§ 11-103-702 — Approval of merger by directors

(1) Where there is to be a
resulting state bank, the board of directors of each constituent state bank shall, by
a majority of the entire board, approve a merger agreement, which agreement shall
contain:

(a) The name of each constituent bank and the location of each office;

(b) With respect to the resulting bank, the name and the location of each
proposed office; the name and residence of each director to serve until the next
annual meeting of the stockholders; the name and residence of each officer; the
amount of capital, the number of shares, and the par value of each share; whether
preferred stock is to be issued and the amount, terms, and preferences; the
amendments to the charter and bylaws;

(c) The terms for the exchange of shares of the constituent banks for those
of the resulting bank;

(d) A statement that the agreement is subject to approval by the banking
board and by the stockholders of each constituent bank;

(e) Provisions governing the manner of disposing of the shares of the
resulting state bank not taken by dissenting shareholders of constituent banks;

(f) Such other provisions as the banking board requires to enable it to
discharge its duties with respect to the merger.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1096, � 3, effective July 1.