Favorable Federal Tax Aspects of Share Exchange. The parties hereto shall have received favorable assurances which are satisfactory to the Bank and the Corporation, either in the form of a favorable opinion of independent certified public accountants or of legal counsel, to the effect that the Share Exchange will be treated for tax purposes under the Internal Revenue Code of 1986, as amended, as a tax-free reorganization, and that such related matters as are customarily covered by such opinions shall be favorably treated for tax purposes.
Appears in 3 contracts
Samples: Agreement and Plan (Bank of the Carolinas CORP), Agreement and Plan of Reorganization (Mountainbank Financial Corp), Agreement and Plan of Reorganization (Mountainbank Financial Corp)
Favorable Federal Tax Aspects of Share Exchange. The parties hereto shall have received favorable assurances which are satisfactory to the Bank Mountain 1st and the Corporation, either in the form of a favorable opinion of independent certified public accountants or of legal counsel, to the effect that the Share Exchange will be treated for tax purposes under the Internal Revenue Code of 1986, as amended, as a tax-free reorganization, and that such related matters as are customarily covered by such opinions shall be favorably treated for tax purposes.
Appears in 1 contract
Favorable Federal Tax Aspects of Share Exchange. The parties hereto shall have received favorable assurances which are satisfactory to the Bank and the Corporation, either in the form of a favorable opinion of independent certified public accountants or of legal counsel, to the effect that the Share Exchange will be treated for tax purposes under the Internal Revenue Code of 1986, as amended, as a tax-free reorganization, and that such related matters as are customarily covered by such opinions shall be favorably treated for tax purposes.
Appears in 1 contract
Favorable Federal Tax Aspects of Share Exchange. The parties hereto Bank shall have received favorable assurances which are satisfactory to the Bank and the Corporationit, either in the form of a favorable opinion of either the Bank’s independent certified public accountants or of its legal counsel, to the effect that the Share Exchange will be treated for tax purposes under the Internal Revenue Code of 1986, as amended, as a tax-free reorganization, and that such related matters as are customarily covered by such opinions shall be favorably treated for tax purposes.
Appears in 1 contract
