§ 8-1-17.5-7 — Authority to merge or consolidate; status of surviving or successor corporation

Indiana § 8-1-17.5-7

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 17.5: Merger or Consolidation of Rural Electric

Text

(a) A corporation organized under IC 8-1-13
may merge or consolidate with:
(1) one (1) or more cooperative corporations organized under IC 8-1-17; or
(2) one (1) or more corporations formed under this chapter;
if a plan of merger or consolidation that complies with section 8 of this
chapter is approved under section 9 of this chapter.
(b) A cooperative corporation organized under IC 8-1-17 may merge
or consolidate with:
(1) one (1) or more corporations organized under IC 8-1-13; or
(2) one (1) or more corporations formed under this chapter;
if a plan of merger or consolidation that complies with section 8 of this
chapter is approved under section 9 of this chapter.
(c) A surviving corporation or successor corporation formed under
this chapter:
(1) has all the rights, powers, privileges, immunities, and
exemptions of:
(A) a local district corporation organized under IC 8-1-13; and
(B) a local cooperative corporation organized under IC 8-1-17;
and
(2) is considered to be both:
(A) a local district corporation, within the meaning of that term
as used in IC 8-1-13; and
(B) a local cooperative corporation, within the meaning of that
term as used in IC 8-1-17.

Legislative History

As added by P.L.18-2010, SEC.1.