§ 10-15-41 — Merger and consolidation

If otherwise lawful, any two or more associations may merge or consolidate under this
chapter or under the law of the state where the surviving or new association will exist. Before a

cooperative may merge or consolidate with any other association, a written plan of merger or
consolidation shall be prepared by the board or by a committee selected by the board or the
members for that purpose. Such plan shall set forth all the terms of the merger or consolidation
and the proposed effect thereof on all members and stockholders of the cooperative. In case of
consolidation, the plan shall also contain the articles of the new association. The members shall
approve the plan in the manner provided in section 10-15-37 for amendments to the articles.