§54-160. Procedure for consolidation

(a)        Any two or more domestic associations organized under this Subchapter, either with or without capital stock, may consolidate into a new association pursuant to a plan of consolidation approved in the manner provided in this Article.

(b)        The board of directors of each association shall, by resolution adopted by each such board, approve a plan of consolidation setting forth:

(1)        The names of the associations proposing to consolidate, and the name of the new association into which they proposed to consolidate, which is hereinafter designated as the new association. The name of the new association may be that of any of the associations involved in the consolidation or any other available name, subject, however, to the limitations of G.S. 54-139 and 55A-10.

(2)        The terms and conditions of the proposed consolidation.

(3)        With respect to the new association, all of the appropriate statements required to be set forth in articles of incorporation for associations organized under this Subchapter.

(4)        Such other provisions not inconsistent with law as are deemed necessary or desirable.

(1963, c. 1168, s. 13.)