{"data":{"id":"us-nc/n.c.-gen.-stat.-54c-34","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 54C-34","heading":"Conversion of stock savings bank to mutual savings bank.","body":"A stock savings bank organized and operating under this Chapter may, subject to the approval of the Commissioner of Banks, convert to a mutual savings bank under this section. Any rules that the Commissioner of Banks may adopt governing the conversion of stock savings banks to mutual savings banks shall include requirements that:\n(1)\tThe conversion neither impair the capital of the converting savings bank nor adversely affect its operations;\n(2)\tThe conversion shall be fair and equitable to all stockholders of the converting savings bank;\n(3)\tThe public shall not be adversely affected by the conversion;\n(4)\tConversion of a savings bank shall be accomplished only under a plan approved by the Commissioner of Banks. The plan shall have been approved by an affirmative vote of two-thirds of the members of the board of directors of the converting savings bank, after a full and fair disclosure to the stockholders, by an affirmative vote of a majority of the total votes that stockholders of the savings bank are eligible and entitled to cast; and\n(5)\tThe plan of conversion provides that:\na.\tDeposit accounts be issued in connection with the conversion to the stockholders of the converting savings bank;\nb.\tA uniform date be fixed for the determination of the stockholders to whom, and the amount to each stockholder of which, deposit accounts shall be made available; and\nc.\tDeposit accounts so made available to stockholders be based upon a fair and equitable formula approved by the Commissioner of Banks and fully and fairly disclosed to the stockholders of the converting savings bank. (1991, c. 680, s. 1; 2001-193, s. 16.)","path":["Chapter 54C. Savings Banks.","Article 3. Corporate Changes."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_54C/GS_54C-34.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:05:47Z","sha256":"4628009f636cb8fb43f701af21f8f7bc266f6cc45bf64dfd6aaf218283038a36","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-54c-33","next":"us-nc/n.c.-gen.-stat.-54c-35"},"notice":"GroundRules: Original legal text. Not legal advice."}