A plan of consolidation approved by a resolution of the board of each corporation shall be proposed setting out (1) the names of the corporations proposing to consolidate and the name of the new corporation into which they propose to consolidate; (2) the terms and conditions of the proposed consolidation; (3) the manner and basis of converting the shares of each corporation into shares or other securities or obligations of the new corporation; (4) the statements with respect to the new corporation required to be set out in the articles of incorporation for corporations organized under this chapter; and (5) other provisions of the consolidation considered necessary or desirable.
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