04 NCAC 16L .0102. DISPOSITION OF ASSETS

(a)  After approval of the plan of liquidation by the Administrator, the savings institution shall, except in case of dissolution under G.S. 54B‑40 or 54C‑40, immediately cause notice of the dissolution to be mailed to each known creditor of the savings institution, and to the Secretary of Revenue, and such notice shall be published once a week for four successive weeks in a newspaper published in the county wherein the savings institution has its principal office, and, if there be no newspaper published in such county, then in some newspaper of general circulation in such county.

(b)  The savings institution shall then proceed to collect its assets, convey and dispose of such of its properties as are not to be distributed in kind to its members or shareholders, pay, satisfy and discharge its liabilities and obligations and do all other acts required to liquidate its business and affairs, including the collection of unpaid subscriptions necessary to equalize the agreed payments by subscribers of its shares.

(c)  After paying or adequately providing for the payment of all its obligations, the savings institution shall distribute the remainder of its assets, either in cash or in kind, among its members or shareholders according to their respective rights and interests.

 

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‑42; 54B‑55; 54C‑42; 54C‑53;

Eff. October 1, 1987;

Amended Eff. February 15, 1992.