Any two or more cooperatives may merge into one cooperative in the manner provided in this section. The board of directors of each cooperative shall, by resolution adopted by a majority vote of all members of each board, approve a plan of merger which shall set forth all of the following:
 1. The names of the cooperatives proposing to merge and the name of the surviving cooperative.

Terms Used In Iowa Code 501.612

  • Articles: means the cooperative's articles of association. See Iowa Code 501.101
  • Board: means the cooperative's board of directors. See Iowa Code 501.101
  • Cooperative: means a cooperative association organized under this chapter or converted to this chapter pursuant to section 501. See Iowa Code 501.101
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Merger: means the uniting of two or more cooperatives organized under this chapter into one cooperative organized under this chapter, in such manner that one of the merging associations continues to exist and absorbs the others, which cease to exist as entities. See Iowa Code 501.611
 2. The terms and conditions of the proposed merger.
 3. A statement of any changes in the articles of association of the surviving cooperative.
 4. Other provisions deemed necessary or desirable.
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