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 63 |
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Commission or the Commissioner and that any representation to the
contrary is a criminal offense. (!) Following approval of the plan of conversion. the Commissioner shall
4 supervise and monitor the conversion process in order to determine compliance by the
5 converting institution with the plan of conversion and applicable law.
6 (d The Commissioner shall authorize by order the consummation of the
7 conversion. issue a charter. and permit the converting institution to file with the
8 Secretary of State and other public officials such documents as are necessary to effect
9 the conversion when the Commissioner determines the conversion process complied
10 with the organizational law applicable to the converting institution and the plan of
11 conversion was approved. if required by applicable organizational law. by such vote of
12 the converting institution's equity ownership interest holders as is required under the
13 organizational law.
14 CO The Commissioner may provide in the order authorizing the consummation of
15 conversion for the resulting bank to: (!) Wind up any activities legalllr engaged in by the converting institution
at the time of conversion but not permitted to banks.
@ Return any assets and deposit liabilities legally held by the converting
institution at the time of the conversion but not permitted to be held by
banks.
2I The length. terms. and conditions of the transitional periods described in this
22 subsection shall be subject to the discretion of the Commissioner.
23 (g) Upon the effective date of the conversion. the converting institution shall
24 continue in existence as a bank and all rights. liabilities and obligations of whatever
25 kind of the converting institution shall continue and remain in its new form of
26 organization. Except as r-nay be authorized by the Commissioner pursuant to subsection
27 (fl of this section. the bank shall have only those rights. powers and duties authorized
28 for or imposed upon banks by the laws of this State and the United States. All actions
29 and proceedings to which the converting institution was party prior to conversion shall
30 be unaffected by the conversion and shall proceed as if the conversion had not been
3l effected.
32 "@
33 Any order of the Commissioner denying an application for approval of a conversion
34 to a bank may be appealed to the Commission by the party filing the application as
35 provided in G.S. 53-2-6.
36"
37 (d A bank may convert to another form of depository institution under the laws
38 of this State. of another state. or the United States in accordance with applicable law.
39 (D Upon the effective date of the conversion. the depository institution shall
40 notify the Commissioner of the effective date and file with the Commissioner a copy of
4I its authorization to operate as a depository institution certified by the applicable federal
42 regulator or financial institution regulator.
43 (g) Upon the effective date of the conversion. the resulting depository institution
44 shall cease to be a bank.
Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws
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(2011) Page 63
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 63 |
| Full Text | I 2 3 Commission or the Commissioner and that any representation to the contrary is a criminal offense. (!) Following approval of the plan of conversion. the Commissioner shall 4 supervise and monitor the conversion process in order to determine compliance by the 5 converting institution with the plan of conversion and applicable law. 6 (d The Commissioner shall authorize by order the consummation of the 7 conversion. issue a charter. and permit the converting institution to file with the 8 Secretary of State and other public officials such documents as are necessary to effect 9 the conversion when the Commissioner determines the conversion process complied 10 with the organizational law applicable to the converting institution and the plan of 11 conversion was approved. if required by applicable organizational law. by such vote of 12 the converting institution's equity ownership interest holders as is required under the 13 organizational law. 14 CO The Commissioner may provide in the order authorizing the consummation of 15 conversion for the resulting bank to: (!) Wind up any activities legalllr engaged in by the converting institution at the time of conversion but not permitted to banks. @ Return any assets and deposit liabilities legally held by the converting institution at the time of the conversion but not permitted to be held by banks. 2I The length. terms. and conditions of the transitional periods described in this 22 subsection shall be subject to the discretion of the Commissioner. 23 (g) Upon the effective date of the conversion. the converting institution shall 24 continue in existence as a bank and all rights. liabilities and obligations of whatever 25 kind of the converting institution shall continue and remain in its new form of 26 organization. Except as r-nay be authorized by the Commissioner pursuant to subsection 27 (fl of this section. the bank shall have only those rights. powers and duties authorized 28 for or imposed upon banks by the laws of this State and the United States. All actions 29 and proceedings to which the converting institution was party prior to conversion shall 30 be unaffected by the conversion and shall proceed as if the conversion had not been 3l effected. 32 "@ 33 Any order of the Commissioner denying an application for approval of a conversion 34 to a bank may be appealed to the Commission by the party filing the application as 35 provided in G.S. 53-2-6. 36" 37 (d A bank may convert to another form of depository institution under the laws 38 of this State. of another state. or the United States in accordance with applicable law. 39 (D Upon the effective date of the conversion. the depository institution shall 40 notify the Commissioner of the effective date and file with the Commissioner a copy of 4I its authorization to operate as a depository institution certified by the applicable federal 42 regulator or financial institution regulator. 43 (g) Upon the effective date of the conversion. the resulting depository institution 44 shall cease to be a bank. Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws t6 17 18 19 20 (2011) Page 63 |
