10-2073. Merger, interest exchange, conversion, domestication or division; definitions
201 words·~1 min read·
/az/title-10/10-2073A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A domestic electric cooperative nonprofit membership corporation may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6. A plan must be approved by two-thirds of the members.
B. If a domestic electric cooperative nonprofit membership corporation is to be created in a merger, a conversion, a domestication or a division, both of the following apply:
1. The initial members of the corporation must consist of five or more natural persons or two or more cooperatives in accordance with section 10-2053.
2. The name of the corporation must comply with section 10-2054.
C. For the purposes of this section:
1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.
2. "Division" means a transaction authorized by title 29, chapter 6, article 6.
3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.
4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.
5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.
6. "Plan" means a plan of merger, interest exchange, conversion, domestication or division.