Merger of associations where ownership is converted.

§ 54B-36. Merger of associations where ownership is converted. (a) Any two or more State mutual associations organized or operating may merge to form a single State stock association. The procedure to effect such a merger and conversion of ownership shall be as follows: (1) The merging associations shall merge (to form a mutual association), as provided under G.S. 54B-35. (2) The surviving association shall then convert to a stock association, as provided under G.S. 54B-33. (b) Any two or more State stock associations organized or operating may merge to form a single mutual association. The procedure to effect such a merger and conversion of ownership shall be as follows: (1) The merging associations shall merge (to form a stock association), as provided under G.S. 54B-35. (2) The surviving association shall then convert to a mutual association, as provided under G.S. 54B-34. (b1) Nothing in this section shall be construed to prevent a simultaneous merger-conversion in subsections (a) and (b) of this section. (c) The Commissioner of Banks may promulgate rules and regulations to facilitate the transition from two or more associations to a single association under a new form of ownership.