GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION

CHAPTER 163
HOUSE BILL 495

AN ACT TO MAKE OMNIBUS AND TECHNICAL CHANGES TO THE SAVINGS INSTITUTIONS LAWS.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 54B-75 reads as rewritten:
"§ 54B-75. Statement; fees.
Every State association shall file in the office of the Administrator, on or before the first day of February in each year, in such form as the Administrator shall prescribe, a statement of the business standing and financial condition of such association on the preceding 31st day of December. This statement shall be signed and sworn to by the secretary or other officer duly authorized by the board of directors of the association before a notary public. The statement shall be accompanied by a filing fee set by the Administrator, subject to the advice and consent of the Commission. The filing fees shall be used to defray the expenses incurred by the Division in supervising State associations."
Sec. 2.  G.S. 54B-76 reads as rewritten:
"§ 54B-76. Statement examined, approved, and published.
It shall be the duty of the Administrator to receive and thoroughly examine each annual statement required by G.S. 54B-75, and if made in compliance with the requirements thereof, each State association shall at its own expense, publish an abstract of the same in a newspaper having general circulation within each market area of the association as selected by the managing officer. "
Sec. 3.  G.S. 54C-62 reads as rewritten:
"§ 54C-62.  Statement filed by savings bank; fees.
A State savings bank shall file in the office of the Administrator, on or before the first day of February in each year, in the form prescribed by the Administrator, a statement of the business standing and financial condition of the savings bank on the preceding 31st day of December, signed and sworn to by the secretary or other officer duly authorized by the board of directors of the savings bank before a notary public.  The statement shall be accompanied by a filing fee set by the Administrator, subject to the advice and consent of the Commission.  The filing fees shall be used to defray the expenses incurred by the Division in supervising State savings banks."
Sec. 4.  G.S. 54C-63 reads as rewritten:
"§ 54C-63.  Statement examined, approved, and published.
It is the duty of the Administrator to receive and thoroughly examine each annual statement required by G.S. 54C-62, and if made in compliance with the requirements thereof, each State savings bank shall at its own expense, publish an abstract of the same in a newspaper having general circulation within each market area of the savings bank as selected by the managing officer. "
Sec. 5.  Article 3 of Chapter 54B of the General Statutes is amended by adding the following new sections to read:
"§ 54B-34.1. Conversion to State association.
(a)	A savings bank or State or national bank, upon a majority vote of its board of directors, may apply to the Administrator for permission to convert to a State association and for certification of appropriate amendments to its certificate of incorporation to effect the change.  Upon receipt of an application to convert to a State association, the Administrator shall examine all facts connected with the conversion.  The depository institution applying for permission to convert shall pay all the expenses and costs of examination.
(b)	The converting depository institution shall submit a plan of conversion as a part of the application to the Administrator.  The Administrator may approve it with or without amendment.  If the Administrator approves the plan, then the plan shall be submitted to the members or stockholders as provided in subsection (c) of this section.  If the Administrator refuses to approve the plan, the Administrator's objections shall be stated in writing and the converting depository institution shall be given an opportunity to amend its plan to obviate the objections or to appeal the Administrator's decision to the Commission.
(c)	After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan shall be approved by a majority of the votes or shares present, in person or by proxy.  Following the vote of the members or stockholders, the results of the vote certified by an appropriate officer of the converting depository institution shall be filed with the Administrator.  The Administrator shall then either approve or disapprove the requested conversion to a State association.  After approval of the conversion, the Administrator shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion.
"§ 54B-34.2. Conversion to bank. 
(a)	A savings and loan association, upon a majority vote of its board of directors, may apply to the Administrator for permission to convert to a bank, as defined under G.S. 53-1(1), or to a national bank or other form of depository institution and for certification of appropriate amendments to its certificate of incorporation to effect the change.  Upon receipt of an application to so convert, the Administrator shall examine all facts connected with the conversion including receipt of approval of the converting institution's plan of conversion by other federal or state regulatory agencies having jurisdiction over the institution upon completion of its conversion.  The depository institution applying for permission to convert shall pay all the expenses and costs of examination.
(b)	The converting depository institution shall submit a plan of conversion as a part of the application to the Administrator.  The Administrator may approve it with or without amendment.  If the Administrator approves the plan, then the plan shall be submitted to the members or stockholders as provided in subsection (c) of this section.  If the Administrator refuses to approve the plan, the Administrator's objections shall be stated in writing and the converting depository institution shall be given an opportunity to amend its plan to obviate the objections or to appeal the Administrator's decision to the Commission.
(c)	After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan shall be approved by the members or the shareholders at a duly called and properly convened meeting of the members or shareholders.  Following the meeting of the members or shareholders, the results of the vote certified by an appropriate officer of the converting depository institution shall be filed with the Administrator.  The Administrator shall then either approve or disapprove the requested conversion to a bank, national bank, or other form of depository institution.  After approval of the conversion, the Administrator shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion."
Sec. 6.  Article 3 of Chapter 54C of the General Statutes is amended by adding the following new section to read:
"§ 54C-47. Conversion to bank.
(a)	A State savings bank, upon a majority vote of its board of directors, may apply to the Administrator for permission to convert to a bank, as defined under G.S. 53‑1(1), or to a national bank or other form of depository institution and for certification of appropriate amendments to its certificate of incorporation to effect the change.  Upon receipt of an application to so convert, the Administrator shall examine all facts connected with the conversion, including receipt of approval of the converting institution's plan of conversion by other federal or state regulatory agencies having jurisdiction over the institution upon completion of its conversion.  The depository institution applying for permission to convert shall pay all the expenses and costs of examination.
(b)	The converting depository institution shall submit a plan of conversion as a part of the application to the Administrator.  The Administrator may approve it with or without amendment.  If the Administrator approves the plan, then the plan shall be submitted to the members or stockholders as provided in subsection (c) of this section.  If the Administrator refuses to approve the plan, the Administrator's objections shall be stated in writing and the converting depository institution shall be given an opportunity to amend its plan to obviate the objections or to appeal the Administrator's decision to the Commission.
(c)	After lawful notice to the members or stockholders of the converting depository institution and full and fair disclosure, the substance of the plan shall be approved by the members or the shareholders at a duly called and properly convened meeting of the members or shareholders.  Following the meeting of the members or shareholders, the results of the vote certified by an appropriate officer of the converting depository institution shall be filed with the Administrator.  The Administrator shall then either approve or disapprove the requested conversion to a bank, national bank, or other form of depository institution.  After approval of the conversion, the Administrator shall supervise and monitor the conversion process and shall ensure that the conversion is conducted lawfully and under the approved plan of conversion."
Sec. 7.  This act becomes effective October 1, 1993.
In the General Assembly read three times and ratified this the 15th day of June, 1993.

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Dennis A. Wicker
President of the Senate

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Daniel Blue, Jr.
Speaker of the House of Representatives