(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.)

Terms Used In North Carolina General Statutes 54B-37

  • Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
  • Commissioner: means the Commissioner of Banks authorized pursuant to Article 2 of Chapter 53C of the General Statutes. See North Carolina General Statutes 54B-4
  • Mutual association: means all mutual savings and loan associations owned by members of the association, and organized under the provisions of this Chapter or its predecessor for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4
  • Rules and regulations: means those regulatory procedures and guidelines issued by the Commissioner of Banks and approved by the Commission. See North Carolina General Statutes 54B-4
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Stock association: means any corporation or company owned by holders of capital stock and organized under the provisions of this Chapter for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4