Arizona § 10-2139 Merger, interest exchange, conversion, domestication or division; definitions

Arizona Statutes

§ 10-2139 — 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. 4 Nonprofit Electric Generation and Transmission Cooperative Corporations

A.A domestic nonprofit electric generation and transmission cooperative 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.

B.Except as set forth in section 10-2141, a plan must be approved by two-thirds of the members.

C.If a domestic nonprofit electric generation and transmission cooperative corporation is to be created in a merger, a conversion, domestication or a division:

1.The initial members of the corporation must consist of two or more electric utilities or persons that fulfill the requirements for being a member as prescribed by section 10-2123.

2.The name of the corporation must comply with section 10-2124.

D.For the purposes

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A. A domestic nonprofit electric generation and transmission cooperative 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.

B. Except as set forth in section 10-2141, a plan must be approved by two-thirds of the members.

C. If a domestic nonprofit electric generation and transmission cooperative corporation is to be created in a merger, a conversion, domestication or a division:

1. The initial members of the corporation must consist of two or more electric utilities or persons that fulfill the requirements for being a member as prescribed by section 10-2123.

2. The name of the corporation must comply with section 10-2124.

D. 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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