Sec. 10.25.240. Merger.

211 words·~1 min read·/ak/title-10/chapter-25/10-25-240·

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

(a)Except as provided in

(b)of this section, one or more cooperatives, each designated in this section as “merging cooperative,” may merge into another cooperative, designated in this section as “surviving cooperative,” by complying with the following requirements:

(1)the proposition for the merger of the merging cooperatives into the surviving cooperative and proposed articles of merger shall be submitted to the members of each merging cooperative and of the surviving cooperative; the notice shall have attached to it a copy of the proposed articles of merger;

(2)if the proposed merger and the proposed articles of merger, with any amendments, are approved by the affirmative vote of not less than two-thirds of those members of each cooperative voting on them, articles of merger in the form approved shall be executed and acknowledged on behalf of each cooperative by its presiding officer and its seal shall be affixed by the officer designated by the board.

(b)A merger of electric or telephone cooperatives may not take effect unless the surviving cooperative expressly agrees to comply with the terms of each collective bargaining agreement entered into between a merging cooperative and a labor organization representing employees of the cooperative that is in effect on the date of merger.