4 N.C. Admin. Code 16G.0104

Current through Register Vol. 39, No. 11, December 2, 2024

Section 16G .0104 - GENERAL REQUIREMENTS

(a) No application for conversion shall be approved by the Commissioner of Banks unless:

(1) The conversion shall be conducted in compliance with G.S. 54B or G.S. 54C, and this Subchapter and pursuant to a plan of conversion approved by the Commissioner of Banks; and

(2) The conversion shall not result in a taxable reorganization under the Internal Revenue Code.

(b) The converted savings bank shall be deemed to be a continuation of the savings institution so converted.

04 N.C. Admin. Code 16G .0104

Authority G.S. 54C-33; 54C-53;
Eff. February 15, 1992;
Amended Eff. November 1, 2017;
Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. November 22, 2018.