§ 32. Consolidation. Any two or more cooperatives (each of which is\nhereinafter designated a "consolidating cooperative"), may consolidate\ninto a new cooperative (hereinafter designated the "new cooperative"),\nby complying with the following requirements:\n (a) The proposition for the consolidation of the consolidating\ncooperatives into the new cooperative and proposed articles of\nconsolidation to give effect thereto shall be submitted to a meeting of\nthe members of each consolidating cooperative, the notice of which shall\nhave attached thereto a copy of the proposed articles of consolidation;\n (b) If the proposed consolidation and the proposed articles of\nconsolidation, with any amendments, are approved by the affirmative vote\nof not less than two-thirds of those members of
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§ 32. Consolidation. Any two or more cooperatives (each of which is\nhereinafter designated a "consolidating cooperative"), may consolidate\ninto a new cooperative (hereinafter designated the "new cooperative"),\nby complying with the following requirements:\n (a) The proposition for the consolidation of the consolidating\ncooperatives into the new cooperative and proposed articles of\nconsolidation to give effect thereto shall be submitted to a meeting of\nthe members of each consolidating cooperative, the notice of which shall\nhave attached thereto a copy of the proposed articles of consolidation;\n (b) If the proposed consolidation and the proposed articles of\nconsolidation, with any amendments, are approved by the affirmative vote\nof not less than two-thirds of those members of each consolidating\ncooperative voting thereon at each such meeting, articles of\nconsolidation in the form approved shall be executed and acknowledged on\nbehalf of each consolidating cooperative by its president or\nvice-president and its seal shall be affixed thereto and attested by its\nsecretary. The articles of consolidation shall recite that they are\nexecuted pursuant to this chapter and shall state: (1) the name of each\nconsolidating cooperative and the address of its principal office; (2)\nthe name of the new cooperative and the address of its principal office;\n(3) a statement that each consolidating cooperative agrees to the\nconsolidation; (4) the names and addresses of the directors of the new\ncooperative; and (5) the terms and conditions of the consolidation and\nthe mode of carrying the same into effect, including the manner in which\nmembers of the consolidating cooperatives may or shall become members of\nthe new cooperative; and may contain any provisions not inconsistent\nwith this chapter deemed necessary or advisable for the conduct of the\nbusiness of the new cooperative. The president or vice-president of each\nconsolidating cooperative executing such articles of consolidation shall\nmake and annex thereto an affidavit stating that the provisions of this\nsection in respect of such articles were duly complied with by such\ncooperative.\n