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: Reorganization and Share Exchange Agreement (Bank of the Carolinas CORP), Reorganization and Share Exchange Agreement (Mountainbank Financial Corp), Reorganization and Share Exchange Agreement (Mountainbank Financial Corp)
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
Samples: Reorganization and Share Exchange Agreement (Bank of Wilmington CORP)
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
Samples: Agreement and Plan of Holding Company Reorganization and Share Exchange (North State Bancorp)
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
Samples: Reorganization and Share Exchange Agreement (1st Financial Services CORP)
