§ 54B-37. Merger of mutual and stock associations.
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§ 54B-37. Merger of mutual and stock associations.
(a)Any State mutual association and any State stock association, organized or operating, may merge to form a single stock association. The procedure to effect such a merger shall be as follows:
(1)The mutual association involved shall convert separately to a stock association, as provided under G.S. 54B-33.
(2)The two stock associations shall then merge to form a single stock association, as provided in G.S. 54B-35.
(b)Any State mutual association, and any State stock association organized or operating may merge to form a mutual association. The procedure to effect such merger shall be as follows:
(1)The stock association involved shall convert separately to a mutual association, as provided under G.S. 54B-34.
(2)The two mutual associations shall then merge to form a single mutual association, as provided in G.S. 54B-35.
(b1)Nothing in this section shall be construed to prevent a simultaneous conversion-merger in subsections
(a)and
(b)of this section.
(c)The Commissioner of Banks is hereby empowered to promulgate rules and regulations to facilitate such a merger of mutual with stock associations. (1981, c. 282, s. 3; 1985, c. 659, s. 7; 2001-193, s. 16.)