CONDITIONS PRECEDENT TO THE EXCHANGE. The Exchange shall be subject to the satisfaction of the following conditions: (a) Ratification and confirmation of this Agreement by approval of a majority of the Shareholders and by approval of the sole shareholder of the Holding Company as required by law; (b) Approvals by the Board of Governors of the Federal Reserve System to the Exchange and the transactions related thereto; (c) Approval, to the extent required, of any other governmental or regulatory authority; (d) Receipt of a favorable opinion with respect to the tax consequences of the proposed Exchange from the Bank's counsel; and (e) Expiration of any waiting period required by any supervisory authority.
Appears in 2 contracts
Samples: Agreement and Plan of Reorganization and Share Exchange (Crescent Financial Corp), Agreement and Plan of Reorganization and Share Exchange (Carolina Bank Holdings Inc)
CONDITIONS PRECEDENT TO THE EXCHANGE. The Exchange shall be subject to the satisfaction of the following conditions:
(a) Ratification and confirmation of this Agreement by approval of a majority of the Shareholders and by approval of the sole shareholder of the Holding Company as required by law;
(b) Approvals by the Board of Governors of the Federal Reserve System to of the Exchange and the transactions related thereto;
(c) Approval, to the extent required, of any other governmental or regulatory authority;
(d) Receipt of a favorable opinion with respect to the tax consequences of the proposed Exchange from the Bank's counselExchange; and
(e) Expiration of any waiting period required by any supervisory authority.
Appears in 2 contracts
Samples: Reorganization and Share Exchange Agreement (Park Sterling Corp), Agreement and Plan of Reorganization and Share Exchange (AB&T Financial CORP)
CONDITIONS PRECEDENT TO THE EXCHANGE. The Exchange shall be subject to the satisfaction of the following conditions:
(a) Ratification and confirmation of this Agreement by approval of a majority of the Shareholders and by approval of the sole shareholder of the Holding Company as required by law;
(b) Approvals by the Board of Governors of the Federal Reserve System to the Exchange and the transactions related thereto;
(c) Approval, to the extent required, of any other governmental or regulatory authority;
(d) Receipt of a favorable opinion with respect to the tax consequences of the proposed Exchange from the Bank's ’s counsel; and
(e) Expiration of any waiting period required by any supervisory authority.
Appears in 1 contract
Samples: Reorganization and Share Exchange Agreement (New Century Bancorp Inc)
