Montana Code 35-14-931. Plan of conversion
35-14-931. Plan of conversion. (1) A domestic corporation may convert to a domestic or foreign eligible entity under 35-14-930 through 35-14-935 by approving a plan of conversion. The plan of conversion must include:
Terms Used In Montana Code 35-14-931
- Conversion: means a transaction pursuant to 35-14-930 through 35-14-935. See Montana Code 35-14-901
- Converted entity: means the converting entity as it continues in existence after a conversion. See Montana Code 35-14-901
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dependent: A person dependent for support upon another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means real and personal property. See Montana Code 1-1-205
- Writing: includes printing. See Montana Code 1-1-203
(a)the name of the converting corporation;
(b)the name, jurisdiction of formation, and type of entity of the converted entity;
(c)the manner and basis of converting the shares of the domestic corporation into eligible interests or other securities, obligations, rights to acquire eligible interests or other securities, cash, other property, or any combination;
(d)the other terms and conditions of the conversion; and
(e)the full text that will be in effect immediately after the conversion becomes effective of the organic rules of the converted entity, which must be in writing.
(2)In addition to the requirements of subsection (1), a plan of conversion may contain any other provision not prohibited by law.
(3)The terms of a plan of conversion may be made dependent on facts objectively ascertainable outside the plan in accordance with 35-14-120(11).