North Carolina § 54B-37 Merger of mutual and stock associations

North Carolina Statutes

§ 54B-37 — Merger of mutual and stock associations

North Carolina § 54B-37

Ch. 54BSavings and Loan Associations

Art. 3Fundamental Changes

This text of North Carolina § 54B-37 (Merger of mutual and stock associations) 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-37 (2026).

Text

(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 as

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(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.)