Article 9.
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/nc/chapter-53c/9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Article 9.
Supervisory Liquidation; Voluntary Dissolution and Liquidation.
Part 1. General Provisions.
§ 53C-9-101. Supervisory combinations.
Notwithstanding any other provision of this Chapter, in order to protect the public, including depositors and creditors of a bank, the Commissioner, upon making a finding that a bank is unable to operate in a safe and sound manner and is not reasonably likely to be able to resume safe and sound operations, may authorize or require a combination of the bank, a control transaction, or any other transaction, whether or not the Commissioner has taken supervisory control pursuant to G.S. 53C-8-14.
In ordering any such combination, control transaction, or other transaction, the Commissioner may order that a vote of the bank's shareholders shall not be required to effect the combination, control transaction, or other transactions. (2012-56, s. 4.)