§ 2-2-303 — Procedure for merger

(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter. (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth: (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.

Legislative History

Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028.