§ 54-162. Articles of merger or consolidation.

177 words·~1 min read·/nc/chapter-54/54-162

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Upon such approval, articles of merger or articles of consolidation shall be executed by each association and filed as provided in G.S. 55A-4, except that a copy thereof certified by the Secretary of State shall also be recorded in the office of the register of deeds of each county wherein the constituent associations have their principal places of business or their registered offices.

(b)The articles of merger or consolidation shall set forth:

(1)The plan of merger or the plan of consolidation; and

(2)A statement setting forth the date of the meeting of the members of each association at which the plan was adopted, that a quorum was present at such meeting, and that such plan received at least two-thirds of the votes entitled to be cast by members present at each such meeting where a quorum was present.

(c)The time when the merger or consolidation is effected is determined by the provisions of G.S. 55A-4. (1963, c. 1168, s. 13; 1967, c. 823, s. 15.)