Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 62 |
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1 (gL The Commissioner shall examine the proposed combination to determine
2 whether the customers and communities served by the bank would be adversely affected
3 bv the combination" the combination would cause the bank to not be solvent. have
4 inadequate capital. or not be in compliance with this Chapter or the rules of the
5 Commissioner. or the combination would present other risks to the safe and sound
6 operation of the bank deemed unacceptable by the Commissioner.
7tt
8 Whenever any bank shall combine with another depository institution and the other
9 depository institution shall be the resulting institution. all the then existing fiduciary
10 riehts. powers. duties and liabilities of the combining bank. including its rights. powers.
11 duties and liabilities as a fiduciary. shall. upon the effective date of the combination.
t2 vest in the resulting depository institution. and the resulting depository institution shall
13 be deeped substituted for the combining bank for all fiduciary purposes.
14 "@
15 Any order of the Commissioner denying an application for approval of a
16 combination may be appealgd to the Commission by a party to the combination as
17 provided in G.S. 53-2-6.
t8 Part 3. Charter Conversion. rg"
20 (d Any depository institution that is not a bank may apply to the Commissioner
2l for oermission to convert into a bank and for certification of related amendments to is
22 organizational documents necessary to effect the conversion. The application for
23 approval shall be in the form required by the Commissioner and shall be accompanied
24 by a fee as set forth by rule.
25 (D A plan of conversion shall be submitted as a part of the application filed with
26 the Commissioner. The Commissioner may require amendment of the plan.
27 (g) The Commissioner shall approve the plan of conversion. as amended if
28 applicable. if upon examination the Commissioner finds that:
29 (1) The resultine bank will commence operations in a safe. sound and
30 prudent manner with adequate capital. liquidity. reserves. asset
3l composition and earnings prospects.
32 (D The directors and officers of the converting institution are qualified by
33 character. competency and experience to confrol and operate the
34 resulting bank in a legal and proper manner.
35 (O The interests of the converting institution's customers. creditors. and
36 shareholders will not be materially and adversely affected by the
37 proposed conversion.
38 (!) The plan of conversion is not in violation of the converting institution's
39 applicable organizational law.
40 (O Adequate written disclosure of the material terms of the plan of
4l conversion and other relevant material information has been or will be
42 made to the converting institution's equity ownership interest holders
43 as required by the converting institution's oreanizational law. including
44 a statement in any such written disclosure that any materials used to
45 solicit the votes of the holders have not been approved by the
Joint Legislative Study Commission on the Modernizs.tion of North Carolina Banking Laws
(20r1) Page 62
Object Description
Description
| Title | Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 62 |
| Full Text | 1 (gL The Commissioner shall examine the proposed combination to determine 2 whether the customers and communities served by the bank would be adversely affected 3 bv the combination" the combination would cause the bank to not be solvent. have 4 inadequate capital. or not be in compliance with this Chapter or the rules of the 5 Commissioner. or the combination would present other risks to the safe and sound 6 operation of the bank deemed unacceptable by the Commissioner. 7tt 8 Whenever any bank shall combine with another depository institution and the other 9 depository institution shall be the resulting institution. all the then existing fiduciary 10 riehts. powers. duties and liabilities of the combining bank. including its rights. powers. 11 duties and liabilities as a fiduciary. shall. upon the effective date of the combination. t2 vest in the resulting depository institution. and the resulting depository institution shall 13 be deeped substituted for the combining bank for all fiduciary purposes. 14 "@ 15 Any order of the Commissioner denying an application for approval of a 16 combination may be appealgd to the Commission by a party to the combination as 17 provided in G.S. 53-2-6. t8 Part 3. Charter Conversion. rg" 20 (d Any depository institution that is not a bank may apply to the Commissioner 2l for oermission to convert into a bank and for certification of related amendments to is 22 organizational documents necessary to effect the conversion. The application for 23 approval shall be in the form required by the Commissioner and shall be accompanied 24 by a fee as set forth by rule. 25 (D A plan of conversion shall be submitted as a part of the application filed with 26 the Commissioner. The Commissioner may require amendment of the plan. 27 (g) The Commissioner shall approve the plan of conversion. as amended if 28 applicable. if upon examination the Commissioner finds that: 29 (1) The resultine bank will commence operations in a safe. sound and 30 prudent manner with adequate capital. liquidity. reserves. asset 3l composition and earnings prospects. 32 (D The directors and officers of the converting institution are qualified by 33 character. competency and experience to confrol and operate the 34 resulting bank in a legal and proper manner. 35 (O The interests of the converting institution's customers. creditors. and 36 shareholders will not be materially and adversely affected by the 37 proposed conversion. 38 (!) The plan of conversion is not in violation of the converting institution's 39 applicable organizational law. 40 (O Adequate written disclosure of the material terms of the plan of 4l conversion and other relevant material information has been or will be 42 made to the converting institution's equity ownership interest holders 43 as required by the converting institution's oreanizational law. including 44 a statement in any such written disclosure that any materials used to 45 solicit the votes of the holders have not been approved by the Joint Legislative Study Commission on the Modernizs.tion of North Carolina Banking Laws (20r1) Page 62 |
