Iowa Code 499.62 – Merger
Current as of: 2023 | Check for updates
|
Other versions
1. Any two or more cooperative associations may merge into one cooperative association in the manner provided in this section.
Terms Used In Iowa Code 499.62
- Association: means a corporation formed under this chapter. See Iowa Code 499.2
- cooperative association: means any of the following:a. See Iowa Code 499.43A
- Merger: means the uniting of two or more cooperative associations into one cooperative association, in such manner that one of the merging associations retains its corporate existence and absorbs the others, which cease to exist as corporate entities. See Iowa Code 499.61
2. The board of directors of each cooperative association shall, by resolution adopted by a majority vote of all members of each board, approve a plan of merger which shall set forth:a. The names of the cooperative associations proposing to merge and the name of the surviving association.b. The terms and conditions of the proposed merger.c. A statement of any changes in the articles of incorporation of the surviving association.d. Other provisions deemed necessary or desirable.