§ 55A-11-08. Merger with business corporation.
§ 55A‑11‑08. Merger with business corporation.
(a) One or moredomestic or foreign business corporations may merge with one or more domesticnonprofit corporations if:
(1) Each domesticbusiness corporation complies with the applicable provisions of G.S. 55‑11‑01,55‑11‑03, and 55‑11‑04;
(2) In a mergerinvolving one or more foreign business corporations, the merger is permitted bythe law of the state or country under whose law each foreign businesscorporation is incorporated and each foreign business corporation complies withthat law in effecting the merger;
(3) The domestic orforeign business corporation complies with G.S. 55A‑11‑04 if it isthe surviving corporation; and
(4) Each domesticnonprofit corporation complies with the applicable provisions of G.S. 55A‑11‑01through G.S. 55A‑11‑03 and, if it is the surviving corporation,with G.S. 55A‑11‑04.
(b) Repealed by SessionLaws 2005, c. 268, s. 43.
(c) This section doesnot limit the power of a domestic or foreign business corporation to acquireall or part of the memberships of one or more classes of a domestic nonprofitcorporation through a voluntary exchange or otherwise. (1995, c. 400, s. 8; 2001‑387,ss. 38, 39; 2005‑268, s. 43.)