Laws of North Carolina (Last Updated: May 12, 2015)

§54C-45. Supervisory mergers, consolidations, conversions, and combination mergers and conversions

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Notwithstanding any other provision of this Chapter, in order to protect the public, including members, depositors, and stockholders of a State savings bank, the Commissioner of Banks, upon making a finding that a State savings bank is unable to operate in a safe and sound manner, may authorize or require a short form merger, consolidation, conversion, or combination merger and conversion of the State savings bank, or any other transaction, as to which the finding is made.

(1991, c. 680, s. 1; 2001-193, s. 16.)

                    
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