10-11101
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10-11101. Approval of plan of merger A. One or more nonprofit corporations may merge into a business or nonprofit corporation if the board of directors of each corporation adopts, and, if required by section 10-11103, its members and other persons approve, a plan of merger. B. The plan of merger shall set forth all of the following: 1. The name of each corporation planning to merge and the name of the surviving corporation into which each other corporation plans to merge. 2. The terms and conditions of the merger. 3. The manner and basis, if any, of converting memberships of each merging corporation into memberships, obligations or securities of the surviving or any other corporation or into cash or other property in whole or in part. C. The plan of merger may set forth: 1. Amendments to the articles of incorporation of the surviving corporation. 2. Other provisions relating to the merger. |