State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-13

§53‑13.  Merged or consolidated banks and savings associations deemed onebank or savings association.

In case of merger orconsolidation when the agreement of merger or consolidation is made, and a dulycertified copy thereof is filed with the Secretary of State, together with acertified copy of the approval of the Commissioner of Banks to such merger orconsolidation, the parties thereto, shall be held to be one company, possessedof the rights, privileges, powers, and franchises of the several companies, butsubject to all the provisions of law under which it is created. The directorsand other officers named in the agreement of consolidation shall serve untilthe first annual meeting for election of officers and directors, the date forwhich shall be named in the agreement. On filing such agreement, all andsingular, the property and rights of every kind of the several companies shallthereby be transferred and vested in such surviving company in the case ofmerger or in such new company in the case of consolidation, and be as fully itsproperty as they were of the companies parties to the agreement. (1921,c. 4, s. 13; C.S., s. 217(l); 1931, c. 243, s. 5; 1981, c. 671, s. 2; 1995, c.479, s. 2.)