(a) Two or more electric cooperatives may enter into an agreement to consolidate the cooperatives. The agreement must state:
(1) the terms of the consolidation;
(2) the name of the proposed consolidated cooperative;
(3) the number of directors of the proposed consolidated cooperative;
(4) the time of the annual meeting and election; and
(5) the names of at least three persons to be directors until the first annual meeting.
(b) A consolidation agreement may be approved only on the votes of a majority of the members of each electric cooperative present in person or represented by proxy at a regular meeting or at a special meeting of its members called for that purpose.