New Mexico Statutes 3-29-20.1. Merger of two or more associations into one association
Upon approval by vote of a majority of a quorum of each membership, two or more associations may merge into one association pursuant to a plan of merger approved in the manner provided by this section. The board of directors of each association shall, by resolution adopted by each board, approve a plan of merger setting forth:
Terms Used In New Mexico Statutes 3-29-20.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Quorum: The number of legislators that must be present to do business.
A. the names of the associations proposing to merge, and the association into which they propose to merge, which is hereinafter designated as the “surviving association”;
B. the terms and conditions of the proposed merger, including transfer of assets and liabilities;
C. the manner and basis of converting each association’s obligations or other securities into the surviving association;
D. a statement of any changes in the certificate of association of the surviving association to be affected by the merger; and
E. other provisions with respect to the proposed merger as deemed necessary or desirable.