04 NCAC 16I .0902. ACQUISITION PROCEDURE

(a)  Upon determining that an Acquisition Application is properly executed and is not materially incomplete, the Administrator shall consider the application filed.  If the Plan of Reorganization is not approved, the Administrator shall notify the applicant of such, and state the reasons for its disapproval.  The Administrator may include advice to the applicant as to what may be required by way of amendment or other requirement to cause approval of the Plan of Reorganization.

(b)  If the Administrator approves the Plan of Reorganization, the applicant shall be notified.  Thereafter, a regular or special meeting of the stockholders of the subject savings institution shall be called after advance written notice to the stockholders of not less than 20 days specifying the time, place, and purpose for calling of the meeting. Notice shall be published in at least one newspaper of general circulation in each county where the savings institution has an office.  The applicant shall file publisher's affidavits with the Administrator to confirm the publication of notice.

(c)  The results of the stockholder's meeting shall be confirmed to the Administrator by filing attested minutes of the meeting.  If the stockholders approve reorganization of ownership of the savings institution to provide for ownership by a holding company, the Administrator shall enter his final order approving the reorganization.

(d)  The Administrator may waive or alter any requirements set forth in this Rule upon a finding that compliance would work an undue financial hardship on the applicant, would adversely affect the safe and sound operation of the applicant, or would have an unintended negative impact upon the public or the applicant.

 

History Note:        Filed as a Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on

March 31, 1992;

Statutory Authority G.S. 54B‑55; 54B‑261; 54B‑262; 54C‑53; 54C‑195; 54C‑196;

Eff. July 1, 1983;

Amended Eff. February 15, 1992; July 1, 1990.