GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	2 

SENATE BILL 1088
Corrected Copy 7/28/97

Short Title:  Corporate Conversions.  	(Public)

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Sponsors: Senators Blust; Allran, Ballantine, Carpenter, Carrington, Clark, Cochrane, East, Forrester, Foxx, Garwood, Hartsell, Horton, Kincaid, Kinnaird, Ledbetter, McDaniel, Page, Rucho, Shaw of Guilford, and Webster.

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Referred to:  Commerce.

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July 24, 1997

A BILL TO BE ENTITLED
AN ACT TO AMEND THE LAW GOVERNING CORPORATE CONVERSIONS.
The General Assembly of North Carolina enacts:
Section 1. G.S. 58-65-130(3) reads as rewritten:
"(3)	No charter of any corporation subject to the provisions of this Article and Article 66 of this Chapter shall be amended to convert that corporation into either a mutual nonstock or stock accident and health insurance company or life insurance company subject to the provisions of Articles 1 through 64 of this Chapter without the approval of the General Assembly, by joint resolution.  The provisions of G.S. 58-65-155 are subject to this subdivision."
Section 2.  This act is effective when it becomes law.