutionbecomes a State savings bank, G.S. 54C‑33 or G.S. 54C‑34 shallgovern the continuing conversion of the form of ownership of the newlyconverted savings bank.
(c) This section shallnot apply to any simultaneous charter and ownership conversion accomplished inconjunction with a merger under G.S. 54C‑39. (1991, c. 680, s. 1.)