§ 40. Conversion of existing domestic corporations. Any corporation\norganized under the laws of this state and supplying or authorized to\nsupply electric energy may be converted into a cooperative by complying\nwith the following requirements and shall thereupon become subject to\nthis chapter with the same effect as if originally organized under this\nchapter:\n (a) The proposition for the conversion of such corporation into a\ncooperative and proposed articles of conversion to give effect thereto\nshall be submitted to a meeting of the members or stockholders of such\ncorporation, the notice of which shall have attached thereto a copy of\nthe proposed articles of conversion;\n (b) If the proposition for the conversion of such corporation into a\ncooperative and the proposed article
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§ 40. Conversion of existing domestic corporations. Any corporation\norganized under the laws of this state and supplying or authorized to\nsupply electric energy may be converted into a cooperative by complying\nwith the following requirements and shall thereupon become subject to\nthis chapter with the same effect as if originally organized under this\nchapter:\n (a) The proposition for the conversion of such corporation into a\ncooperative and proposed articles of conversion to give effect thereto\nshall be submitted to a meeting of the members or stockholders of such\ncorporation, the notice of which shall have attached thereto a copy of\nthe proposed articles of conversion;\n (b) If the proposition for the conversion of such corporation into a\ncooperative and the proposed articles of conversion, with any\namendments, are approved by the affirmative vote of not less than\ntwo-thirds of those members of such corporation voting thereon at such\nmeeting, or, if such corporation is a stock corporation, by the\naffirmative vote of the holders of not less than two-thirds of those\nshares of the capital stock of such corporation represented at such\nmeeting and voting thereon, articles of conversion in the form approved\nshall be executed and acknowledged on behalf of such corporation by its\npresident or vice-president and its seal shall be affixed thereto and\nattested by its secretary. The articles of conversion shall recite that\nthey are executed pursuant to this chapter and shall state: (1) the\nname of the corporation and the address of its principal office prior to\nits conversion into a cooperative; (2) the statute or statutes under\nwhich it was organized; (3) a statement that such corporation elects to\nbecome a cooperative, non-profit, membership corporation subject to this\nchapter; (4) its name as a cooperative; (5) the address of the principal\noffice of the cooperative; (6) the names and addresses of the directors\nof the cooperative; and (7) the manner in which members or stockholders\nof such corporation may or shall become members of the cooperative; and\nmay contain any provisions not inconsistent with this chapter deemed\nnecessary or advisable for the conduct of the business of the\ncooperative. The president or vice-president executing such articles of\nconversion shall make and annex thereto an affidavit stating that the\nprovisions of this section were duly complied with in respect of such\narticles. The articles of conversion shall be deemed to be the articles\nof incorporation of the cooperative.\n