Sec. 10.20.236. Adoption of plan of merger or consolidation.

201 words·~1 min read·/ak/title-10/chapter-20/10-20-236

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A plan of merger or consolidation shall be adopted in the manner set out in this section.

(b)If the members of a merging or consolidating corporation are entitled to vote, the board of directors of the corporation shall adopt a resolution approving the proposed plan and directing that it be submitted to a vote at a meeting of members entitled to vote, which may be either an annual or a special meeting. Written notice setting forth the proposed plan or a summary shall be given to each member entitled to vote at the meeting within the time and in the manner provided in this chapter for the giving of notice of meetings of members. The proposed plan shall be adopted upon receiving at least two-thirds of the votes which members present at the meeting or represented by proxy are entitled to cast.

(c)If a merging or consolidating corporation has no members, or no members entitled to vote, a plan of merger or consolidation shall be adopted at a meeting of the board of directors of the corporation upon receiving the vote of a majority of the directors in office.