Arizona § 10-2073 Merger, interest exchange, conversion, domestication or division; definitions

Arizona Statutes

§ 10-2073 — Merger, interest exchange, conversion, domestication or division; definitions

Arizona·Title 10 Arizona Revised Statutes·Ch. 19 NOT FOR PROFIT CORPORATIONS AND ASSOCIATIONS, COOPERATIVES AND FRATERNAL AND BENEVOLENT SOCIETIES·Art. 2 Electric Cooperative Nonprofit Membership Corporations

A.A domestic electric cooperative nonprofit membership corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6. A plan must be approved by two-thirds of the members.

B.If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply:

1.The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053.

2.The name of the corporation must comply with section 10-2054.

C.For the purposes of this section:

1."Conversion" means a transaction authorized by title 29,

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A. A domestic electric cooperative nonprofit membership corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6. A plan must be approved by two-thirds of the members.

B. If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply:

1. The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053.

2. The name of the corporation must comply with section 10-2054.

C. For the purposes of this section:

1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.

2. "Division" means a transaction authorized by title 29, chapter 6, article 6.

3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.

4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.

5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.

6. "Plan" means a plan of merger, interest exchange, conversion, domestication or division.

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