North Carolina § 53-359 - Merger, share exchange, or asset transfer authority.

§ 53-359. Merger, share exchange, or asset transfer authority.

With the approval of the Commissioner, a State trust company may merge or exchange its shares with, or acquire or be acquired through a merger or share exchange with, another company, or may transfer to another company all or substantially all of its assets and liabilities, or may acquire from another company all or substantially all of its assets and liabilities. A merger or share exchange authorized by subsection (a) of this section, shall be governed by Article 11 of Chapter 55 of the General Statutes and G.S. 53C-7-205. An acquisition or transfer of assets authorized by subsection (a) of this section shall be governed by Article 12 of Chapter 55 of the General Statutes and G.S. 53C-7-205. History (2001-263, s. 1; 2012-56, s. 30.) Editor's Note. - G.S. 53-332(b), as added by Session Laws 2011-339, s. 10, provides: "The Commissioner may allow a State trust company to be organized as a company other than a corporation, and, in such case, references in this Article to provisions of Chapter 55 of the General Statutes shall refer to analogous provisions of law governing the formation and operation of that State trust company." Effect of Amendments. - Session Laws 2012-56, s. 30, effective October 1, 2012, substituted "G.S. 53C-7-205" for "G.S. 53-17" in two places in subsection (b).