10-2073. Merger, interest exchange, conversion, domestication or division; definitions A. A domestic electric cooperative nonprofit membership corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6. A plan must be approved by two-thirds of the members. B. If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply: 1. The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053. 2. The name of the corporation must comply with section 10-2054. C. For the purposes of this section: 1. " Conversion" means a transaction authorized by title 29, chapter 6, article 4. 2. " Division" means a transaction authorized by title 29, chapter 6, article 6. 3. " Domestication" means a transaction authorized by title 29, chapter 6, article 5. 4. " Interest exchange" means a transaction authorized by title 29, chapter 6, article 3. 5. " Merger" means a transaction authorized by title 29, chapter 6, article 2. 6. " Plan" means a plan of merger, interest exchange, conversion, domestication or division.
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