State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-361

§ 53‑361.  Notice andinvestigation of merger, share exchange, or asset transfer; decision, hearing,and appeal.

(a)        The Commissionershall notify the parties to the proposed merger, share exchange, or assettransfer when the application is complete and all required fees have been paid.Promptly following this notification, the parties shall provide notice toclients who may be affected by the proposed merger, share exchange, or assettransfer in the form and manner specified by the Commissioner.

(b)        At the expense ofthe parties to the proposed merger, share exchange, or asset transfer, theCommissioner may investigate the proposed transaction, including the characterof the proposed directors, officers, and principal shareholders of eachresulting trust institution and of any other person proposed to succeed to theaccounts of the applying institutions. Notwithstanding any laws to thecontrary, information bearing on the character or information about thepersonal finances of an existing or proposed organizer, officer, director, orshareholder is confidential and not subject to public disclosure.

(c)        Based on theapplication and investigation, the Commissioner shall enter an order approvingor denying approval of the proposed merger, share exchange, or asset transfernot later than the sixtieth day following the date the Commissioner notifiesthe parties that the application is complete, unless extraordinarycircumstances require a longer period of review.

(d)        Any writtencommitment made by a person proposing to engage in the merger, share exchange,or asset transfer as a condition for approval of the application is enforceableagainst that person.

(e)        Any order enteredby the Commissioner under the provisions of this section shall be subject toreview by the Commission for entry of a final agency decision. (2001‑263, s. 1.)