04 NCAC 16G .0822. IMPROPERLY EXECUTED OR MATERIALLY INCOMPLETE FILINGS

(a)  Any application for conversion that is improperly executed shall not be accepted for filing and shall be returned to the applicant.

(b)  Subject to the provisions of Paragraph (c) of this Rule, any application for conversion that does not contain copies of a plan of conversion, a preliminary proxy statement with signed financial statements, and a preliminary form of proxy, shall not be accepted for filing and shall be returned to the applicant.  Any application for conversion containing a materially incomplete plan of conversion, proxy statement, or form of proxy may not be accepted for filing and if not accepted for filing, shall be returned to the applicant.

(c)  Any application for conversion which contains, at a minimum, a materially complete plan of conversion shall be accepted for filing if the application is accompanied by the written request of the applicant that the application not be reviewed by the administrator until the applicant requests and the administrator consents to the filing of the additional materials set forth in Paragraph (b) of this Rule.

 

History Note:        Authority G.S. 54C‑33; 54C‑53;

Eff. February 15, 1992.