54B-40. Voluntary dissolution by directors.
A State association may be voluntarily dissolved by a majority vote of the board of directors when substantially all of the assets have been sold for the purpose of terminating the business of the association or as provided in G.S. 55-14-01, and when a certificate of dissolution is recorded in the manner required by this Chapter for the recording of certificates of incorporation. (1981, c. 282, s. 3; 1989 (Reg. Sess., 1990), c. 806, s. 20; 1991, c. 707, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 54B - Savings and Loan Associations
Article 3 - Fundamental Changes.
§ 54B-30 - Conversion from State to federal association.
§ 54B-31 - Conversion from federal to State association.
§ 54B-32 - Simultaneous charter and ownership conversion.
§ 54B-33 - Conversion of mutual to stock association.
§ 54B-34 - Conversion of stock associations to mutual associations.
§ 54B-34.1 - Conversion to State association.
§ 54B-34.2 - Conversion to bank.
§ 54B-35 - Merger of like savings and loan associations.
§ 54B-36 - Merger of associations where ownership is converted.
§ 54B-37 - Merger of mutual and stock associations.
§ 54B-37.1 - Simultaneous conversion/merger.
§ 54B-39 - Merger of federal with State associations.
§ 54B-40 - Voluntary dissolution by directors.
§ 54B-41 - Voluntary dissolution by stockholders or members.
§ 54B-42 - Rules, regulations and reports of voluntary dissolution.
§ 54B-45 - Interim associations.