(a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter. (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth: (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable. Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028. (a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter. (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth: (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable. Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028. (a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter. (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth: (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable. Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028. (a) Any two (2) or more domestic associations created under § 2-2-101 et seq. may merge into one (1) of these associations under a plan of merger approved in the manner provided in this subchapter. (b) The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth: (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable. (1) The names of the associations proposing to merge and the name of the association into which they propose to merge, which is designated as the "surviving association"; (2) The terms and conditions of the proposed merger; (3) The manner and basis of converting the shares, patronage, or other interests of each merging association into shares or other interests of the surviving association; (4) A statement of any changes in the articles of incorporation of the surviving association to be affected by the merger; (5) The time when the merger shall become effective; and (6) Such other provisions with respect to the proposed merger as are deemed necessary or desirable. Acts 1981, No. 121, § 2; A.S.A. 1947, § 77-1028.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.