04 NCAC 16J .0101. MERGER OF A STATE INSTITUTION INTO A FEDERAL INSTITUTION

The procedure to effect a merger where a state savings institution is merged into a federal depository institution shall be as follows:

(1)           The state savings institution or savings institutions shall comply with the merger procedure established in G.S. 54B‑35 and 54C‑35.  The notice for the meeting of the members or stockholders shall also state that if the merger is approved by the members or stockholders and the proper regulatory authorities then the surviving institution will be a federally chartered institution subject to federal law and regulation.

(2)           The state association or associations involved shall also comply with any applicable provisions of federal law and regulation regarding mergers.

 

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

March 31, 1992;

Filed as a Temporary Rule Eff. July 30, 1982, for a period of 120 days to expire on

November 26, 1982;

Statutory Authority G.S. 54B‑39; 54C‑39; 54C‑53;

Eff. October 1, 1982;

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