Two or more cooperatives licensed in this State under this law, each of which is designated a “consolidating cooperative,” may consolidate into a new cooperative, designated the “new cooperative,” by complying with the following requirements:
(1)The proposition for the consolidation of the consolidating cooperatives into the new cooperative and proposed articles of consolidation to effect the same shall be submitted to a meeting of the members of each consolidating cooperative, the notice of which shall have been attached to a copy of the proposed articles of consolidation.
(2)If the proposed consolidation and the proposed articles of consolidation, with amendments, are approved by the affirmative vote of not less than two-thirds of the members of each consolidating cooperative voting at
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Two or more cooperatives licensed in this State under this law, each of which is designated a “consolidating cooperative,” may consolidate into a new cooperative, designated the “new cooperative,” by complying with the following requirements:
(1) The proposition for the consolidation of the consolidating cooperatives into the new cooperative and proposed articles of consolidation to effect the same shall be submitted to a meeting of the members of each consolidating cooperative, the notice of which shall have been attached to a copy of the proposed articles of consolidation.
(2) If the proposed consolidation and the proposed articles of consolidation, with amendments, are approved by the affirmative vote of not less than two-thirds of the members of each consolidating cooperative voting at each meeting, articles of consolidation in the form approved shall be executed and acknowledged on behalf of each consolidating cooperative by its president or vice president and its seal shall be affixed and attested by its secretary. The articles of consolidation shall recite that they are executed pursuant to this chapter and shall state: (A) the name of each consolidating cooperative and the address of its principal office; (B) the name of the new cooperative and the address of its principal office; (C) a statement that each consolidating cooperative agrees to the consolidation; (D) the names and addresses of the directors of the new cooperative; and (E) the terms and conditions of the consolidation and the mode of carrying the same into effect, including the manner in which members of the consolidating cooperative may or shall become members of the new cooperative; and may contain provisions not inconsistent with law or this chapter deemed necessary or advisable for the conduct of the business of the new cooperative. The president or vice president of each consolidating cooperative executing articles of consolidation shall make and attach an affidavit stating that the provisions of this section in respect of such articles were duly complied with by the cooperative. (Amended 1999, No. 143 (Adj. Sess.), § 16; 2023, No. 85 (Adj. Sess.), § 419, eff. July 1, 2024.)