Sec. 10.25.260. Consolidation.

146 words·~1 min read·/ak/title-10/chapter-25/10-25-260·

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

Two or more cooperatives, designated in this section as “consolidating cooperative,” may consolidate into a new cooperative, designated in this section as the “new cooperative,” by complying with the following requirements:

(1)the proposition for the consolidation into the new cooperative and proposed articles of consolidation shall be submitted to the members of each consolidating cooperative; the notice shall have attached to it a copy of the proposed articles of consolidation;

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