North Carolina § 54B-36 Merger of associations where ownership is converted

North Carolina Statutes

§ 54B-36 — Merger of associations where ownership is converted

North Carolina § 54B-36

Ch. 54BSavings and Loan Associations

Art. 3Fundamental Changes

This text of North Carolina § 54B-36 (Merger of associations where ownership is converted) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 54B-36 (2026).

Text

(a)Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows:

(1)The merging associations shall merge (to form a mutual association), as provided under G.S. 54B-35.

(2)The surviving association shall then convert to a stock association, as provided under G.S. 54B-33.

(b)Any two or more State stock associations organized or operating may merge to form a single mutual association. The procedure to effect such a merger and conversion of ownership shall be as follows:

(1)The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35.

(2)The surviving association shall then convert to a mutual association, as pr

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(a) Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows:
(1) The merging associations shall merge (to form a mutual association), as provided under G.S. 54B-35.
(2) The surviving association shall then convert to a stock association, as provided under G.S. 54B-33.
(b) Any two or more State stock associations organized or operating may merge to form a single mutual association. The procedure to effect such a merger and conversion of ownership shall be as follows:
(1) The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35.
(2) The surviving association shall then convert to a mutual association, as provided under G.S. 54B-34.
(b1) Nothing in this section shall be construed to prevent a simultaneous merger-conversion in subsections (a) and (b) of this section.
(c) The Commissioner of Banks may promulgate rules and regulations to facilitate the transition from two 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.)