(a) Any Stateassociation, upon a majority vote of its board of directors, may apply to theCommissioner of Banks for permission to merge with any bank, as defined in G.S.53‑1.
(b) The Stateassociation shall submit a plan of merger as a part of the application to theCommissioner of Banks. The Commissioner of Banks may recommend approval of theplan of merger with or without amendment.
If he approves the plan, thenthe plan shall be submitted to the stockholders or members as provided in thenext subsection. If he refuses to approve the plan, he shall state hisobjections in writing and give the merging association an opportunity to amendthe plan to obviate such objections or to appeal his decision to the commission.
(c) After lawful noticeto the stockholders or members of the association and full and fair disclosure,the substance of the plan must be approved by a majority of the total voteswhich stockholders or members of the association are eligible and entitled tocast. Such a vote by the stockholders or members may be in person or by proxy.Following the vote of the stockholders or members, the results of the votecertified by an appropriate officer of the association shall be filed with theCommissioner of Banks. The Commissioner of Banks shall then either approve ordisapprove the requested merger.
(d) The Commissioner ofBanks may promulgate such rules and regulations as may be necessary to governsuch mergers. (1991,c. 707, s. 7; 2001‑193, s. 16.)
(a) Any Stateassociation, upon a majority vote of its board of directors, may apply to theCommissioner of Banks for permission to merge with any bank, as defined in G.S.53‑1.
(b) The Stateassociation shall submit a plan of merger as a part of the application to theCommissioner of Banks. The Commissioner of Banks may recommend approval of theplan of merger with or without amendment.
If he approves the plan, thenthe plan shall be submitted to the stockholders or members as provided in thenext subsection. If he refuses to approve the plan, he shall state hisobjections in writing and give the merging association an opportunity to amendthe plan to obviate such objections or to appeal his decision to the commission.
(c) After lawful noticeto the stockholders or members of the association and full and fair disclosure,the substance of the plan must be approved by a majority of the total voteswhich stockholders or members of the association are eligible and entitled tocast. Such a vote by the stockholders or members may be in person or by proxy.Following the vote of the stockholders or members, the results of the votecertified by an appropriate officer of the association shall be filed with theCommissioner of Banks. The Commissioner of Banks shall then either approve ordisapprove the requested merger.
(d) The Commissioner ofBanks may promulgate such rules and regulations as may be necessary to governsuch mergers. (1991,c. 707, s. 7; 2001‑193, s. 16.)
(a) Any Stateassociation, upon a majority vote of its board of directors, may apply to theCommissioner of Banks for permission to merge with any bank, as defined in G.S.53‑1.
(b) The Stateassociation shall submit a plan of merger as a part of the application to theCommissioner of Banks. The Commissioner of Banks may recommend approval of theplan of merger with or without amendment.
If he approves the plan, thenthe plan shall be submitted to the stockholders or members as provided in thenext subsection. If he refuses to approve the plan, he shall state hisobjections in writing and give the merging association an opportunity to amendthe plan to obviate such objections or to appeal his decision to the commission.
(c) After lawful noticeto the stockholders or members of the association and full and fair disclosure,the substance of the plan must be approved by a majority of the total voteswhich stockholders or members of the association are eligible and entitled tocast. Such a vote by the stockholders or members may be in person or by proxy.Following the vote of the stockholders or members, the results of the votecertified by an appropriate officer of the association shall be filed with theCommissioner of Banks. The Commissioner of Banks shall then either approve ordisapprove the requested merger.
(d) The Commissioner ofBanks may promulgate such rules and regulations as may be necessary to governsuch mergers. (1991,c. 707, s. 7; 2001‑193, s. 16.)
