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.