(a) Notwithstanding anyother provision of law, any stock association may simultaneously with itsincorporation or conversion to a stock association provide for its ownership bya savings and loan holding company. In the case of a conversion, members of theconverting association shall have the right to purchase capital stock of theholding company in lieu of capital stock of the converted association in accordancewith G.S. 54B‑33(c)(6).
(a1) Notwithstanding anyother provision of law, any stock association may reorganize its ownership, toprovide for ownership by a savings and loan holding company, upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of suchplan of reorganization by the holders of not less than a majority of the issuedand outstanding shares of stock of the association. The plan of reorganizationshall provide that (i) the resulting ownership shall be vested in a NorthCarolina corporation, (ii) all stockholders of the stock association shall havethe right to exchange shares, (iii) the exchange of stock shall not be subjectto State or federal income taxation, (iv) stockholders not wishing to exchangeshares shall be entitled to dissenters' rights as provided under Article 13 ofChapter 55 of the General Statutes and (v) the plan of reorganization is fairand equitable to all stockholders.
(a2) Notwithstanding anyother provision of law, a mutual association may reorganize its ownership toprovide for ownership by a savings and loan holding company upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of theplan of reorganization by a majority of the voting members of the association.The plan of reorganization shall provide that (i) the resulting ownership shallbe vested in a North Carolina corporation, (ii) the resulting ownership of oneor more subsidiary associations shall be evidenced by stock shares, (iii) thesubstantial portion of the assets and all of the insured deposits and part orall of the other liabilities shall be transferred to one or more subsidiaryassociations, (iv) the reorganization shall not be subject to State or federalincome taxation, and (v) the plan of reorganization is fair and equitable toall members of the association. The Commissioner of Banks shall promulgaterules regarding the formation of the subsidiary associations and the holdingcompany, including the rights of members, levels of investment in the holdingcompany subsidiaries, and stock sales.
(b) Repealed by SessionLaws 1983, c. 144, s. 8.
(c) A savings and loanholding company may invest in any investment authorized by its Board ofDirectors, except as limited by regulations promulgated by the Commissioner ofBanks pursuant to this Article.
(d) Any entity whichcontrols a state stock association, or acquires control of a state stockassociation, is a savings and loan holding company. (1981, c. 282, s. 3; 1983, c.144, s. 8; 1983 (Reg. Sess., 1984), c. 1087, ss. 4, 5; 1985, c. 659, s. 16;1989, c. 76, s. 12; 1989 (Reg. Sess., 1990), c. 806, s. 21; 2001‑193, s.16.)
(a) Notwithstanding anyother provision of law, any stock association may simultaneously with itsincorporation or conversion to a stock association provide for its ownership bya savings and loan holding company. In the case of a conversion, members of theconverting association shall have the right to purchase capital stock of theholding company in lieu of capital stock of the converted association in accordancewith G.S. 54B‑33(c)(6).
(a1) Notwithstanding anyother provision of law, any stock association may reorganize its ownership, toprovide for ownership by a savings and loan holding company, upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of suchplan of reorganization by the holders of not less than a majority of the issuedand outstanding shares of stock of the association. The plan of reorganizationshall provide that (i) the resulting ownership shall be vested in a NorthCarolina corporation, (ii) all stockholders of the stock association shall havethe right to exchange shares, (iii) the exchange of stock shall not be subjectto State or federal income taxation, (iv) stockholders not wishing to exchangeshares shall be entitled to dissenters' rights as provided under Article 13 ofChapter 55 of the General Statutes and (v) the plan of reorganization is fairand equitable to all stockholders.
(a2) Notwithstanding anyother provision of law, a mutual association may reorganize its ownership toprovide for ownership by a savings and loan holding company upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of theplan of reorganization by a majority of the voting members of the association.The plan of reorganization shall provide that (i) the resulting ownership shallbe vested in a North Carolina corporation, (ii) the resulting ownership of oneor more subsidiary associations shall be evidenced by stock shares, (iii) thesubstantial portion of the assets and all of the insured deposits and part orall of the other liabilities shall be transferred to one or more subsidiaryassociations, (iv) the reorganization shall not be subject to State or federalincome taxation, and (v) the plan of reorganization is fair and equitable toall members of the association. The Commissioner of Banks shall promulgaterules regarding the formation of the subsidiary associations and the holdingcompany, including the rights of members, levels of investment in the holdingcompany subsidiaries, and stock sales.
(b) Repealed by SessionLaws 1983, c. 144, s. 8.
(c) A savings and loanholding company may invest in any investment authorized by its Board ofDirectors, except as limited by regulations promulgated by the Commissioner ofBanks pursuant to this Article.
(d) Any entity whichcontrols a state stock association, or acquires control of a state stockassociation, is a savings and loan holding company. (1981, c. 282, s. 3; 1983, c.144, s. 8; 1983 (Reg. Sess., 1984), c. 1087, ss. 4, 5; 1985, c. 659, s. 16;1989, c. 76, s. 12; 1989 (Reg. Sess., 1990), c. 806, s. 21; 2001‑193, s.16.)
(a) Notwithstanding anyother provision of law, any stock association may simultaneously with itsincorporation or conversion to a stock association provide for its ownership bya savings and loan holding company. In the case of a conversion, members of theconverting association shall have the right to purchase capital stock of theholding company in lieu of capital stock of the converted association in accordancewith G.S. 54B‑33(c)(6).
(a1) Notwithstanding anyother provision of law, any stock association may reorganize its ownership, toprovide for ownership by a savings and loan holding company, upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of suchplan of reorganization by the holders of not less than a majority of the issuedand outstanding shares of stock of the association. The plan of reorganizationshall provide that (i) the resulting ownership shall be vested in a NorthCarolina corporation, (ii) all stockholders of the stock association shall havethe right to exchange shares, (iii) the exchange of stock shall not be subjectto State or federal income taxation, (iv) stockholders not wishing to exchangeshares shall be entitled to dissenters' rights as provided under Article 13 ofChapter 55 of the General Statutes and (v) the plan of reorganization is fairand equitable to all stockholders.
(a2) Notwithstanding anyother provision of law, a mutual association may reorganize its ownership toprovide for ownership by a savings and loan holding company upon adoption of aplan of reorganization by a favorable vote of not less than two‑thirds ofthe members of the board of directors of the association and approval of theplan of reorganization by a majority of the voting members of the association.The plan of reorganization shall provide that (i) the resulting ownership shallbe vested in a North Carolina corporation, (ii) the resulting ownership of oneor more subsidiary associations shall be evidenced by stock shares, (iii) thesubstantial portion of the assets and all of the insured deposits and part orall of the other liabilities shall be transferred to one or more subsidiaryassociations, (iv) the reorganization shall not be subject to State or federalincome taxation, and (v) the plan of reorganization is fair and equitable toall members of the association. The Commissioner of Banks shall promulgaterules regarding the formation of the subsidiary associations and the holdingcompany, including the rights of members, levels of investment in the holdingcompany subsidiaries, and stock sales.
(b) Repealed by SessionLaws 1983, c. 144, s. 8.
(c) A savings and loanholding company may invest in any investment authorized by its Board ofDirectors, except as limited by regulations promulgated by the Commissioner ofBanks pursuant to this Article.
(d) Any entity whichcontrols a state stock association, or acquires control of a state stockassociation, is a savings and loan holding company. (1981, c. 282, s. 3; 1983, c.144, s. 8; 1983 (Reg. Sess., 1984), c. 1087, ss. 4, 5; 1985, c. 659, s. 16;1989, c. 76, s. 12; 1989 (Reg. Sess., 1990), c. 806, s. 21; 2001‑193, s.16.)
