State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-360

§ 53‑360.  Merger, shareexchange, or asset transfer application.

(a)        A copy of theproposed articles of merger or share exchange, or asset transfer agreement, andan application in the form required by the Commissioner, shall be filed withthe Commissioner. The Commissioner shall investigate the condition of theparties proposing to engage in the merger, share exchange, or asset transferand may require the submission of additional information.

(b)        The Commissionermay approve the merger or share exchange if:

(1)        Each resulting trustinstitution will be solvent and have adequate capitalization;

(2)        Each resulting trustinstitution appears able and ready to comply substantially with the statutesand rules relative to its organization;

(3)        Each resulting Statetrust company will be a "domestic corporation" as that term isdefined in G.S. 55‑1‑40(4);

(4)        All fiduciaryobligations and liabilities of each trust institution that is a party to themerger, share exchange, or asset transfer have been discharged properly orotherwise have been or will be assumed or retained properly by a person;

(5)        Each surviving, new,acquiring, or transferring party that is not authorized to engage in trustbusiness will not engage in trust business and appears able and ready to complysubstantially with applicable laws and rules; and

(6)        All conditionsimposed by the Commissioner have been satisfied or otherwise resolved. (2001‑263, s. 1.)