§ 49-33-30 — Consolidation or merger with other corporations--Approval of plan.

South Dakota § 49-33-30

• Jurisdiction: South Dakota
• Title 49: PUBLIC UTILITIES AND CARRIERS
• Ch. 49-32A: ELECTRIC, STREET RAILWAY AND GAS CORPORATIONS

Text

Any corporation organized under chapter 49-33 may merge with any one or more other corporations, domestic or foreign, into a single corporation, which may be any one of the constituent corporations, or may consolidate with any such corporations into a new corporation formed by the consolidation. Each of the constituent corporations shall enter into a plan of merger or consolidation. Such plan shall, in the case of each corporation organized under this chapter, first be approved by the board of directors of each such corporation and shall thereafter be submitted to and approved by each such corporation by a vote of the stockholders holding a majority, or such greater percentage as is provided in its articles of incorporation, of each class of the corporation's outstanding stock entitled to vote thereon under the corporation's articles of incorporation at an annual or special meeting of stockholders called by the board of directors for the purpose of acting on the plan. Such consolidation or merger shall otherwise be in conformance with and enjoy the benefits of §§ 47-1A-1101 to 47-1A-1108 , inclusive.

Legislative History

SL 1986, ch 396, § 11; SL 2005, ch 202, § 11.