04 NCAC 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.

History Note:        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.