§ 2-2-304 — Procedure for consolidation

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

Legislative History

Acts 1981, No. 121, § 3; A.S.A. 1947, § 77-1029.