Common use of Antitakeover Provisions Inapplicable Clause in Contracts

Antitakeover Provisions Inapplicable. The transactions contemplated by this Agreement are not subject to the requirements of any "moratorium," "control share," "fair price," "affiliate transactions," "business combination" or other antitakeover or laws and regulations of any state, including the provisions of Sections 55-9-1 et. seq. and 55-9A-1 et. seq. of the NCBCA ("Takeover Laws") applicable to Innes Street or Citizens Bank. The shareholder voting restrictions contained in Section 7.2 of Innes Street's articles of incorporation do not apply to the Merger. The affirmative vote of a majority of the issued and outstanding shares of Innes Street Common Stock is required to approve this Agreement under Innes Street's articles of incorporation and the NCBCA.