§ 47-21-30 — Majority vote required for approval--Articles of merger--Contents of articles--Affidavit of compliance.

If the proposed merger and the proposed articles of merger, with any amendments, are approved by the affirmative vote of a majority of those members of each cooperative voting thereon at each such meeting, articles of merger in the form approved shall be executed and acknowledged on behalf of each such cooperative by its president or vice - president and its seal shall be affixed thereto and attested by its secretary. The articles of merger shall recite that they are executed pursuant to this chapter and shall state: (1) The name of each merging cooperative and the address of its principal office; (2) The name of the surviving cooperative and the address of its principal office; (3) A statement that each merging cooperative and the surviving cooperative agree to the merger; (4) The names and addresses of the directors of the surviving cooperative; and (5) The terms and conditions of the merger and the mode of carrying the same into effect, including the manner in which members of the merging cooperatives may or shall become members of the surviving cooperative; and may contain any provisions not inconsistent with this chapter deemed necessary or advisable for the conduct of the business of the surviving cooperative. The president or vice - president of such cooperative executing such articles of merger shall make and annex thereto an affidavit stating that the provisions of this section and § 47-21-29 in respect of such articles were duly complied with by such cooperative.

Legislative History

SL 1947, ch 33, § 18; SDC Supp 1960, § 11.2218 (2); SL 1994, ch 350, § 2.