SUBCHAPTER 16H ‑ SUPERVISORY ACTIONS

04 NCAC 16H .0101         DEFINITIONS

As used in this Subchapter, the words and phrases defined by G.S. 54C-4 and the following definitions apply:

(1)           "Savings institution" shall mean all savings institutions converting, merging, or consolidating pursuant to G.S. 54B‑44 or G.S. 54C‑45 and this Subchapter.

(2)           "Consolidation" shall mean a supervisory acquisition pursuant to G.S. 54B‑44 or G.S. 54C‑45 and this Subchapter.

(3)           "Merger" shall mean a supervisory merger pursuant to G.S. 54B‑44 or G.S. 54C‑45 and this Subchapter.

(4)           "Plan of merger" or "plan of consolidation" shall mean a detailed outline of the terms, conditions, and procedure of combining one savings institution, by merger or consolidation, with another savings institution.

(5)           "Short form conversion" shall mean a supervisory conversion of a savings institution from mutual to stock form of ownership, pursuant to G.S. 54B‑44 or G.S. 54C‑45 and this Subchapter.

(6)           "Combination merger and conversion" shall mean a supervisory conversion of a savings institution from mutual to stock form of ownership combined with a supervisory merger, pursuant to G.S. 54B‑44 or G.S. 54C‑45 and this Subchapter.

(7)           "Plan of combination merger and conversion" shall mean a detailed outline of the terms, conditions, and procedures of the short form conversion of a savings institution from mutual to stock form of ownership and combining the savings institution, by merger, with another savings institution.

History Note:        Authority G.S. 54B‑44; 54C‑45;

Eff. December 1, 1981;

Amended Eff. July 1, 1990; October 1, 1982;

Temporary Amendment Eff. October 2, 1991 for a period of 180 days to expire on March 31, 1992;

Amended Eff. November 1, 2017; February 15, 1992;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. November 22, 2018.