499.62 - MERGER.
499.62 MERGER. Any two or more cooperative associations may merge into one cooperative association in the following manner: The board of directors of each cooperative association shall, by resolution adopted by a majority vote of all members of each board, approve a plan of merger which shall set forth: 1. The names of the cooperative associations proposing to merge and the name of the surviving association. 2. The terms and conditions of the proposed merger. 3. A statement of any changes in the articles of incorporation of the surviving association. 4. Other provisions deemed necessary or desirable.
Section History: Early Form [C71, 73, 75, 77, 79, 81, § 499.62] Merger with other business entities; §501A.1101--501A.1104